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LONDON, GREATER LONDON, UNITED KINGDOM, June 23, 2025 /EINPresswire.com/ -- The financial services market size has grown strongly in recent years. It will grow from $33379.8 billion in 2024 to $35857.46 billion in 2025 at a compound annual growth rate CAGR of 7.4%. The growth in the historic period can be attributed to increasing demand for fast & real-time fund transfer, rise in adoption of blockchain technology in the banking sector, rising use of digital banking services, government LED insurance reforms, strong economic growth in emerging markets, rising use of cryptocurrency.
What Does the Future Look Like For The Financial Services Market?
The financial services market size is expected to see strong growth in the next few years. It will grow to $47348.26 billion in 2029 at a compound annual growth rate CAGR of 7.2%. The growth in the forecast period can be attributed to increasing wealth of high-net-worth individuals, rising demand for alternative investments, increase use of blockchain to reduce fraudulent transactions, growth in individual investors investments, increase in home ownership and mortgages, rising urbanization, and increasing investments.
Additionally, major trends in the forecast period include integrating smarter safety systems into financial services, implementing artificial intelligence AI in financial services, investing in new product launches, adopting cloud technology, delivering new capabilities, and offering custom and personal services especially for wealth management.
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What Is Driving This Financial Services Market Growth?
The expansion of new business finance models is expected to propel the growth of the financial services market going forward. Business expansion refers to the growth of a business to a stage at which IT seeks out additional options to generate more profit. Finance software continues to push the finance services industry forward by increasing efficiency, improving customer experience, expanding digital channel usage, producing novel financial services, and strengthening security.
Which Are The Key Industry Players In This Financial Services Market?
Major companies operating in the financial services market include Allianz, Ping An Insurance Group, Industrial and Commercial Bank of China, JPMorgan Chase & Co, AXA, China Construction Bank, Agricultural Bank of China, China Life Insurance Company, Bank of America, Generali Group, Axis Bank, Bank Of Baroda, BNL, FamPay, Federal Bank, Finin, HDFC Bank, Airwallex, American Express, ANZ, DBS Bank, ICBC Bank, WeBank, ChiantiBanca, Ant Financial, New India Assurance – General Insurance Brokers, Oriental Insurance Company, ICICI Lombard General Insurance Company, United India Insurance, Fanhua Inc, Chang'an Insurance Brokers Co., Ltd, Mintaian Insurance Surveyors & Loss Adjusters Group Co., Ltd, Shenzhen Huakang Insurance Agency Co. Ltd, CPIC, China Property and Casualty Reinsurance Company Ltd.
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What Are The Emerging Trends In This Financial Services Market?
Major companies operating in the financial services market are innovating new financial products, such as capital and accounts platforms, to provide reliable services to customers. Capital and Account is a financial service product to provide fast and flexible cash advances and instant access to funds for users on the platform.
How Is The Financial Services Market Segmented?
The financial services market covered in this report is segmented –
1 By Type: Lending And Payments, Insurance, Reinsurance And Insurance Brokerage, Investments, Foreign Exchange Services
2 By Size Of Business: Small And Medium Business, Large Business
3 By End-User: Individuals, Corporates, Government, Investment Institution
Subsegments:
1 By Lending And Payments: Personal Loans, Business Loans, Mortgage Services, Credit Cards And Debit Cards, Mobile Payments, Digital Wallets
2 By Insurance: Life Insurance, Health Insurance, property and casualty insurance, Auto Insurance, Travel Insurance
3 By Reinsurance and Insurance Brokerage: Reinsurance Services, Insurance Brokerage Services, Wholesale Brokerage, Retail Brokerage.
Which Regions Are Leading In The Financial Services Market?
Western Europe was the largest region in the financial services market in 2024. North America was the second-largest region in the financial services market. The regions covered in the financial services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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