United States Financial Services Market Report and Forecast 2024-2032

United States Financial Services Market Outlook

The United States financial services market size attained a value of 60.65 billion in 2023. The market is expected to grow at a CAGR of 7.47% between 2024 and 2032, reaching almost 115.99 billion by 2032.

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The global financial services industry is expected to grow at a CAGR of around 6% in the forecast period of 2024-2032, owing to the increasing demand for cheaper loans and other financial services. The market in the United States is aided by the finance planning and advice market in the region, which reached a value of nearly USD 57 billion in 2020.

The United States has the largest and most liquid financial markets globally. The finance and insurance market alone represented nearly 7.5% of the nation’s gross domestic product in 2018. On the other hand, the financial services and insurance sector employed around 6.4 million people by the end of 2018. The United States is the place where the market for venture capital began for the first time. The region continues to be supportive of most of the innovative companies. The venture capital-based companies employ almost 40% of the working population. Thus, the financial services industry has been thriving in the United States.

In 2018, the banking sector supported the region’s economy, which is one of the largest economies in the world. The sector provides the region with great diversity in terms of banking, as well as the concentration of its private credit all over the world.

United States Financial Services Market Segmentation

Financial services refer to the mechanism by which a customer or company obtains a financial good. It is a sector that is increasingly influential in the modern economy. They apply to a wide range of more specific activities, such as banking savings as well as insurance. They are limited to the activities of financial services firms and their professionals, while financial products refer to the actual goods, accounts, or investments they provide.

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Based on type, the market is divided into:

• Banking

• Advisory

• Wealth Management

• Mutual Funds

• Insurance

• Others

On the basis of size of business, the market is bifurcated into:

• Small and Medium Business

• Large Business

Based on end-use, the market is segmented into:

• Business-to-Business (B2B)

• Business-to-Consumer (B2C)

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

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United States Financial Services Market Analysis

The United States financial services industry is being driven by the growing demand for insurance and loans among consumers. Globalisation and urbanisation are leading to the increasing demand in the end-user investments. The industry is also being propelled by the global economic growth, which is leading to the increased demand for financial services. The increasing disposable incomes of the consumers is enabling them to invest more, thus propelling the financial services industry further.

The financial services industry in the United States is also being supported by the increased demand for cheaper loans since the demand for housing, and other amenities is growing among the consumers. The services are also being demanded for the start-up businesses. The adoption of efficient as well as advanced technologies is boosting the industry in the region. The growing competition between the key players is driving the industry growth further.

The United States financial services industry is also being driven by the increasing interest of service companies to locate their service headquarters in the nation. It would be beneficial to the service providers as they would be able to benefit from the creative, competitive, as well as the comprehensive financial services industry of the United States.

Competitive Landscape

The report gives a detailed analysis of the following key players in the United States financial services market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• 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

• Capital One Financial Corporation

• Others

The comprehensive EMR report covers the macro and micro aspects of the u.s. financial services market size. It provides an in-depth assessment of the industry based on Porter’s five forces model along with giving a SWOT analysis. The report also gives an overview of the other major global markets like the Asia Pacific, the Middle East and Africa, Europe, North America, and Latin America.

Key Highlights of the Report