SAN
FRANCISCO, Aug. 5, 2024 /PRNewswire/ -- The
global financial services industry is on a quick-paced growth
trajectory, as highlighted in the market intelligence reports
published by Grand View Research. Some of the significant driving
factors aiding the growth of this industry are the increasing
adoption of digital payment facilities, rising incorporation of
advanced technologies like blockchain into large-scale as well as
daily financial operations/transactions, and the growth of the
e-commerce sector worldwide. According to the data published by The
World Bank, at the end of 2021, over two-thirds of adults worldwide
were making or receiving payments through digital mediums.
At the same time, concerns regarding data privacy and security
of financial and personally identifiable information, as well as
keeping up with the evolving regulatory landscape and frequent
changes in tax laws, may pose some challenges for the industry
participants. Listed below are some of the markets responsible for
driving growth for the financial services industry:
The global anti-money laundering market size was valued
at USD 1.32 billion in 2022 and is
expected to grow at a compound annual growth rate (CAGR) of 15.9%
from 2023 to 2030. The growth of the Anti-money Laundering (AML)
market is driven by the increasing adoption of digital payments. As
more transactions are conducted online, there is a growing need to
monitor and detect fraudulent transactions.
The global automotive finance market size was valued
at USD 259.84 billion in 2022 and is
expected to register a compound annual growth rate (CAGR) of 7.3%
from 2023 to 2030. The increasing global demand for electric
vehicles is one of the significant factors expected to drive market
growth. According to Experian's State of the Automotive Finance
report, electric vehicles comprised 4.56% of new vehicle financing
in Q4 2021, up from 2.25% in Q4 2020 and 1.34% in Q4 2019 in the
U.S.
The buy now pay later market size was estimated at
USD 6.13 billion in 2022 and is
anticipated to grow at a compound annual growth rate (CAGR) of
26.1% from 2023 to 2030. One of the main drivers is the aggregate
preference among consumers for supple and suitable payment options.
BNPL services enable customers to make purchases without immediate
payment, providing greater financial flexibility and ease of burden
from upfront charges. The increase in e-commerce has also played a
significant role in driving the BNPL market's growth.
Core banking software market size was valued at
USD 10.89 billion in 2022 globally
and is anticipated to grow at a compound annual growth rate (CAGR)
of 9.3% from 2023 to 2030. The market growth can be attributed to
the rising incorporation of technology to provide core banking
operations and services. Digitized operations have enhanced banking
service quality and reduced turnover times.
The global decentralized identity market
size was estimated at USD 647.80
million in 2022 and is projected to grow at a compound
annual growth rate (CAGR) of 90.3% from 2023 to 2030. Privacy and
security concerns have become increasingly prominent in today's
digital landscape. Decentralized identity (ID)
solutions offer a more secure and privacy-centric approach by
enabling individuals to own and control their digital
identities.
The digital lending platform market size was valued at
USD 7.04 billion in 2022 and is
expected to register a compound annual growth rate (CAGR) of 26.5%
from 2023 to 2030. The benefits offered by digital lending
platforms, such as optimized loan processes, quicker
decision-making, compliance with regulations and rules, and
improved business efficiency, are expected to drive market
growth.
Digital payment market size was estimated at
USD 96.07 billion in 2023 globally
and is expected to grow at a compound annual growth rate (CAGR) of
21.1% from 2024 to 2030. The growing adoption of digital payments
can be attributed to factors such as the ever-increasing use of
smartphones, growing accessibility to the internet, rapid
acceptance and adoption of cashless transactions during the
pandemic, and governments across the world encouraging people to
use digital payment methods.
The global digital remittance market size was valued
at USD 19.65 billion in 2022 and is
expected to expand at a compound annual growth rate (CAGR) of 15.6%
from 2023 to 2030. The global digital remittance transactions were
valued at over USD 390 billion in
2022. This market growth can be attributed to the increasing number
of fund transfers from migrant workers to their families.
Global mobile wallet market was valued at
USD 7.42 billion in 2022 and is
expected to grow at a compound annual growth rate (CAGR) of 28.3%
from 2023 to 2030. Increasing penetration of smartphones and the
internet and the growing e-commerce sector are major market
drivers.
The global payment gateway market size was valued at
USD 26.79 billion in 2022 and is
expected to expand at a compound annual growth rate (CAGR) of 22.2%
from 2023 to 2030. The market growth can be attributed to the
increasing demand for mobile-based payments across the globe.
The global tax management software market size was
estimated at USD 18.74 billion in
2022 and is expected to grow at a compound annual growth rate
(CAGR) of 10.1% from 2023 to 2030. The market growth can be
attributed to various factors, such as the evolving regulatory
landscape and frequent changes in tax laws. To cope with these
challenges, businesses and professionals demand tax compliance and
tax preparation software for up-to-date tax rules, real-time
compliance monitoring, and automated tax calculations.
The global travel insurance market size was valued
at USD 17.8 billion in 2021 and is
expected to grow at a CAGR of 15.4% from 2022 to 2030. Factors such
as the rising demand for tourism and technological development are
driving the demand for the travel insurance market.
About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research Helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
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SOURCE Grand View Research, Inc.