The financial services market comprises of 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 the firms come under multiple categories.
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The market is valued at over $14 trillion in 2017 is due to the increasing demand for loans and insurance services in developing countries such as Brazil, Russia, India and China.
In this report, the global financial services market is divided into three segments. The major half is occupied by the lending and payments service of the financial market and the other half is occupied by both insurance and investments; insurance occupying the major portion.
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The USA was the largest country in the financial services market in 2017, accounting for around 30% market share. This can be attributed to high insurance penetration. China and Japan followed the USA as the next largest countries in the market.
The financial services market is fragmented with a number of large and small finance organizations. The top five competitors in the market made up 4% of the total market in 2017. UnitedHealth Group was the largest competitor followed by Industrial and Commercial Bank of China, AXA, Agricultural Bank of China and Bank of China. UnitedHealth Group is a diversified health and well-being company based in Minnetonka, Minnesota, US. It was founded in 1977 and employs around 230,000 people globally.
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