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United States Financial Services Market Growth, Size, Share, Forecast: By Type: Banking, Advisory, Wealth Management, Mutual Funds, Insurance, Others; By Size of Business: Small and Medium Business, Large Business; By End-Use; Regional Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028
United States Financial Services Market Outlook
The United States financial services market comprises of multiple markets, including financial planning, and insurance and products markets.
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The global financial services industry is expected to grow at a CAGR of around 6% in the forecast period of 2023-2028, 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.
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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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 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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Size of Business |
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| Breakup by End-Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
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 Global Financial Services Market Overview
8.1 Key Industry Highlights
8.2 Global Financial Services Historical Market (2018-2022)
8.3 Global Financial Services Market Forecast (2023-2028)
8.4 Global Financial Services Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 United States Financial Services Market Overview
9.1 Key Industry Highlights
9.2 United States Financial Services Historical Market (2018-2022)
9.3 United States Financial Services Market Forecast (2023-2028)
10 United States Financial Services Market by Type
10.1 Banking
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Advisory
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 Wealth Management
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Mutual Funds
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Insurance
10.5.1 Market Share
10.5.2 Historical Trend (2018-2022)
10.5.3 Forecast Trend (2023-2028)
10.6 Others
11 United States Financial Services Market by Size of Business
11.1 Small and Medium Business
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Large Business
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
12 United States Financial Services Market by End-Use
12.1 Business-to-Business (B2B)
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Business-to-Consumer (B2C)
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
13 United States Financial Services Market by Region
13.1 New England
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 Mideast
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Great Lakes
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 Plains
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Southeast
13.5.1 Market Share
13.5.2 Historical Trend (2018-2022)
13.5.3 Forecast Trend (2023-2028)
13.6 Southwest
13.6.1 Market Share
13.6.2 Historical Trend (2018-2022)
13.6.3 Forecast Trend (2023-2028)
13.7 Rocky Mountain
13.7.1 Market Share
13.7.2 Historical Trend (2018-2022)
13.7.3 Forecast Trend (2023-2028)
13.8 Far West
13.8.1 Market Share
13.8.2 Historical Trend (2018-2022)
13.8.3 Forecast Trend (2023-2028)
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 for Demand
14.4 Key Indicators for 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 Bank of America Corporation
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 Citigroup, 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 Wells Fargo & Company
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 U.S. Bancorp
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 The Goldman Sachs Group Inc.
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 TD Bank, N.A.
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 MetLife, Inc
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 Edward Jones Investments
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 Nationwide Mutual Insurance Company
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 Farmers Insurance Group
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Capital One Financial Corporation
15.2.12.1 Company Overview
15.2.12.2 Product Portfolio
15.2.12.3 Demographic Reach and Achievements
15.2.12.4 Certifications
15.2.13 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Financial Services Market: Key Industry Highlights, 2018 and 2028
2. United States Financial Services Market: Key Industry Highlights, 2018 and 2028
3. United States Financial Services Historical Market: Breakup by Type (USD Million), 2018-2022
4. United States Financial Services Market Forecast: Breakup by Type (USD Million), 2023-2028
5. United States Financial Services Historical Market: Breakup by Size of Business (USD Million), 2018-2022
6. United States Financial Services Market Forecast: Breakup by Size of Business (USD Million), 2023-2028
7. United States Financial Services Historical Market: Breakup by End-Use (USD Million), 2018-2022
8. United States Financial Services Market Forecast: Breakup by End-Use (USD Million), 2023-2028
9. United States Financial Services Historical Market: Breakup by Region (USD Million), 2018-2022
10. United States Financial Services Market Forecast: Breakup by Region (USD Million), 2023-2028
11. United States Financial Services Market Structure
Key Questions Answered in the Report
The United States financial services market is aided by the finance planning and advice market in the region, which reached a value of nearly USD 64.05 billion in 2022.
The United States financial services market which is driven by the global market for financial services, which is projected to grow at a CAGR of 6% between 2023 and 2028.
The major drivers of the market include the growing demand for insurance and loans, global economic growth and increasing number of start-up businesses.
The increasing interest of service companies to locate their service headquarters in the nation and the adoption of advanced technologies are the key industry trends propelling the growth of the market.
Banking is the dominant type of financial service in the United States financial services market.
The major end-uses of the financial services market in the United States include the Business-to-Business (B2B) and Business-to-Consumer (B2C).
The major players in the industry are 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.
Analyst Review
The United States financial services market is aided by the finance planning and advice market in the region, which reached a value of nearly USD 64.05 billion in 2022, is driven by the growing demand for insurance and loans, global economic growth and increasing number of start-up businesses. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2023-2028, as part of the global financial services market which is growing at a CAGR of 6%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on type, the financial services market can be segmented into banking, advisory, wealth management, mutual funds, and insurance, among others, with banking accounting for the largest market share. Financial services in the United States mainly find end-uses in the B2B and the B2C sectors. On the basis of size of business, the market is divided into small and medium business and large business. The regional markets for financial services in the United States include New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West. The key players in the above 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.
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 market insights that are accurate, actionable, and help them remain ahead of their competition.
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