Insurance and Banking Market Size, Growth, Share by 2031
The banking and insurance market is expected to expand at a CAGR of XX% from 2023 to 2031. The introduction of direct-to-customer sales and the demand for a personalized experience are likely to be key trends in the market.
Insurance and Banking Market Analysis
In the banking industry, digital transformation is altering the way firms operate. From retail to mobile banking, technology innovations have an impact on every aspect of the economy, driven by a growing desire for a digital experience among Millennials and Generation Z. A prevalent practice in the banking sector is to make prudent investments to position themselves for long-term success while keeping costs under control. On the other hand, the insurance business is undergoing a massive transformation. The industry is focusing on cloud migration and core process digitization. Technology adoption, which was slow in the insurance industry, has accelerated in recent years. This, in turn, is expected to boost the market growth during the forecast period.
Insurance and Banking Market Industry Overview
As customers become more aware of digital solutions provided by businesses outside the banking and insurance markets, they are looking for more customer-centric digital solutions from these businesses. Thus, market players are focusing on providing personalized banking and insurance services to their clients. Further, although there have been numerous technical developments and improvements in recent years, banking and insurance organizations are increasingly looking at technologies to provide a better digital experience for their clients while also improving operational efficiency. This, in turn, is anticipated to boost the market growth during the forecast period.
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Insurance and Banking Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Insurance and Banking Market: Strategic Insights
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Insurance and Banking Market Driver and Opportunities
Digital Experience in the Banking and Insurance Industry to Drive Market Growth
Innovation through new technology is a fundamental driver of change in the banking and insurance industry. In recent years, technological developments have gradually changed the insurance and banking landscapes. There are various ways in which this digital transformation is facilitating better consumer experiences in the space. Multiple financial technology-driven innovations are steadily emerging and altering the market. According to studies, some insurance companies are exploring AI for technological advancement. This, in turn, is projected to drive the market growth during the forecast period.
Technological Advancements to Create Lucrative Market Opportunities
In recent years, major technology trends have emerged that have an impact on almost every industry. A handful of rising technological trends are poised to change the fundamental nature of the banking and insurance sector. Digitalization is transforming the way businesses operate and interact with customers. Leveraging developing technologies, such as Robotic Process Automation (RPA), Machine Learning (ML), data analytics, and Artificial Intelligence (AI), can increase operational efficiency for the insurance and banking industry. This, in turn, is anticipated to shape growth prospects for the banking and insurance market during the forecast period.
Insurance and Banking Market Report Segmentation Analysis
The key segments that contributed to the derivation of the insurance and banking market analysis are type and applications.
- By type, the market is bifurcated into insurance and banking segments.
- Based on application, the market is divided into commercial customer and personal segment.
- The insurance segment is expected to grow significantly during the forecast period. This growth may be attributed to the growing digitization in the insurance sector and the rising focus on improving customer services.
Insurance and Banking Market Share Analysis By Geography
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
North America is expected to hold a prominent share of the insurance and banking market during the forecast period. This growth may be attributed to the presence of key market players and the early adoption of technology. The banking and insurance market is expected to grow exponentially in the Asia Pacific region due to rising per capita income, the introduction of new products, technological innovation, expanded distribution, networking, and increased customer knowledge of financial services.
Insurance and Banking Market Report Scope
Insurance and Banking Market News and Recent Developments
The insurance and banking market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the insurance and banking market are listed below:
- Allianz Partners announced the launch of the Allyz mobile app, a digital platform providing travelers with trusted advice and expertise as well as access to the full suite of insurance benefits available to customers. The launch of the mobile app in France, Germany, and the Netherlands is an important milestone in the expansion of Allianz Partners' digital platform, with the rollout of new digitally accessible services to continue across all lines of business until 2024. (Source: Allianz Partners, Press Release, January 2024)
Insurance and Banking Market Report Coverage & Deliverables
The insurance and 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 "Insurance and Banking Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Insurance and banking market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Insurance and banking market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Insurance and banking market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the insurance and banking market
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Some of the customization options available based on the request are additional 3–5 company profiles and a country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share an excel dataset based on the request.
Bitex International C.V., Coinbase, CoolBitX, Xapo Holdings Limited, Solidi Ltd, Safello AB, Digital Asset Services Ltd., BitMain Technologies Holding Company, Advanced Micro Devices, Inc, Bitfury Group Limited, AIA Group, Berkshire Hathaway, MetLife, United Health Group, Ping An Insurance, Cigna, Zurich Insurance Group Ltd, Assicurazioni Generali, Munich Re Group, and Gerber Life Insurance are the major market players.
Technological advancement and product and service developments market are the major trends in the market.
The global banking and insurance market was estimated to grow at a CAGR of XX% during 2023 - 2031.
Digital experience in the banking and insurance industry and increasing merger and acquisition activities are the major factors that drive the global banking and insurance market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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