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Financial Services Global Market Report 2023: Rising Demand for Alternative Investments and Blockchain Integration to Fuel Growth

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Dublin, March 22, 2023 (GLOBE NEWSWIRE) — The “Financial Services Global Market Opportunities And Strategies To 2031” report has been added to ResearchAndMarkets.com’s offering.

The financial services market reached a value of nearly $23,328.73 billion in 2021, having grown at a compound annual growth rate (CAGR) of 3.5% since 2016. The market is expected to grow from $23,328.73 billion in 2021 to $33,313.50 billion in 2026 at a rate of 7.4%. The market is then expected to grow at a CAGR of 6.3% from 2026 and reach $45,149.00 billion in 2031.

Growth in the historic period resulted from increasing demand for fast & real-time fund transfer, rise in adoption of blockchain technology in the banking sector, rising use of digital banking services, government led insurance reforms, strong economic growth in emerging markets, rising use of cryptocurrency.

Going forward, increasing wealth of high-net-worth individuals, rising demand for alternative investments, increase use of blockchain to reduce fraudulent transactions, growth in individual investors investments, increase in home ownership and mortgages, rising urbanization, increasing investments will drive the growth. Factors that could hinder the growth of the financial services market in the future include data localization, rising interest rates.

The financial services market is segmented by type into lending and payments, insurance, reinsurance and insurance brokerage, investments and foreign exchange services. The lending and payments market was the largest segment of the financial services market segmented by type, accounting for 33.6% of the total in 2021. Going forward, the investments segment is expected to be the fastest growing segment in the financial services market segmented by type, at a CAGR of 9.3% during 2021-2026.

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The lending and payments market is further segmented by type into lending and cards and payments. The lending market was the largest segment of the lending and payments market segmented by type, accounting for 90.3% of the total in 2021. Going forward, the cards and payments segment is expected to be the fastest growing segment in the lending and payments market segmented by type, at a CAGR of 8.5% during 2019-2023.

The insurance, reinsurance and insurance brokerage market are further segmented by type into insurance, reinsurance and insurance and brokers and agents. The insurance market was the largest segment of the insurance, reinsurance and insurance brokerage market segmented by type, accounting for 85.8% of the total in 2021. Going forward, the reinsurance segment is expected to be the fastest growing segment in the insurance, reinsurance and insurance brokerage market segmented by type, at a CAGR of 8.1% during 2021-2026.

The investments market is further segmented by type into securities brokerage and stock exchange services, wealth management and investment banking. The securities brokerage and stock exchange services market was the largest segment of the investments market segmented by type, accounting for 48.1% of the total in 2021. Going forward, the wealth management segment is expected to be the fastest growing segment in the investments market segmented by type, at a CAGR of 9.8% during 2021-2026.

The financial services market is also segmented by size of business into small and medium business and large business. The small and medium business market was the largest segment of the financial services market segmented by size of business, accounting for 84.5% of the total in 2021. Going forward, the large business segment is expected to be the fastest growing segment in the financial services market segmented by size of business, at a CAGR of 7.5% during 2021-2026.

The financial services market is also segmented by end user into corporates, individuals, investment institution and government. The corporates market was the largest segment of the financial services market segmented by end user, accounting for 32.5% of the total in 2021. Going forward, the investment institution segment is expected to be the fastest growing segment in the financial services market segmented by end user, at a CAGR of 7.7% during 2021-2026.

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Western Europe was the largest region in the financial services market, accounting for 39.0% of the total in 2021. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the financial services market will be Africa, and, Middle East where growth will be at CAGRs of 8.7% and 8.4% respectively. These will be followed by Western Europe, and, South America where the markets are expected to grow at CAGRs of 7.7% and 7.6% respectively.

The top opportunities in the financial services market segmented by type will arise in the lending and payments market segment, which will gain $3,470.3 billion of global annual sales by 2026. The top opportunities in the lending and payments market segmented by type will arise in the lending market segment, which will gain $3,086.7 billion of global annual sales by 2026. The top opportunities in the insurance, reinsurance and insurance brokerage market segmented by type will arise in the insurance market segment, which will gain $1,936.4 billion of global annual sales by 2026. The top opportunities in the investment market segmented by type will arise in the wealth management market segment, which will gain $902.5 billion of global annual sales by 2026.

The top opportunities in the financial services market segmented by size of business will arise in the small and medium business market segment, which will gain $8,386.1 billion of global annual sales by 2026. The top opportunities in the financial services market segmented by end user will arise in the corporates market segment, which will gain $3,264.5 billion of global annual sales by 2026. The financial services market size will gain the most in UK at $2,308.4 billion.

Market-trend-based strategies for the financial services market include integrating smarter safety systems into financial services, implementing artificial intelligence (AI) in financial services for improved service, invest in new product launches to increase the product portfolio and to increase market share, adopting cloud technology to improve resilience, deliver new capabilities, offering custom and personal services especially for wealth management.

Competitor-based strategies in the financial services industry include focusing on the long-term income prospects of stakeholders, focusing on development of different value added services in order to increase the reach and presence of financial products and focuses on new innovations.

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The report covers the following chapters:

  • Introduction and Market Characteristics

Brief introduction to the segmentations covered in the market, definitions and explanations about the financial services market.

  • Product Analysis

The product analysis section of the report describes the leading products in the market along with key features and differentiators for those products.

  • Supply Chain

The supply chain section of the report defines and explains the key players in the financial services industry supply chain.

  • Customer Information

This chapter covers recent customers’ trends/preferences in the global financial services market.

  • Key Trends

Highlights the major trends shaping the global financial services market. This section also highlights likely future developments in the market.

  • Global Market Size and Growth

Global historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.

  • Regional Analysis

Historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values and growth and market share comparison by region.

  • Market Segmentation

Contains the market values (2016-2031) and analysis for each segment by type, by size of business and by end user in the market.

  • Regional Market Size and Growth

Regional market size (2021), historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values, and growth and market share comparison of countries within the region. This report includes information on the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.

  • Competitive Landscape

Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.

  • Key Mergers and Acquisitions

Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.

  • Market Opportunities And Strategies

Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.

  • Conclusions And Recommendations

Includes recommendations for financial services providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.

This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.

Scope
Markets Covered

1) By Type: Lending And Payments; Insurance, Reinsurance And Insurance Brokerage; Investments; Foreign Exchange Services
a) By Lending And Payments: Lending; Cards And Payments
b) By Insurance, Reinsurance And Insurance Brokerage: Insurance; Reinsurance; Insurance Brokers And Agents
c) By Investments: Securities Brokerage And Stock Exchange Services; Wealth Management; Investment Banking
2) By Size Of Business: Small And Medium Business; Large Business
3) By End-User: Individuals; Corporates; Government; Investment Institution

Key Attributes:

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Report Attribute Details
No. of Pages 530
Forecast Period 2021 – 2031
Estimated Market Value (USD) in 2021 $23328.73 Billion
Forecasted Market Value (USD) by 2031 $45149 Billion
Compound Annual Growth Rate 6.8%
Regions Covered Global

A selection of companies mentioned in this report includes

  • Allianz
  • Ping An Insurance Group
  • Industrial and Commercial Bank of China
  • JPMorgan Chase & Co.
  • AXA

For more information about this report visit https://www.researchandmarkets.com/r/om11eo

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Artificial Intelligence

Huawei Wen Tong: 6G Needs to Embrace AI for Shaping Future Network

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SHENZHEN, China, Sept. 29, 2024 /PRNewswire/ — At the 6G Conference held in Istanbul, on September 24, 2024, Dr. Wen Tong, Huawei Wireless CTO, delivered a keynote speech on 6G standardization and innovation. With the release of the ITU-R 6G vision framework, the 3GPP will start 6G standardization in 2025. “6G is a new generation of mobile technology, not a simple upgrade of 5G, it should bring new value to users,” said Dr. Tong, “6G is a true intergenerational technological disruption. 6G standard, key technologies, and network architecture should be re-defined based on application scenarios and requirements from 2030 to 2040. 6G should not be another way to implement 5G. Instead, 6G should embrace the AI revolution with a quantum leap and generate new values for the consumers. In this way, 3GPP standards can truly realize the 6G vision and create greater value for the entire industry.”

Centered “6G Standardization Direction” and “6G Innovation Driving Force”, Dr. Tong shared important views on the future architecture, terminal development, and key technologies of 6G.
In terms of architecture design, 6G should go beyond Service-Based Architecture and move towards Application-Driven Network.
5G has already achieved market success and continues to evolve towards 5G-Advanced. 6G will not simply reuse 5G network architecture, without generational and fundamental innovations, which will limit the mobile industry’s aspiration and imagination to dive the innovation in the 6G era. 6G must have obvious cross-generational characteristics and technical breakpoint.
On the core side, reusing the 5G core network will hinder the innovation in AI. We should use Agentic-AI based technology to re-architect 6G Core that goes beyond 5G Service-Based Architecture and support the foundational capabilities of AI, Sensing and NTN , and thus evolve towards the Application Driven Network .
In terms of terminal evolution, 6G user device calls for a breakthrough to lead the success of the entire industry chain.
It is the law of the mobile industry to drive the evolution of the market with the pioneering technology. The 6G networks and 6G terminals must meet the requirements of consumers and vertical industries in the 6G market phase from 2030 to 2040.
Currently, smartphones are evolving to AI terminals to usher in the mobile AI era. In post-MBB era, breakthroughs in terminal technologies will be the key to the evolution of the mobile industry. Therefore, 6G user device calls for a breakthrough towards “Full-AI”, thus to drive 6G network upgrade and the success of the entire industry ecosystem.
In terms of technology development, AI will become a key enabler for 6G with network paradigm shifting.
Twenty years ago, the Internet was the enabler of the technology innovations. Mobile communications embraced the Internet and achieved great business success. Today, AI maybe the disruptive enabler of the latest technology innovations.
6G should embrace the AI revolution with a quantum leap. However, 6G networks should not be limited to generative AI, Artificial General Intelligence (AGI) and Embodiment-AI are the main directions of future AI development. Therefore, AGI should run through the whole process of sensing, reasoning, decision, and action of terminals, wireless networks, and core networks of 6G, to welcome the arrival of a new network paradigm.
At the end, Dr. Tong Wen emphasized the relationship between 5G and 6G: “The global 5G deployment is on the rise and evolving to 5G-Advanced, which not only meets the current requirements of operators, but also protects their investment. Therefore, 6G technologies should not overlap with 5G in technologies and market space. The specifications, technologies, and architecture of 6G must be based on the scenarios and requirements from 2030 to 2040. We should focus on true generational technology disruption, embrace the new opportunities brought by AI, expand the mobile industry in the next generation.”
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How AIoT shapes the future of mobility: Hikvision at ITS World Congress 2024

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HANGZHOU, China, Sept. 27, 2024 /PRNewswire/ — Hikvision made a significant impact at the ITS World Congress in Dubai with its captivating theme, “Embrace AIoT for safer, smarter, and greener mobility.” Its booth became a hub of innovation, where visitors explored AIoT solutions that are reshaping the transportation landscape, sparking deep conversations on the future of urban mobility.

Road safety revolution: harnessing AIoT for secure transportation
Hikvision’s commitment to road safety was on full display at its booth through the impressive array of AIoT solutions designed to create secure and reliable traffic environments. The company’s technology provides 24/7 traffic monitoring, ensuring continuous oversight of motor vehicles, non-motorized vehicles, pedestrians and environmental factors. This comprehensive, real-time information collection enables traffic managers to prevent accidents and enhance road safety. Among the showcased products was the 20 MP IR ANPR Checkpoint Capture Unit, renowned for its high-definition capture capabilities, bolstering traffic safety measures.
A standout innovation was the integration of advanced radar and camera technologies, ensuring uninterrupted, comprehensive detection even in adverse weather conditions. The Radar-Video Fusion Incident Detection Cameras, featured prominently in the product experience area, enable early detection and warning of potential hazards. They are particularly effective in challenging situations such as curved roads, blind spots at intersections, and obstacles beyond visual range.
Attendees also engaged with onboard monitoring products on the simulated bus, including dome network cameras, which is designed to enhance passenger safety. Driving assistance products, such as the Driver Status Monitor (DSM), were demonstrated to mitigate unsafe driving behaviors and ensure safer journeys.
Urban mobility redefined: smart traffic innovations
In the realm of smarter mobility, Hikvision showcased its multidimensional sensing technology, which integrates visible light sensors, infrared sensors, radar, and sonar. This technology expands perception capabilities, significantly improving traffic management and situational awareness. The use of AI-powered comprehensive sensing elevates incident monitoring and violation detection to unprecedented levels of accuracy and efficiency.
A major attraction was the Radar-Video Fusion TandemVu PTZ Camera, which integrates millimeter-wave radar with high-resolution cameras for extensive traffic detection and data analysis. AI-based algorithms combine these two systems to enhance target information, detecting up to 16 types of incidents. This leads to the development of a large-scale fusion model that merges spatial physical data with image semantic information. The result is ultra-long-range perception, achieving over 95% accuracy in vehicle trajectory detection. This robust system improves traffic violation management and optimizes traffic flow, significantly enhancing road efficiency.
At the simulated bus station, visitors observed how AI-assisted people counting automated the collection of passenger flow statistics at peak stop hours and bus line frequency during busy periods. Paired with smart bus stop digital signage, the solution improves bus service quality, operational efficiency, passenger experience, and overall public transport effectiveness.
Sustainable transportation: leading the charge for greener cities
Hikvision’s commitment to sustainable urban mobility was evident through its innovative green wave technology and eco-friendly checkpoint solutions. Green wave technology efficiently manages traffic flow to reduce congestion and lower carbon emissions, aligning with global sustainability goals. Visitors were particularly impressed by a case study showcasing a green wave solution implemented in Zhoushan, China. Over a stretch of 21 kilometers and 34 intersections, this main road cut travel times by 50%.
The use of DarkFighterX technology in checkpoint cameras also received significant attention. This technology senses both visible and invisible light, resulting in more accurate and realistic images. It enhances traffic violation enforcement efficiency while minimizing the need for high ambient light levels, thus reducing light pollution. The 9M DarkfightX ANPR Checkpoint Camera exemplified this dedication to environmental stewardship.
Frank Zhang, President of Hikvision MEA, remarked, “Hikvision supports sustainable urban planning by empowering traffic departments to address congestion and transportation challenges.” He further emphasized, “Our system’s openness fosters a secure and reliable platform for developing smart and green cities. Additionally, our solar technology is extensively utilized in remote areas, while our smart street lighting solutions reduce energy consumption by 20-30%, promoting intelligent urban transportation and advancing global sustainability objectives.”
Hikvision’s presence at the ITS World Congress in Dubai underscored its leadership in integrating AIoT technologies to drive safer, smarter, and greener mobility solutions. The engaging presentations and advanced product demonstrations captured significant attention from industry partners and customers, reaffirming the company’s role as a pioneer in shaping the future of urban transportation. As the world moves towards more intelligent and sustainable transportation systems, Hikvision remains at the forefront, embracing AIoT to create a safer, smarter, and greener future for all.
To find out more about Hikvision’s advanced traffic and public transport solutions, please explore the Hikvision official website.
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Anti-Drone Market worth $7.05 billion by 2029 – Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Sept. 27, 2024 /PRNewswire/ — The global anti-drone market was valued at USD 2.16 billion in 2024 and is projected to reach USD 7.05 billion by 2029; it is expected to register a CAGR of 26.7% during the forecast period according to a new report by MarketsandMarkets™. Increasing government spending on counter-drone technologies, rising incidence of critical infrastructure security breaches by unauthorized drones, and surge in adoption of aerial remote sensing technologies to safeguard critical infrastructure are attributed to the demand for anti-drone.

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Browse in-depth TOC on “Anti-Drone Market” 178 – Tables61 – Figures253 – Pages
Anti-Drone Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 2.16 billion
Estimated Value by 2029
$ 7.05 billion
Growth Rate
Poised to grow at a CAGR of 26.7%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By System Type, Application, Platform type, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Vulnerability to hacking
Key Market Opportunities
Emphasis on improving unmanned aircraft systems technology
Key Market Drivers
Growing number of illicit activities
By System Type: Hybrid systems to account for the larger market share in the forecasted year.
The hybrid segment accounted for the largest share of the anti-drone market in 2029. The trends of integrating multiple anti-drone technologies are rising since they are most effective in detecting, tracking, and neutralizing drone threats. These systems merge electronic, kinetic, and lasers, providing a comprehensive defense solution against UAVs. Hybrid systems use electronic, kinetic, and laser-based countermeasures to offer optimum protection against drones. These systems are designed to detect, track, identify, categorize, and mitigate drones at operational wide ranges ranging from a few km up to tens of km.
By Platform: The ground-based segment accounted for the largest market share in the forecast year.
The ground-based segment will hold a major share of the anti-drone market in 2029. Many ground-based anti-drone systems use several electronic technologies, such as radar, IR sensors, acoustic systems, and RF & GNSS jammers. MESA radar solutions are used mostly for counter-UAS purposes, protecting critical infrastructure, military camps, and other security-sensitive sites from unauthorized drones. One such solution is EchoGuard, a ground-based airspace management solution that contains a software-defined 3D radar that can be specific to the site. This system can identify single or multiple off-chance drones, including swarms in unauthorized areas. They provide accurate and sustained airspace surveillance for the field of view (FOV) they are configured, and both human and AI-monitored visual checks. The system can be easily transported and integrated directly with the command-and-control centers or another identification sensor for portable use, and multiple units of the system can be combined to cover vast areas or lengths of borders. Major providers of ground-based counter-drone systems include companies like EchoDyne Corporation, DeTect, Meteksan Defense, and WhiteFox Defense. Acoustics-based Discovair G2 utilizes patented microphone arrays. With 128 interconnected microphone elements, the Discovair sensor units can establish azimuth and elevation to the target in real-time using advanced digital signal processing.
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By Region: Americas are expected to hold the largest share of the anti-drone market during the forecast period.
Americas is expected to capture the largest share in the anti-drone industry during the forecast period. The growth can be attributed to protecting crucial infrastructure in the region. Governments, particularly in the US, invest in anti-drone systems for military bases, borders, and critical infrastructure. For Instance, in April 2023, RTX secured a USD 237 million contract from the US Army to provide Ku-band Radio Frequency Sensors (KuRFS) and Coyote effectors. These systems are designed to detect and neutralize unmanned aircraft systems (UAS). The contract includes stationary and mobile systems and a specified quantity of effectors, all aimed at enhancing the Army’s operations within the US Central Command region.
Key Players-
The key companies offering anti-drone companies include RTX (US), Lockheed Martin Corporation (US), Leonardo S.p.A. (Italy), Thales (France), and IAI (Israel).
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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