Near-Field Communication (NFC)-based mobile payments are increasing rapidly and offer strong growth potential in both developed and developing countries. This growth is collectively driven by increasing competition between payment card issuers, mobile operators and smartphone manufacturers such as Apple and Samsung. Improving contactless payments infrastructure and security features such as host card emulation (HCE) also drove the growth of NFC-based mobile payments. According to market research company Strategy Analytics, the transaction value of NFC-based mobile payments is expected to increase at a CAGR of 51.57%, from US$30 billion in 2016 to US$240 billion in 2021.
FINANCIAL SERVICES MARKET TO REACH $16.92 TRILLION BY 2020 ACCORDING TO THE BUSINESS RESEARCH COMPANY.
The Business Research Company expects the financial services market to grow to $16.92 trillion in 2020. Asia was the largest geographic market in the financial services industry in 2016, accounting for around $5 trillion. This can be attributed to demand for cheaper loans in countries such as China.
The figure below shows the year-on-year growth of the global financial services market during 2016 – 2020.
According to The Business Research Company’s Financial Consultant, Girish Kavali, another significant trend in the market is growth in non-cash payments. Non-cash payments are growing rapidly in many parts of the world. This is primarily due to increasing internet and mobile penetration in emerging countries, continued economic recovery and growing adoption of mobile-based payments in mature markets. The growth of non-cash payments is also driven by the global shift towards immediate payment schemes, which offer instant payments in real-time. According to the 2016 World Payments Report published by Capgemini, the global volume of non-cash payments reached $387.3 billion in 2014, recording an 8.9% year-on-year growth.
Bank of America was the largest competitor in the financial services industry with revenues of $145.9 billion in the financial year 2015. The company’s growth strategy is to invest in online and mobile banking solutions to take leverage of payment apps such as ApplePay and PayPal as the customers are making more than 85% of their transactions.
The financial services market comprises all establishments engaged in financial services related activities such as lending, investment management, insurance, brokerages, payments and transferring service. The financial services industry is categorized on the basis of the business model of the firms present in the industry. Majority of firms come under multiple categories.
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The financial services industry is broadly classified into the following:
Lending and Payments – comprises all establishments engaged in lending and payments related activities such as lending, payments and transferring service. The Banking industry is categorized on the basis of the business model of the firms present in the industry.
Investment – comprises all establishments engaged in managing various investment related activities such as securities underwriting, stock brokerage and wealth management service. The investment industry is categorized on the basis of the business model of the firms present in the industry.
Insurance – comprises all establishments engaged in insurance and related activities such as underwriting (assuming the risk and assigning premiums) policies, brokerage and reinsurance. The insurance industry is categorized on the basis of the business model of the firms present in the industry. Contributions and premiums are set on the basis of actuarial calculations of probable payouts based on risk factors from experience tables and expected investment returns on reserves.
Financial Services Global Market Briefing is a detailed report giving a unique insight into this market. The report is priced at $750 for an individual user. To use across your office the price is $1500 and $2000 if you wish to use across a multinational company.
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