Financial Services Global Market 2022-2026: Rapid Adoption of EMV Technology Driving Growth
DUBLIN, July 13, 2022 /PRNewswire/ -- The "Financial Services Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering
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 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 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 reached 10.8 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.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Financial Services Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Financial Services Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Financial Services Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Financial Services Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Financial Services Market Trends And Strategies
8. Impact Of COVID-19 On Financial Services
9. Financial Services Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market
10. Financial Services Market Regional Analysis
10.1. Global Financial Services Market, 2021, By Region, Value ($ Billion)
10.2. Global Financial Services Market, 2016-2021, 2021-2026F, 2031F, Historic And Forecast, By Region
10.3. Global Financial Services Market, Growth And Market Share Comparison, By Region
11. Financial Services Market Segmentation
11.1. Global Financial Services Market, Segmentation By Type
- Lending And Payments
- Insurance, Reinsurance And Insurance Brokerage
- Investments
- Foreign Exchange Services
11.2. Global Financial Services Market, Segmentation By Size of Business
- Small And Medium Business
- Large Business
11.3. Global Financial Services Market, Segmentation By End User
- Individuals
- Corporates
- Government
- Investment Institution
12. Financial Services Market Segments
13. Financial Services Market Metrics
13.1. Financial Services Market Size, Percentage Of GDP, 2016-2026, Global
13.2. Per Capita Average Financial Services Market Expenditure, 2016-2026, Global
14. Asia-Pacific Financial Services Market
15. Western Europe Financial Services Market
16. Eastern Europe Financial Services Market
17. North America Financial Services Market
18. South America Financial Services Market
19. Middle East Financial Services Market
20. Africa Financial Services Market
21. Financial Services Market Competitive Landscape
Companies Mentioned
- 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
- Centene
For more information about this report visit https://www.researchandmarkets.com/r/aqlgln
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SOURCE Research and Markets
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