The financial service market is expected to reach over $37484.37 billion in 2027 at a CAGR of 7.5%!
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. 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 an analytics platform for trading commodities, currencies, and equity index funds. This tool was also sold to other hedge funds and wealth managers.
Financial Services Market Coverage
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. Only goods and services traded between entities or sold to end consumers are included.
The Business Research Company covers 89 markets overall in the financial services market providing global market numbers, market growth, market-specific drivers and restraints, trends, and other market specific information. The financial services market is segmented in the following manner:
- 1. Lending And Payments
The lending and payments market consists of sales of lending and payments services by entities (organizations, sole traders and partnerships) that are engaged in lending and payments related activities such as lending, payments and money transfer services. The lending and payments industry is categorized on the basis of the business model of the firms present in the industry. Some firms offering lending services may offer other services, financial or otherwise. Revenues from lending and payments services include interest on loans, margins or commissions charged on transactions, and not the loan or repayment values themselves. The lending and payments market is segmented into lending; and cards & payments. Only goods and services traded between entities or sold to end consumers are included.
The Lending And Payments Market is sub-segmented into-
- 1.1. Lending
- 1.2. Cards and Payments
- 2. Insurance, Reinsurance And Insurance Brokerage
The insurance, reinsurance and insurance brokerage market consists of sales of insurance by entities (organizations, sole traders and partnerships) that are engaged in providing insurance and related activities such as underwriting (assuming the risk and assigning premiums) policies, insurance brokerage and reinsurance. The insurance industry is categorized on the basis of the business model of the firms present in the industry. Some insurance firms may offer other services financial or otherwise. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves. The value of the market is based on the premiums paid by those insured, both commercial and personal as well as the fees or commissions paid to brokers. The insurance market is segmented into insurance; insurance brokers & agents and reinsurance. Only goods and services traded between entities or sold to end consumers are included.
The Insurance, Reinsurance And Insurance Brokerage Market is sub-segmented into-
- 2.1. Insurance Providers
- 2.2. Insurance Brokers and Agents
- 2.3. Reinsurance
- 3. Investments
The investment market consists of sales of investment management services by entities (organizations, sole traders and partnerships) that manage investment related activities such as securities underwriting, stock brokerage and wealth management services. It does not include the value of investments held or the amount of money invested in a given year, but fees, commissions or margins on the amounts invested. The investment industry is categorized on the basis of the business model of the firms present in the industry though some investment firms offer other financial services. The investment market is segmented into wealth management; securities brokerages and stock exchanges; and investment banking. Only goods and services traded between entities or sold to end consumers are included.
The Investments Market is sub-segmented into-
- 3.1. Wealth Management
- 3.2. Securities Brokerage And Stock Exchange Services
- 3.3. Investment Banking
4. Foreign Exchange Services
The foreign exchange services market consists of sales of foreign exchange services by entities (organizations, sole traders and partnerships) that provide currency exchange services. The value of the market is made up of the fees charged and the margins gained for exchanging money between currencies. Only goods and services traded between entities or sold to end consumers are included.
- 5. Digital Assets
The digital asset market consists of revenues earned by entities that are engaged in providing digital assets. Revenue generated from the digital asset market includes collecting interest and fees from blockchain transactions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The Investments Market is sub-segmented into-
How Can We Help?
The Business Research Company`s Financial Services Market Research Practice provides marketing, planning and strategy departments with a wider range of market, business, customer and competitor intelligence services across different segments of the financial services industry. The financial services market research services and solutions The Business Research Company provides are as follows —
- Financial Services Market Sizing, Forecast and Trend Analysis
- Financial Services Market Competitor Analysis
- Financial Services Market Supply Chain Analysis
- Financial Services Market Customer Research
- Financial Services Market Partner or Distribution Research
- Financial Services Market Entry Strategy Research Study
- Financial Services Industry Analysis and Profiling
- Financial Services Market Regulations
