The private banking market size is expected to grow from US$ 481.30 billion in 2023 to US$ 1031.71 billion by 2031; it is anticipated to expand at a CAGR of 10.0% from 2023 to 2031. The market includes growth prospects owing to the current private banking market trends and their foreseeable impact during the forecast period. Private banking is the leading sector in the financial services landscape in terms of profitability.
Globalization has evolved in recent decades as a result of the expansion of commercial and financial networks that cross national borders, making businesses and workers from other economies increasingly interconnected. Greater globalization creates more chances for international investments, resulting in more investment-linked programs. Moreover, industrialization also facilitates increased investments, cross-broader collaborations, partnerships and joint ventures, facilitating the private banking market growth.
Private banking refers to the tailored financial services and products that retail banks and other financial institutions provide to their high-net-worth individual (HNWI) clientele. Private banking is provided by consumer banks and brokerages of all sizes, although it is targeted at a select group of customers. Typically, this service is provided by specialized departments known as "private banking" or "wealth management" divisions. Private banking offers a variety of wealth management services, all conveniently located under one roof. Trust and estate planning, insurance, tax services, and investment and portfolio management are some of the private banking offered. In the increasingly automated and digital banking environment, private banking provides customers with a range of benefits, privileges, and customized services, which is becoming a highly valued asset. Nonetheless, there are benefits for both the banks and their private customers.
You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities
Private Banking Market: Strategic Insights
Huge Demand For Wealth Management Solutions to Drive the Private Banking Market
The scope of the private banking market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant private banking market share. The region's significant economic development, growing population, and increasing focus on risk management and private banking have contributed to the growth of the market.
The regional trends and factors influencing the Private Banking Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Private Banking Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 481.30 Billion |
| Market Size by 2031 | US$ 1031.71 Billion |
| Global CAGR (2023 - 2031) | 10.0% |
| Historical Data | 2021-2023 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Private Banking Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Private Banking Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Private Banking Market Analysis" was carried out based on type and application. On the basis of type, the market is segmented into asset management service, insurance service, trust service, tax consulting, and real estate consulting. Based on application, the private banking market is segmented into personal and enterprise. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the private banking market. A few recent key market developments are listed below:
[Source: HSBC, Company Website]
[Source: HSBC, Company Website]
The private banking market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Private Banking Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
Huge demand for wealth management solutions and increasing demand for private equity are the major factors that propel the global private banking market.
The global private banking market was estimated to be US$ 481.30 billion in 2023 and is expected to grow at a CAGR of 10.0 % during the forecast period 2023 - 2031.
Digital transformation promoting online private banking is anticipated to play a significant role in the global private banking market in the coming years.
The key players holding majority shares in the global private banking market are CREDIT SUISSE GROUP.; JPMorgan Chase & Co; Morgan Stanley; Goldman Sachs; and Bank of America Corporation
The global private banking market is expected to reach US$ 1,031.71 billion by 2031.