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The Global Financial Services Market Saw A -1.5% Decline In 2020, Owing To The Coronavirus Outbreak

Financial Services Global Market Report 2020-30: Covid19 Impact And Recovery

Financial Services Global Market Report 2020-30: Covid 19 Impact And Recovery

The Business Research Company’s Global Financial Services Market Report 2020-30: Covid 19 Impact And Recovery

LONDON, GREATER LONDON, UK, September 23, 2020 /EINPresswire.com/ -- The global financial services market size is expected to decline from $22,553.1 billion in 2019 to $22,236.9 billion in 2020 at a compound annual growth rate (CAGR) of -1.5%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The global financial services market size is then expected to recover and grow at a CAGR of 7% from 2021 and reach $26,521.2 billion in 2023.

Western Europe was the largest region in the global financial services industry, accounting for 39% of the market in 2019. North America was the second largest region accounting for 27% of the global financial services market share. Africa was the smallest region in the global financial services industry.
Non-cash payments are growing rapidly in many parts of the world.

This is primarily due to increasing internet and mobile penetration in emerging countries, continued economic recovery and growing adoption of mobile-based payments in mature markets. The growth of non-cash payments is also driven by the global shift towards immediate payment schemes, which offer instant payments in real-time. According to the 2016 World Payments Report published by Capgemini, the global volume of non-cash payments reached approximately $380 billion in 2014, recording a near about 9% year-on-year growth.

The financial services market consists of the revenues of financial or money related services by entities (organizations, sole traders and partnerships) that engage 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. Most firms offer multiple services. Revenues include fees, interest payments, commissions or transaction charges.

Major players in the financial service industry are United health Group, Industrial and Commercial Bank of China, AXA, Agricultural Bank of China, and Bank of China.

The global financial services market is segmented by type into lending and payments, insurance (providers, brokers and re-insurers), investments, and foreign exchange services. The subsegments included are lending, cards & payments, insurance providers, insurance brokers & agents, reinsurance providers, wealth management, securities brokerages and stock exchanges, and investment banking.

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The Business Research Company
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