Global Banking and Financial Services
Market Report
2024
The Global Banking and Financial Services market will grow and expand at a growth rate or compound annual growth rate (CAGR) of 7.9% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Banking and Financial Services market will grow and expand at a growth rate or compound annual growth rate (CAGR) of 7.9% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Banking and Financial Services Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7.9% |
Market Split by Type |
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Market Split by End-User |
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Market Split by Size Of Business |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Banking and Financial Services Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Banking and financial services helps to manage and facilitate financial transactions, investments, and various financial activities. Banking and financial services are provided by a wide range of institutions, including banks, credit unions, investment firms, insurance companies, and other financial intermediaries. These services are essential for the functioning of the economy, as they enable the allocation of capital, risk management, and the transfer of funds between savers and borrowers.
The worldwide payments sector has seen a significant surge in EMV technology adoption. This expansion is driven by the increased data security of EMV chip and PIN cards over older magnetic stripe cards. EMV is a payment card security standard for credit, debit, charge, and prepayment cards.
(Source:info.microsoft.com/rs/157-GQE-382/images/EN-WBNR-SlideDeck-SRGCM4447.pdf)
Despite fast changes in the financial services ecosystem's design, delivery, and providers, the essential demands of financial goods remain unchanged: payments, managing investments, market supplies, coverage, deposits, loans, and raising funds.
The expansion of the financial service software market is driven by the increased use of digital channels in the banking sector, such as digitalization, mobile banking, UPI payments, blockchain, artificial intelligence (AI), robotics, and other technologies.
This, in turn, propels market expansion. Furthermore, fintech firms specialize in building technological solutions that assist businesses in managing financial parts of their operations, such as new software, apps, procedures, and business models, which stimulates industry development. Fintech company investments have expanded dramatically over the last decade, which is projected to push the industry internationally. Furthermore, recent developments have changed the banking and financial industries by radically modifying old paradigms. Customers have promoted this movement since they are receptive to new ideas, and the government has also shown strong support for these developments. This stimulates market growth.
Rising implementation costs and adherence to various political considerations and regulatory compliances limit the growth of the financial service software market. Conversely, increased investment by fintech businesses in big data, mobile, and cloud technologies is expected to give several chances for the financial service software market growth throughout the projected period.
The banking and financial services software sector has grown significantly in recent years due to the increased use of creative financial services across many BFSI industries. During the COVID-19 outbreak, the banking and financial services software business had a surge in demand, linked to increased digital advancements in the financial services sector, enabling the financial services software market to develop. Furthermore, the expanding range of product options and ease have significantly impacted the use of financial services throughout the epidemic. COVID-19 has had a direct impact on the banking sector's day-to-day operations. Financial service software reduces human-to-human interaction in day-to-day tasks, which aids in virus prevention. As a result, to combat the COVID-19 epidemic, various banks worldwide are using financial services application technologies such as mobile banking and universal payment interface (UPI). This will likely give a profitable financial services software market potential during the anticipated period.
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Banking and financial services market is a highly dynamic and diversified competitive environment. It includes various suppliers, ranging from large multinational enterprises to smaller specialized organizations. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their global footprint, with significant market developments including new Material portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations.
(Source: www.oracle.com/news/announcement/oracle-cloud-johannesburg-region-2022-01-19/)
Top Companies Market Share in Banking and Financial Services Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America dominated the market in 2022 and accounted for a share of more than 35% of the Worldwide revenue due to several variables. The North American region dominates the market for Banking and Financial Services due to rising demand from start-up enterprises due to the government's push to foster an open financial system in this area. Businesses worldwide want systems that can analyze client data and decide based on usage trends, demanding peaks, and consumption variations. This increases the requirement for a system that can successfully manage big data, and this desire for tools for business analytics propels the industry ahead. Many of the country's banks and financial institutions have incorporated cutting-edge technology, such as artificial intelligence (AI), to provide personalized services to consumers in the US.
Asia-Pacific is expected to grow significantly during the forecast period, owing to emerging electronic ecosystems that include highly integrated applications that provide a one-stop shop for various financial services, which will fuel market growth in this region.
The current report Scope analyzes Banking and Financial Services Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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Global Banking and Financial Services Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Banking and Financial Services Industry growth. Banking and Financial Services market has been segmented with the help of its Type, End-User Size Of Business, and others. Banking and Financial Services market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, the lending and payments category accounted for 33.6% of the total in 2022, making it the biggest section of the financial services industry categorized by Type. In the Banking and Financial Services industry, the "Lending and Payments" category includes a variety of financial operations relating to borrowing and lending money as well as enabling transactions between people, companies, and other entities. This category is essential to the whole financial ecosystem since it makes it possible for people to access monies and transfer money around.
The investments category is predicted to develop at the quickest rate in the financial services market categorized by Type. Fintech is a variety of financial goods and services that people, organisations, and companies use to increase their wealth, provide profits, and meet their financial objectives. Various investment vehicles and services are included in this category and are provided by banks, financial institutions, and investment businesses.
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According to Cognitive Market Research, Investment institutions dominate the industry by embracing digitalization to update their commercial lending operations. This change is mostly the result of greater bank rivalry and rising demand for a streamlined and rapid business financing procedure. Digitization improves client satisfaction in the otherwise difficult and time-consuming process of getting a business loan. It also allows banks to target new consumer segments and provide customer-centric solutions, resulting in increased efficiency in the commercial lending market.
The corporate category will likely expand as businesses use big data analytics capabilities to produce client insights. Big data solutions are being adopted to provide insights into customer categories, product penetration, and the success of training initiatives. These technologies analyze existing and potential clients' willingness to acquire various goods and services a wealth management firm offers, their lifetime value, investing pattern, and risk tolerance.
The above Graph is for representation purposes only. This chart does not depict actual Market share.
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SMEs (small and medium business) accounted for 84.5% of the entire financial services market, categorized by business size. Most nations' economies depend heavily on SMEs. They support economic expansion, innovation, and the development of new jobs. But because of their unique traits and requirements, they frequently demand specialised financial products and services that conventional banking and financial institutions might not always be able to offer.
According to Cognitive Market Research, in the future, the large business category is predicted to be the fastest-expanding segment in the financial services industry. For their cash flow to be optimised, their liquidity to be managed, and their financial risks to be reduced, large firms need sophisticated treasury management services. Cash concentration, disbursement services, and risk management techniques are a few examples of these services.
The Global Banking and Financial Services Market is witnessing significant growth in the near future.
In 2023, the Lending And Payments segment accounted for noticeable share of global Banking and Financial Services Market and is projected to experience significant growth in the near future.
The Individuals segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Accenture Plc , Fiserv Inc. and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Caret Capital Fund II, a $50 million venture capital fund with an emphasis on India, is the result of the merger of two earlier funds, Caret Capital and Ev2 Ventures. The fund will make investments in pre-Series A companies in the domains of employment, distribution, and mobility. Managing partners Pankaj Bansal, Karan Mittal, and Prajakt Raut will oversee the fund. Pre-Series A venture capital fund Ev2 Ventures has made investments in businesses such as Alt Mobility, Cogos Technologies, and Euler Motors. Three companies in Caret Capital's portfolio are Mooofarm, Stylumia, and Celcius.
Razorpay reported a 12x increase in credit card-linked UPI transactions in the last financial year, with 96% of respondents wanting seamless online and offline payments experiences. The company also reported a 44% increase in transaction value and a 13% rise in transaction volume between March 2023 and April 2024. Sectors like entertainment, travel, education, and health and wellness saw robust growth.
Disclaimer:
Type | Lending And Payments, Insurance, Reinsurance And Insurance Brokerage, Investments, Foreign Exchange Services |
End-User | Individuals, Corporates, Government, Investment Institution |
Size Of Business | Small And Medium Business, Large Business |
List of Competitors | Accenture Plc, FIS Corporation, Fiserv Inc., IBM Corporation, Infosys Limited, 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 |
This chapter will help you gain GLOBAL Market Analysis of Banking and Financial Services. Further deep in this chapter, you will be able to review Global Banking and Financial Services Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by End-User Analysis 2019 -2031
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Chapter 12 Market Split by Size Of Business Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Banking and Financial Services market
Chapter 13 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Lending And Payments have a significant impact on Banking and Financial Services market? |
What are the key factors affecting the Lending And Payments and Insurance of Banking and Financial Services Market? |
What is the CAGR/Growth Rate of Individuals during the forecast period? |
By type, which segment accounted for largest share of the global Banking and Financial Services Market? |
Which region is expected to dominate the global Banking and Financial Services Market within the forecast period? |
Segmentation Level Customization |
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Global level Data Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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