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Financial Services Global Market Report 2022

·4-min read
ReportLinker
ReportLinker

Major companies in the financial services market include Allianz Group, Industrial and Commercial Bank of China, JPMorgan Chase & Co. , Ping An Insurance, Axa Group, Anthem, Inc. , Agricultural Bank Of China, China Life Insurance, China Construction Bank, and Centene.

New York, May 18, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Financial Services Global Market Report 2022" - https://www.reportlinker.com/p06277918/?utm_source=GNW


The global financial services market is expected to grow from $23,319.52 billion in 2021 to $25,839.35 billion in 2022 at a compound annual growth rate (CAGR) of 10.8%. The market is expected to grow to $37,343.95 billion in 2026 at a compound annual growth rate (CAGR) of 9.6%.

The financial services market consists of sales of financial or money-related services by entities (organizations, sole traders, and partnerships) that are engaged in financial services-related activities such as lending, investment management, insurance, brokerages, payments, and fund transfer services.The financial services industry is categorized based on the business model of the firms present in the industry, and most firms offer multiple services.

Revenues include fees, interest payments, commissions, or transaction charges.

The main types in the financial services are lending and payments, insurance, reinsurance, insurance brokerage, investments, and foreign exchange services.The lending and payments market refers to the lender making funds and making them available for a person.

The services are offered to small and medium businesses, large businesses. The services are used by individuals, corporates, governments, and investment institutions.

Western Europe was the largest region in the financial services market in 2021.North America was the second-largest region in the financial services market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The global payments industry has witnessed a rapid increase in the adoption of EMV technology.This growth is driven by a higher level of data security offered by EMV chips and PIN cards as compared to traditional magnetic stripe cards.

EMV is a security standard for various payment cards including debit, credit, charge, and prepaid cards.

The chip carries data of the cardholder and the account, which is protected using both hardware and software security measures. According to the global technical body EMVCo, the number of EMV chip payment cards across the world reached10.8 a billion in 2020. In line with the rest of the world, the adoption rate of EMV chip payment cards has steadily grown across various regions in the world, reaching 71.7% in Canada, Latin America, and the Caribbean region, 61.2% in Africa and the Middle East region, and 32.7% in Asia-Pacific region.

Banks and financial institutions are adopting digitization to modernize their commercial lending business.This move is mainly a result of increased competition among banks and growing demand for the simplified and quick commercial lending process.

Digitization leads to improved customer satisfaction in obtaining a commercial loan, which can otherwise be a complex and slow process.It also enables banks to target new customer categories and offer customer-centric solutions, which leads to improved efficiencies in the commercial lending business.

Some of the banks that have incorporated digitization in lending are Commonwealth Bank of Australia, Hana Bank, and Fidor Bank.

Many wealth management companies are investing in big data analytics capabilities to generate insights around clients.Big data solutions are being implemented to deliver insights around client segments, product penetration, and analyze training program effectiveness.

These technologies are being implemented to assess existing and prospective clients’ inclination to purchase various products and services being offered by a wealth management company, their lifetime value, investment pattern, and the ability of the client to take risks.They are also helping wealth management companies to track business performance, increase client acquisition and retention rates, increase sales, and offer real-time investment advice.

For instance, CargoMetrics, an investment firm based in Boston used Automatic Identification System (AIS), to collect data on commodity movement such as cargo location and cargo size to develop an analytics platform for trading commodities, currencies, and equity index funds. This tool was also sold to other hedge funds and wealth managers.

The countries covered in the financial services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
Read the full report: https://www.reportlinker.com/p06277918/?utm_source=GNW

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