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United States Financial Services Market: By Types: Banking Services, Insurance, Foreign Exchange, Investment Services; By Application: B2B, B2C; Historical Production and Consumption (2015-2019); Production and Consumption Forecast (2020-2025); SWOT Analysis; Porter’s Five Forces Analysis; Competitive Landscape & Company Profile; Events and Developments

United States Financial Services Market Key Insights:

 

  • Types: Banking services, Insurance, Foreign Exchange, Investment Services, Others
  • Market Analysis and Outlook 2020-2025
  • SWOT Analysis
  • Market Performance
  • Breakup by Applications
  • Porter’s Five Forces Analysis
  • Competitive Landscape
  • Events and Developments
  • Mergers and Acquisitions

 

Market Outlook

The United States financial services market comprises of multiple markets, including financial planning, and insurance and products markets. The global financial services industry is expected to grow at a CAGR of around 6% in the forecast period of 2020-2025, 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 2019.

United States Financial Services Market Report and Forecast 2020-2025

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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.

Properties and Applications

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.

Their types include:

  • Banking Services
  • Insurance
  • Foreign Exchange
  • Investment Services
  • Others

It finds wide applications in the following sectors:

  • B2B
  • B2C

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:

  • Chase Bank 
  • Bank of America
  • Citigroup Inc.
  • Wells Fargo & Co.
  • Goldman Sachs Group Inc.
  • State Farm
  • American International Group, Inc.
  • Haven Life Insurance Agency, LLC
  • MassMutual

The comprehensive EMR report covers the macro and micro aspects of the industry. 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.

1    Preface
    1.1    Objectives of the Study
        1.1.1    Research Objective
        1.1.2    Key Findings of the Report
2    Research Methodology
    2.1    Data Extraction
    2.2    Data Corroboration
    2.3    Market Structure
    2.4    Assumptions
    2.5    Market Models
3    Introduction
    3.1    Market Outlook
    3.2    Market Scope and Segmentation
    3.3    Additional Insights
4    Executive Summary
    4.1    Key Market Developments
    4.2    Market Analysis
    4.3    Key Players
    4.4    Market Revenue and Growth
5    Market Dynamics
    5.1    Market Driver Analysis
    5.2    Market Restraint Analysis
    5.3    Industry Challenges
    5.4    Industry Opportunities
6    Global Financial Services Market Analysis
    6.1    Figure: Global Financial Services Historical Market (2014-2018) & Forecast (2019-2024)
    6.2    Figure: Global Financial Services Market Breakup by types: Historical Market (2014-2018) and Forecast (2019-2024)
        6.2.1    Banking Services
        6.2.2    Insurance
        6.2.3    Foreign Exchange
        6.2.4    Investment Services
        6.2.5    Others
    6.3    Figure: Global Financial Services Market Breakup by Region: Historical Market (2014-2018) and Forecast (2019-2024)
        6.3.1    North America
        6.3.2    Europe
        6.3.3    Asia Pacific
        6.3.4    LATAM
        6.3.5    Middle East & Africa
7    United States Financial Services Market Analysis
    7.1    Figure: United States Financial Services Market (2014-2018) & Forecast (2019-2024)
    7.2    Figure: United States Financial Services Market Breakup by types: Historical Market (2014-2018) and Forecast (2019-2024)
        7.2.1    Banking Services
        7.2.2    Insurance
        7.2.3    Foreign Exchange
        7.2.4    Investment Services
        7.2.5    Others
    7.3    Figure: United States Financial Services Market Breakup by Application: Historical Market (2014-2018) and Forecast (2019-2024)
        7.3.1    B2B
        7.3.2    B2C
8    SWOT Analysis
    8.1    Overview
    8.2    Strengths
    8.3    Weaknesses
    8.4    Opportunities
    8.5    Threats
9    Porter’s Five Forces Analysis
    9.1    Overview
    9.2    Buyer’s Power
    9.3    Supplier’s Power
    9.4    New Entrants
    9.5    Degree of Rivalry
    9.6    Substitutes
10    Competitive Landscape & Company Profile
    10.1    Chase Bank 
        10.1.1    Company Overview
        10.1.2    Financial Analysis
    10.2    Bank of America
        10.2.1    Company Overview
        10.2.2    Financial Analysis
    10.3    Citigroup Inc.
        10.3.1    Company Overview
        10.3.2    Financial Analysis
    10.4    Wells Fargo & Co.
        10.4.1    Company Overview
        10.4.2    Financial Analysis
    10.5    Goldman Sachs Group Inc.
        10.5.1    Company Overview
        10.5.2    Financial Analysis
    10.6    State Farm
        10.6.1    Company Overview
        10.6.2    Financial Analysis
    10.7    American International Group, Inc.
        10.7.1    Company Overview
        10.7.2    Financial Analysis
    10.8    Haven Life Insurance Agency, LLC
        10.8.1    Company Overview
        10.8.2    Financial Analysis
    10.9    MassMutual
        10.9.1    Company Overview
        10.9.2    Financial Analysis
11    Events and Developments

The United States financial services market is expected to witness a growth in the forecast period of 2020-2025, supported by the global industry growth which is expected to grow at a CAGR of 6% between 2020 and 2025. The industry in the United States is driven by the growth of the finance planning and advice market in the United States, which attained a value of almost USD 57 billion in 2019.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the regional market can be segmented into banking services, insurance, foreign exchange, and investment services, among others. On the basis of application, the industry can be bifurcated into B2B and B2C. The key players in the above industry include Chase Bank, Bank of America, Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc., State Farm, American International Group, Inc., Haven Life Insurance Agency, LLC, and MassMutual.

The major drivers of the industry such as rising disposable incomes, increasing population, rising demand for insurance and loans, increasing adoption of advanced technologies, growing economy, globalisation, and rapid urbanisation are expected to aid the market growth. EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with industry insights that are accurate, actionable, and help them remain ahead of their competition.

EMR’s approach gives their clients a comprehensive assessment of the prevailing and projected industry conditions through the collection, collation, and analysis of data from trusted sources. The key questions answered in the market study are:

  • How has the United States financial services industry performed in the previous years (2015-2019)?
  • What is the forecast assessment of the industry for 2020-2025?
  • What are the major industry drivers and constraints?
  • What are the major demand indicators of the industry in the United States?
  • Who are the key players in the industry in the United States?
  • What is the degree of competition in the industry in the United States?

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