Finance

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Finance Industry – An Overview

The finance industry generates around 20 to 25% of the worldwide GDP. With the market growth achieving 7.4 trillion euros in the first half of 2021 from 5.6 trillion in 2016. The finance industry is a rapidly growing sector. It plays a critical role in the global economy by providing the financial products and services that individuals and businesses need to manage their finances. 

With economic growth, technological innovation, government regulations, and increasing investment opportunities, the industry is expected to grow steadily in the coming years. The finance industry encompasses various segments like banking, insurance, wealth management, investment management, fintech, and more. 

Market Size

Statistics show that the global financial services market is predicted to achieve USD 28,529.29 billion by 2025 at a Compound Annual Growth Rate (CAGR) of 6% from USD 22,515.17 billion in 2021. Further, it is predicted that Western Europe has the most significant domain worldwide with a 40% contribution globally; on the other hand, the US ranks number two with a 27% share.
 
According to the Boston Consulting Group, global payments revenue is estimated to achieve 7.3% growth between 2020 and 2025, with revenue predicted to reach $2.9 trillion by 2030.
 
According to Forbes, the contactless payments market will reach $18 billion by 2025. In addition, according to a recent Mastercard study, Digital gig work is predicted to make $455 billion by 2023.
 
Amazon and Apple can make up to 40% of the $1.35 trillion in US financial services revenue from their digital products, such as Amazon Pay and Apple Card.

Driving Forces in the Finance Industry 

Economic growth 

According to a report by the World Bank, global financial assets reached $297 trillion in 2018. The banking sector is also expected to continue to grow. According to a report by PwC, the global banking industry is expected to reach a value of $10.8 trillion by 2022. The insurance industry is also growing rapidly. According to other industry reports, the global financial services market grew from $23,319.52 billion in 2021 to $25,588.3 billion in 2022.

The finance industry is closely tied to overall economic growth, as an expanding economy creates more investment opportunities and drives demand for financial services. As a result, the finance industry is likely to grow as the global economy continues to grow.

Technology 

The finance industry constantly evolves, with new technologies and innovations always emerging. For example, the growth of fintech has led to increased competition. On the other hand, it has driven growth in the finance industry, as more and more companies are using technology to provide financial services in a more efficient and accessible way.
Digital transformation

The finance industry is undergoing a digital transformation, with more and more financial services being delivered online and through mobile devices. This has led to increased efficiency, reduced costs, and improved customer experience, which has been a key driver of growth in the industry.

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