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Report Overview

The United States financial services market size attained a value of USD 60.65 Billion in 2024. The market is expected to grow at a CAGR of 7.47% between 2025 and 2034, reaching almost USD 124.65 Billion by 2034.

2024

Base Year

2018-2024

Historical Year

2025-2034

Forecast Year

  • There is a growing preference for digital banking in the United States due to its convenience, time-saving features, and ease of accessibility. Reportedly, over 50% of consumers in the United States conducted their banking via digital channels such as mobile apps in 2024. The rising appeal of digital banking is prompting financial institutions to invest in technological advancements and development in areas such as mobile payment systems.
  • The financial and insurance sector plays a crucial role in driving economic growth in the US by facilitating investment, capital allocation, and credit availability, fostering job creation, supporting entrepreneurship, and promoting financial stability. In 2023, finance and insurance represented 7.3% of gross domestic product in the United States. With financial services emerging as an integral part of the US economy, key players are developing consumer-centric financial solutions and personalised services to enhance the inclusivity and accessibility of financial services.
  • The increasing accessibility to banking services is creating lucrative United States financial services market opportunities. In 2023, around 96% of overall US households were banked, as per the Federal Deposit Insurance Corporation (FDIC). With the surging number of households having access to baking, financial institutions are offering a diverse range of financial products and services to cater to evolving customer demands.

Compound Annual Growth Rate

Value in USD Billion

7.47%

2025-2034


United States Financial Services Market Outlook

*this image is indicative*

The global financial services industry is expected to grow at a CAGR of around 6% in the forecast period of 2025-2034, 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.

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)

Market Breakup by Region:

  • New England
  • Mideast
  • Great Lakes
  • Plains
  • Southeast
  • Southwest
  • Rocky Mountain
  • Far West

United States Financial Services Market By Segments

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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.

United States Financial Services Market Report

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Competitive Landscape

Key United States financial services market players are actively investing in digital platforms to improve mobile payments, online banking, and personalised financial services. Financial services companies in the United States are also incorporating ESG into their investment products, strategies, and solutions to capitalise on the growing trend of sustainability.

JPMorgan Chase & Co.

JPMorgan Chase & Co., headquartered in New York, United States, is one of the world's largest and oldest financial institutions. With its history dating back to 1799, the company is a leader in financial services, investment banking, financial transaction processing, commercial banking, and asset management. As of September 30th 2024, the company boasted USD 4.2 trillion in assets and USD 346 billion in stockholders’ equity.

Bank of America Corporation

Bank of America Corporation, headquartered in North Carolina, United States, and established in 1904...

Citigroup, Inc.

Citigroup, Inc., headquartered in New York, United States, and established in 1812, is one of the wo...

Wells Fargo & Company

Wells Fargo & Company, established in 1852 and headquartered in California, United States, is a comm...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other leading companies in the United States financial services market include 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.

*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.*

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Key Questions Answered in the Report

The United States financial services market reached a value of nearly USD 60.65 Billion in 2024.

The United States financial services market is projected to grow at a CAGR of 7.47% between 2025 and 2034.

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.

The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach a value of USD 124.65 Billion by 2034.

Report Summary

Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.

Key Highlights of the Report

Please note that the figures mentioned in the description serve as estimates and may vary from the actual figures presented in the final report.

REPORT FEATURES DETAILS
Base Year 2024
Historical Period 2018-2024
Forecast Period 2025-2034
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
  • New England
  • Mideast
  • Great Lakes
  • Plains
  • Southeast
  • Southwest
  • Rocky Mountain
  • Far West
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • 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.
  • 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

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C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63-287-899-028, +63-967-048-3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84-865-399-124