Key Highlights
- The global finance industry is projected to reach a market size of $26.5 trillion by 2025
- Approximately 2.5 billion people worldwide are unbanked or underbanked
- The total assets of all banks worldwide exceeded $150 trillion in 2023
- Fintech investment reached $135 billion globally in 2022
- Digital wallets usage is expected to surpass 3.6 billion users by 2024
- 78% of banking executives consider customer experience as a top priority
- The average cost of a data breach in the financial sector was $5.85 million in 2023
- Cryptocurrency market capitalization surpassed $2 trillion in 2023
- The number of blockchain wallet users worldwide exceeded 90 million in 2023
- Around 30% of global banking transactions are now conducted digitally
- Automated teller machines (ATMs) number over 4 million worldwide
- Mobile banking app usage increased by 50% in developed countries during 2022
- The fintech credit market is projected to grow at a CAGR of 20% from 2023 to 2028
The finance industry is rapidly transforming into a digital powerhouse, with global market size projected to hit $26.5 trillion by 2025, as innovations like fintech, blockchain, and AI reshape everything from banking to investments.
Banking and Financial Services
- The global finance industry is projected to reach a market size of $26.5 trillion by 2025
- Approximately 2.5 billion people worldwide are unbanked or underbanked
- The total assets of all banks worldwide exceeded $150 trillion in 2023
- 78% of banking executives consider customer experience as a top priority
- The average cost of a data breach in the financial sector was $5.85 million in 2023
- Around 30% of global banking transactions are now conducted digitally
- Automated teller machines (ATMs) number over 4 million worldwide
- Mobile banking app usage increased by 50% in developed countries during 2022
- Approximately 60% of financial institutions believe artificial intelligence will significantly impact their operations
- The average savings account interest rate in the US was 0.06% in 2023
- The global insurance industry generated revenue of approximately $5.9 trillion in 2022
- Cybersecurity spending in the financial industry is projected to reach $10 billion annually by 2024
- Approximately 35% of bank branches closed in the US between 2010 and 2020, due to digital transition
- The global microfinance market size was valued at $124 billion in 2022
- 70% of financial service firms have deployed cloud solutions by 2023
- The average profit margin for banks in developed countries was around 10% in 2023
- Financial advisory services account for approximately 27% of revenue for the global banking industry
- The total amount of banknotes and coins in circulation globally exceeds $6 trillion
- 85% of consumers globally trust their banks for financial advice
- Transaction fraud losses in the banking industry amounted to over $11 billion globally in 2022
- Nearly 40% of retail banking customers in developed countries now use mobile banking apps as their primary banking method
- The financial industry is one of the highest adopters of blockchain technology, with over 80% of banks exploring blockchain use cases as of 2023
Banking and Financial Services Interpretation
Cybersecurity and Compliance
- The compliance costs for financial institutions rose by 15% in 2022 due to changing regulations
Cybersecurity and Compliance Interpretation
Financial Industry Trends and Consumer Behavior
- Over 50% of wealth managers expect to increase their reliance on AI by 2025
- The average age of financial advisors in the US is 50 years old, indicating an upcoming wave of succession planning
Financial Industry Trends and Consumer Behavior Interpretation
Financial Markets and Investment
- Cryptocurrency market capitalization surpassed $2 trillion in 2023
- The number of people using robo-advisors worldwide is expected to reach 49 million by 2025
- Financial ETFs attracted nearly $200 billion in new assets in 2022
- The total global pension assets are estimated to be over $45 trillion as of 2023
- Investment in sustainable finance reached over $1 trillion in 2022
- The average cost of issuing a bond in the US was around $100,000 in 2023
- The median salary for financial analysts in the US was approximately $85,660 in 2023
- Approximately 25% of global central bank reserves are held in US dollars as of 2023
Financial Markets and Investment Interpretation
Fintech and Digital Payments
- Fintech investment reached $135 billion globally in 2022
- Digital wallets usage is expected to surpass 3.6 billion users by 2024
- The number of blockchain wallet users worldwide exceeded 90 million in 2023
- The fintech credit market is projected to grow at a CAGR of 20% from 2023 to 2028
- The adoption rate of open banking APIs in Europe stood at over 60% in 2023
- The use of contactless payments in retail increased by 30% globally during 2022
- Peer-to-peer (P2P) lending platforms facilitated over $46 billion in loans worldwide in 2022
- The number of financial technology startups worldwide increased by 30% between 2020 and 2023
Fintech and Digital Payments Interpretation
Sources & References
- Reference 1ATMEXPLORERResearch Publication(2024)Visit source
- Reference 2FINANCIALPLANNINGResearch Publication(2024)Visit source
- Reference 3CSOONLINEResearch Publication(2024)Visit source
- Reference 4REPORTINGResearch Publication(2024)Visit source
- Reference 5EYResearch Publication(2024)Visit source
- Reference 6BISResearch Publication(2024)Visit source
- Reference 7ETFResearch Publication(2024)Visit source
- Reference 8EUROPEANPAYMENTSCOUNCILResearch Publication(2024)Visit source
- Reference 9IBMResearch Publication(2024)Visit source
- Reference 10BANKRATEResearch Publication(2024)Visit source
- Reference 11IDCResearch Publication(2024)Visit source
- Reference 12THEFINANCIALBRANDResearch Publication(2024)Visit source
- Reference 13BLSResearch Publication(2024)Visit source
- Reference 14STATISTAResearch Publication(2024)Visit source
- Reference 15MASTERCARDResearch Publication(2024)Visit source
- Reference 16EDELWEISETECHNOLOGIESResearch Publication(2024)Visit source
- Reference 17FANNIEMAEResearch Publication(2024)Visit source
- Reference 18FEDERALRESERVEResearch Publication(2024)Visit source
- Reference 19BLOCKCHAINResearch Publication(2024)Visit source
- Reference 20MCKINSEYResearch Publication(2024)Visit source
- Reference 21IIIResearch Publication(2024)Visit source
- Reference 22FUTUREMARKETINSIGHTSResearch Publication(2024)Visit source
- Reference 23GARTNERResearch Publication(2024)Visit source
- Reference 24PWCResearch Publication(2024)Visit source
- Reference 25FINEXTRAResearch Publication(2024)Visit source
- Reference 26INVESTOPEDIAResearch Publication(2024)Visit source
- Reference 27FORBESResearch Publication(2024)Visit source
- Reference 28GLOBALPENSIONINDEXResearch Publication(2024)Visit source
- Reference 29MICROSAVEResearch Publication(2024)Visit source
- Reference 30IMFResearch Publication(2024)Visit source
- Reference 31P2PFINANZAResearch Publication(2024)Visit source
- Reference 32STARTUPWRITERResearch Publication(2024)Visit source
- Reference 33COINMARKETCAPResearch Publication(2024)Visit source
- Reference 34WORLDBANKResearch Publication(2024)Visit source
- Reference 35DELOITTEResearch Publication(2024)Visit source