LONDON, March 31, 2021 (GLOBE NEWSWIRE) — Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
The Business Research Company’s latest research on the global financial services industry indicates rapid growth of the market in the forecast period. The Financial Services Global Market Report 2021: COVID-19 Impact And Recovery To 2030 describes and explains the global financial services market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.
The global financial services market size is expected to grow from $20.4 trillion in 2020 to $22.5 trillion in 2021 at a compound annual growth rate (CAGR) of 9.9%. The financial services market is further expected to reach $28.5 trillion by 2025 at a CAGR of 6%. The growth is a result of companies rearranging their operations and recovering from the COVID-19 impact.
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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 on the basis of 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 financial services market is segmented into lending and payments, insurance (providers, brokers and re-insurers), investments, and foreign exchange services.
The payments market, one of the major contributors to the growth of the global financial services market, 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 chip 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 global technical body EMVCo, the number of EMV chip payment cards across the world reached 4.8 billion by the end of 2015. The adoption rate of EMV chip payment cards has steadily grown across various regions in 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.
Major companies in the financial services market include United Health Group, Industrial and Commercial Bank of China, AXA, Agricultural Bank of China, Bank of China. A market trend-based strategy implemented by the major players of the market include adoption of digitalization and investment in big data analytics.
Banks and financial institutions are adopting digitization to modernize their commercial lending business. This move is mainly a result of increasing competition among banks and growing demand for a 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…
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