Global Financial Services Industry - Insights Around Market Size, Key Trends And Forecast, 2024: Grand View Research, Inc.

SAN FRANCISCO, Aug. 5, 2024 /PRNewswire/ -- The global financial services industry is on a quick-paced growth trajectory, as highlighted in the market intelligence reports published by Grand View Research. Some of the significant driving factors aiding the growth of this industry are the increasing adoption of digital payment facilities, rising incorporation of advanced technologies like blockchain into large-scale as well as daily financial operations/transactions, and the growth of the e-commerce sector worldwide. According to the data published by The World Bank, at the end of 2021, over two-thirds of adults worldwide were making or receiving payments through digital mediums.

At the same time, concerns regarding data privacy and security of financial and personally identifiable information, as well as keeping up with the evolving regulatory landscape and frequent changes in tax laws, may pose some challenges for the industry participants. Listed below are some of the markets responsible for driving growth for the financial services industry:

The global anti-money laundering market size was valued at USD 1.32 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 15.9% from 2023 to 2030. The growth of the Anti-money Laundering (AML) market is driven by the increasing adoption of digital payments. As more transactions are conducted online, there is a growing need to monitor and detect fraudulent transactions.

The global automotive finance market size was valued at USD 259.84 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 7.3% from 2023 to 2030. The increasing global demand for electric vehicles is one of the significant factors expected to drive market growth. According to Experian's State of the Automotive Finance report, electric vehicles comprised 4.56% of new vehicle financing in Q4 2021, up from 2.25% in Q4 2020 and 1.34% in Q4 2019 in the U.S.

The buy now pay later market size was estimated at USD 6.13 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 26.1% from 2023 to 2030. One of the main drivers is the aggregate preference among consumers for supple and suitable payment options. BNPL services enable customers to make purchases without immediate payment, providing greater financial flexibility and ease of burden from upfront charges. The increase in e-commerce has also played a significant role in driving the BNPL market's growth.

Core banking software market size was valued at USD 10.89 billion in 2022 globally and is anticipated to grow at a compound annual growth rate (CAGR) of 9.3% from 2023 to 2030. The market growth can be attributed to the rising incorporation of technology to provide core banking operations and services. Digitized operations have enhanced banking service quality and reduced turnover times.

The global decentralized identity market size was estimated at USD 647.80 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 90.3% from 2023 to 2030. Privacy and security concerns have become increasingly prominent in today's digital landscape. Decentralized identity (ID) solutions offer a more secure and privacy-centric approach by enabling individuals to own and control their digital identities.

The digital lending platform market size was valued at USD 7.04 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 26.5% from 2023 to 2030. The benefits offered by digital lending platforms, such as optimized loan processes, quicker decision-making, compliance with regulations and rules, and improved business efficiency, are expected to drive market growth.

Digital payment market size was estimated at USD 96.07 billion in 2023 globally and is expected to grow at a compound annual growth rate (CAGR) of 21.1% from 2024 to 2030. The growing adoption of digital payments can be attributed to factors such as the ever-increasing use of smartphones, growing accessibility to the internet, rapid acceptance and adoption of cashless transactions during the pandemic, and governments across the world encouraging people to use digital payment methods.

The global digital remittance market size was valued at USD 19.65 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 15.6% from 2023 to 2030. The global digital remittance transactions were valued at over USD 390 billion in 2022. This market growth can be attributed to the increasing number of fund transfers from migrant workers to their families.

Global mobile wallet market was valued at USD 7.42 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 28.3% from 2023 to 2030. Increasing penetration of smartphones and the internet and the growing e-commerce sector are major market drivers.

The global payment gateway market size was valued at USD 26.79 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 22.2% from 2023 to 2030. The market growth can be attributed to the increasing demand for mobile-based payments across the globe.

The global tax management software market size was estimated at USD 18.74 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 10.1% from 2023 to 2030. The market growth can be attributed to various factors, such as the evolving regulatory landscape and frequent changes in tax laws. To cope with these challenges, businesses and professionals demand tax compliance and tax preparation software for up-to-date tax rules, real-time compliance monitoring, and automated tax calculations.

The global travel insurance market size was valued at USD 17.8 billion in 2021 and is expected to grow at a CAGR of 15.4% from 2022 to 2030. Factors such as the rising demand for tourism and technological development are driving the demand for the travel insurance market.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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