United States Financial Services Market to be Aided by the Growing Global Financial Services Market, Estimated to Grow at 7.47% CAGR During 2024-2032

The United States financial services market growth is driven by strong economic growth, cheaper loans, and increase in the availability of innovative financial products and services. In 2018, the United States solidified its global financial dominance, boasting the largest and most robust financial markets. The finance and insurance sector alone made up a substantial 7.5% of the nation's gross domestic product, underscoring its pivotal role in the economic landscape.

Employing a staggering 6.4 million people by the close of 2018, the financial services and insurance sector played a pivotal role in the American workforce. Notably, the U.S. is known to be the birthplace of the venture capital market, a key factor in fostering innovation. Venture capital-backed companies, contributing nearly 40% to the employed population, continue to be a driving force behind the nation's economic vitality.

The U.S. banking landscape is characterised by its remarkable diversity, coupled with a pervasive influence in private credit markets worldwide. This financial ecosystem positions the United States as a dynamic force in the financial sector globally.

In May 2023, JPMorgan Chase & Co (NYSE: JPM) announced that it is in the process of creating a software service akin to ChatGPT, harnessing a groundbreaking form of artificial intelligence to curate investment selections for its clientele. The financial giant has initiated the trademark application for a product named IndexGPT, which is poised to leverage "cloud computing software using artificial intelligence" to meticulously analyze and choose securities tailored to the specific needs of customers.

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Market Breakup by Type, Size of Business, End Use, and Region:

• The market on the basis of type can be divided into banking, advisory, wealth management, mutual funds, insurance, and others.

• Based on size of business, the market can be bifurcated into small and medium business, and large business.

• The market on the basis of end use can be divided into business-to-business, and business-to-consumer.

• The regional markets for financial services include New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.

Key Findings of the Report:

• The growth of the United States financial services market can be attributed to the surging consumer demand for insurance and loans. This growing demand is notably fueled by the forces of globalisation and urbanisation, which, in turn, are amplifying the need for end-user investments. As the world becomes more interconnected and urban centres expand, the demand for financial products and services is expected to surge.

• The financial services market in the US is receiving substantial backing from a heightened need for more affordable loans, especially in the wake of escalating demands for housing and other amenities among consumers. This surge in demand is not only confined to individual consumers but is also extending to startup businesses seeking financial solutions.

• The growth within the US financial services market is further propelled by the growing inclination of service companies to establish their service headquarters within the nation. This strategic choice proves advantageous for service providers, allowing them to leverage the innovative, competitive, and all-encompassing financial services landscape that the United States has to offer.

Key Offerings of the Report:

• The EMR report gives an overview of the financial services market in the United States for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the type, size of business, end-use, and region, of the US financial services market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the United States financial services market include JPMorgan Chase & Co., Bank of America Corporation, Citigroup, Inc., Wells Fargo & Company, U.S. Bancorp, The Goldman Sachs Group Inc., TD Bank, N.A., MetLife, Inc, Edward Jones Investments, Nationwide Mutual Insurance Company, Farmers Insurance Group, and Capital One Financial Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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