A Comprehensive Overview Of The Financial Services Industry: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast
LONDON, Aug. 23, 2023 /PRNewswire/ -- The most recent forecast from the Global Market Model for the financial services sector indicates a promising growth rate, with a Compound Annual Growth Rate (CAGR) of 8.3% projected from 2022 to 2032.
The current prediction for the financial services market remains largely consistent when compared to the previous projection at the close of 2022. During the prior update, the Global Market Model meticulously considered significant factors that could impact the trajectory of the market. These factors encompassed the influence of inflationary pressures leading to heightened interest rates, surges in banking and interchange fees, and a decline in investment banking revenues due to a scarcity of Initial Public Offerings (IPOs).
Additionally, the decrease in investments resulting from limited discretionary income and the imminent threat of recessionary pressures were also taken into account in the previous forecast update. This thorough contemplation of these factors contributes to the stability of market forecasts throughout this update cycle.
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Financial Services Industry Statistics
According to the latest projection from the Global Market Model in December 2022, the global financial services market achieved a valuation of $25,990.6 billion in 2022, constituting a substantial 26% of the overall global Gross Domestic Product (GDP). This forward momentum is supported by a convergence of pivotal factors driving the industry's expansion during the projected period.
Factors such as the increasing wealth of high-net-worth individuals, escalating demand for alternative investments, the growing utilization of blockchain technology to mitigate fraudulent transactions, and the rise in home ownership and mortgages are expected to be significant drivers for the market's growth during the forecasted timeline.
Dominant Segment and Geographic Region in the Financial Services Market
Within the financial services market, the lending and payments segment held the largest share, accounting for a significant 33.8% of the total in 2022. The United States stood as the primary market within the financial services sector, commanding a substantial 24.3% of the total in 2022.
Moreover, the Global Market Model extends its insights to encompass essential indicators relevant to the financial services business, including:
- Number of enterprises
- Number of employees
Access the most precise forecasts regarding trends in the financial services industry through the Global Market Model, the world's most comprehensive database. Share your requirements with us today - https://www.thebusinessresearchcompany.com/global-market-model/demo-request
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