Financial Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Major companies in the financial services market include United health Group; Industrial and Commercial Bank of China; AXA; Agricultural Bank of China and Bank of China. The global financial services market is expected to grow from $20490.

New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Financial Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018859/?utm_source=GNW
46 billion in 2020 to $22515.17 billion in 2021 at a compound annual growth rate (CAGR) of 9.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $28529.29 billion in 2025 at a CAGR of 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 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.

Western Europe was the largest region in the global financial services market, accounting for 40% of the market in 2020. North America was the second largest region accounting for 27% of the global financial services market. Africa was the smallest region in the global financial services market.

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 analyse 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 analytics platform for trading commodities, currencies and equity index funds. This tool was also sold to other hedge funds and wealth managers.

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 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 who have incorporated digitization in lending are Commonwealth Bank of Australia, Hana Bank and Fidor Bank.

The global payments industry has witnessed 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. In line with the rest of the world, 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.

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