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United Kingdom Financial Services Market

United Kingdom Financial Services Market Size, Share, Growth: By Type: Banking, Advisory, Wealth Management, Mutual Funds, Insurance, Others; By Size of Business: Small and Medium Business, Large Business; By End Use: Business-to-Business (B2B), Business-to-Consumer (B2C); Regional Analysis; Competitive Landscape; 2024-2032

United Kingdom Financial Services Market Size

The United Kingdom financial services market reached approximately USD 175.34 billion in 2023. The market is projected to grow at a CAGR of 5.9% between 2024 and 2032, reaching a value of around USD 294.48 billion by 2032.

 

United Kingdom Financial Services Market Report Summary Description Value
Base Year USD Billion 2023
Historical period USD Billion 2018-2023
Forecast Period USD Billion 2024-2032
Market Size 2023 USD Billion 175.3
Market Size 2032 USD Billion 294.5
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 5.9%
CAGR 2024-2032 - Market by Region Scotland 6.4%
CAGR 2024-2032 - Market by Region Northern Ireland 5.4%
CAGR 2024-2032 - Market by Type Banking 6.1%
CAGR 2024-2032 - Market by Size of Business Small and Mediium Business 6.5%
Market Share by Region England 83.9%

 

United Kingdom Financial Services Market Outlook

  • The Invesco UK Smaller Companies Equity Fund (UK) witnessed a growth of 9.32 per cent in May 2024, exceeding the performance of all the funds in the UK small-cap equity category.
  • Scotland is expected to witness the highest CAGR of 6.4 over the forecast period of 2024-2032.
  • As per the industry reports, the overall fintech investments in the UK were £9.75 billion in 2023.
  • The Link ATM network in the UK is carrying out trials on an innovative cash machine that can accept deposits from several different banks as of June 2024.

 

United Kingdom Financial Services Market Growth

Rising demand for fintech and digital payment platforms, growing popularity of personalised banking services, and data-protection laws are some of the prominent market drivers. The inclusion of technology in financial services, specifically through fintech and digital banking platforms such as mobile banking, online investments, and digital payments, is revolutionising the market.

 

The growing digitalisation of financial services has led to a greater emphasis on data security and cybersecurity. Financial institutions are making significant investments in high-end security technologies to protect confidential financial information and adhere to regulatory requirements. The digital payment systems are also experiencing an upward trend in the market. The rise in popularity of contactless payments, e-wallets, and real-time payments is increasing, fuelled by consumer demand for convenience and efficiency.

 

Moreover, the integration of AI and automation in banking services is transforming various aspects of financial services, from customer service, through chatbots and automated replies, to back-end operations like fraud detection.

 

United Kingdom Financial Services Market

 

United Kingdom Financial Services Industry Segmentation

“United Kingdom Financial Services Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

 

CAGR 2024-2032 - Market by Type
Banking 6.1%
Others 5.7%
Advisory XX%
Wealth Management XX%
Mutual Funds XX%
Insurance XX%

 

Market Breakup by Type

  • Banking
  • Advisory
  • Wealth Management
  • Mutual Funds
  • Insurance
  • Others

 

CAGR 2024-2032 - Market by Size of Business
Small and Mediium Business 6.5%
Large Business XX%

 

Market Breakup by Size of Business

  • Small and Medium Business
  • Large Business

 

Market Breakup by End Use

  • Business-to-Business (B2B)
  • Business-to-Consumer (B2C)

 

CAGR 2024-2032 - Market by Region
Scotland 6.4%
Northern Ireland 5.4%
England XX%
Wales XX%

 

Market Breakup by Region

  • England
  • Wales
  • Scotland
  • Northern Ireland

 

United Kingdom Financial Services Market Share

Based on type, the market is divided into banking, advisory, wealth management, mutual funds, and insurance, among others. The banking sector is expected to grow at a CAGR of 6.1% over the forecast period of 2024-2032 as British banks provide a wide range of services, encompassing personal banking, mortgages, loans, and other specialised financial services. These banks are well-known for their increased adoption of high-end financial technologies, which not only enhances their service offerings and operational efficiency but also appeal to a wide range of customers.

 

Market Share by Region
England 83.9%
Wales XX%
Scotland XX%
Northern Ireland XX%

 

Further, mutual funds are expected to grow at a CAGR of 6.0% over the forecast period of 2024-2032. By distributing investors' money among a variety of assets, mutual funds reduce the risk associated with investing. They provide knowledge without necessitating micromanagement since they are professionally run.

 

Leading Companies in the United Kingdom Financial Services Market

The market participants are readily investing in digital technologies to meet the evolving regulatory landscape.

 

  • JPMorgan Chase & Co.
  • HSBC Holdings plc
  • Goldman Sachs Group Inc.
  • Barclays plc
  • Citigroup Inc.
  • Bank of America Corporation
  • Morgan Stanley
  • Aviva plc
  • American Express Company
  • Axa SA
  • Others

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Size of Business
  • End Use
  • Region
Breakup by Type
  • Banking
  • Advisory
  • Wealth Management
  • Mutual Funds
  • Insurance
  • Others
Breakup by Size of Business
  • Small and Medium Business
  • Large Business
Breakup by End Use
  • Business-to-Business (B2B)
  • Business-to-Consumer (B2C)
Breakup by Region
  • England
  • Wales
  • Scotland
  • Northern Ireland
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • JPMorgan Chase & Co.
  • HSBC Holdings plc
  • Goldman Sachs Group Inc.
  • Barclays plc
  • Citigroup Inc.
  • Bank of America Corporation
  • Morgan Stanley
  • Aviva plc
  • American Express Company
  • Axa SA
  • Others

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers    
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
7    Opportunities and Challenges in the Market
8    Europe Financial Services Market Overview

    8.1    Key Industry Highlights
    8.2    Europe Financial Services Historical Market (2018-2023) 
    8.3    Europe Financial Services Market Forecast (2024-2032)
9    United Kingdom Financial Services Market Overview
    9.1    Key Industry Highlights
    9.2    United Kingdom Financial Services Historical Market (2018-2023) 
    9.3    United Kingdom Financial Services Market Forecast (2024-2032)
10    United Kingdom Financial Services Market by Type
    10.1    Banking
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    Advisory
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
    10.3    Wealth Management
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
    10.4    Mutual Funds
        10.4.1    Historical Trend (2018-2023)
        10.4.2    Forecast Trend (2024-2032)
    10.5    Insurance
        10.5.1    Historical Trend (2018-2023)
        10.5.2    Forecast Trend (2024-2032)
    10.6    Others
11    United Kingdom Financial Services Market by Size of Business
    11.1    Small and Medium Business
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Large Business
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
12    United Kingdom Financial Services Market by End Use
    12.1    Business-to-Business (B2B)
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Business-to-Consumer (B2C)
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
13    United Kingdom Financial Services Market by Region
    13.1    England
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032)
    13.2    Wales
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
    13.3    Scotland
        13.3.1    Historical Trend (2018-2023)
        13.3.2    Forecast Trend (2024-2032)
    13.4    Northern Ireland
        13.4.1    Historical Trend (2018-2023)
        13.4.2    Forecast Trend (2024-2032)
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators of Demand
    14.4    Key Indicators of Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    JPMorgan Chase & Co. 
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    HSBC Holdings plc 
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    Goldman Sachs Group Inc.   
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    Barclays plc 
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Citigroup Inc. 
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    Bank of America Corporation 
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications
        15.2.7    Morgan Stanley 
            15.2.7.1    Company Overview
            15.2.7.2    Product Portfolio
            15.2.7.3    Demographic Reach and Achievements
            15.2.7.4    Certifications
        15.2.8    Aviva plc 
            15.2.8.1    Company Overview
            15.2.8.2    Product Portfolio
            15.2.8.3    Demographic Reach and Achievements
            15.2.8.4    Certifications
        15.2.9    American Express Company 
            15.2.9.1    Company Overview
            15.2.9.2    Product Portfolio
            15.2.9.3    Demographic Reach and Achievements
            15.2.9.4    Certifications
        15.2.10    Axa SA  
            15.2.10.1    Company Overview
            15.2.10.2    Product Portfolio
            15.2.10.3    Demographic Reach and Achievements
            15.2.10.4    Certifications
        15.2.11    Others
16    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Europe Financial Services Market: Key Industry Highlights, 2018 and 2032
2.    United Kingdom Financial Services Market: Key Industry Highlights, 2018 and 2032
3.    United Kingdom Financial Services Historical Market: Breakup by Type (USD Billion), 2018-2023
4.    United Kingdom Financial Services Market Forecast: Breakup by Type (USD Billion), 2024-2032
5.    United Kingdom Financial Services Historical Market: Breakup by Size of Business (USD Billion), 2018-2023
6.    United Kingdom Financial Services Market Forecast: Breakup by Size of Business (USD Billion), 2024-2032
7.    United Kingdom Financial Services Historical Market: Breakup by End Use (USD Billion), 2018-2023
8.    United Kingdom Financial Services Market Forecast: Breakup by End Use (USD Billion), 2024-2032
9.    United Kingdom Financial Services Historical Market: Breakup by Region (USD Billion), 2018-2023
10.    United Kingdom Financial Services Market Forecast: Breakup by Region (USD Billion), 2024-2032
11.    United Kingdom Financial Services Market Structure

Key Questions Answered in the Report

In 2023, the market reached an approximate value of USD 175.34 billion.

The United Kingdom financial services market is estimated to grow at a CAGR of 5.9% between 2024 and 2032.

The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 294.48 billion by 2032.

The market is being driven due to rising demand for fintech and digital payment platforms, the growing popularity of personalised banking services, and data protection laws.

The key trends aiding the market include the growing digitalisation of financial services, integration of AI and automation in banking services, and implementing sustainability initiatives in the financial business model.

Regions considered in the market are England, Wales, Scotland, and Northern Ireland.

Based on size of business, market segmentations include small and medium business and large business.

Various end uses are business-to-business (B2B) and business-to-consumer (B2C).

The major players in the market are JPMorgan Chase & Co., HSBC Holdings plc, Goldman Sachs Group Inc., Barclays plc¸Citigroup Inc., Bank of America Corporation, Morgan Stanley, Aviva plc, American Express Company, and Axa SA, among others.

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