United States Financial Services Market Growth Analysis - Market Size, Share, Forecast Trends and Outlook Report (2025-2034)

The United States financial services market size attained a value of USD 60.65 Billion in 2024 . The market is expected to grow at a CAGR of 7.47% between 2025 and 2034, reaching almost USD 124.65 Billion by 2034.

The global financial services industry is expected to grow at a CAGR of around 6% in the forecast period of 2025-2034, owing to the increasing demand for cheaper loans and other financial services. The market in the United States is aided by the finance planning and advice market in the region, which reached a value of nearly USD 57 billion in 2020.

The United States has the largest and most liquid financial markets globally. The finance and insurance market alone represented nearly 7.5% of the nation’s gross domestic product in 2018. On the other hand, the financial services and insurance sector employed around 6.4 million people by the end of 2018. The United States is the place where the market for venture capital began for the first time. The region continues to be supportive of most of the innovative companies. The venture capital-based companies employ almost 40% of the working population. Thus, the financial services industry has been thriving in the United States.

In 2018, the banking sector supported the region’s economy, which is one of the largest economies in the world. The sector provides the region with great diversity in terms of banking, as well as the concentration of its private credit all over the world.

United States Financial Services Market Segmentation

Financial services refer to the mechanism by which a customer or company obtains a financial good. It is a sector that is increasingly influential in the modern economy. They apply to a wide range of more specific activities, such as banking savings as well as insurance. They are limited to the activities of financial services firms and their professionals, while financial products refer to the actual goods, accounts, or investments they provide.

Based on type, the market is divided into:

• Banking
• Advisory
• Wealth Management
• Mutual Funds
• Insurance
• Others

On the basis of size of business, the market is bifurcated into:

• Small and Medium Business
• Large Business

Based on end-use, the market is segmented into:

• Business-to-Business (B2B)
• Business-to-Consumer (B2C)

Market Breakup by Region:

• New England
• Mideast
• Great Lakes
• Plains
• Southeast
• Southwest
• Rocky Mountain
• Far West

United States Financial Services Market Analysis

The United States financial services industry is being driven by the growing demand for insurance and loans among consumers. Globalisation and urbanisation are leading to the increasing demand in the end-user investments. The industry is also being propelled by the global economic growth, which is leading to the increased demand for financial services. The increasing disposable incomes of the consumers is enabling them to invest more, thus propelling the financial services industry further.

The financial services industry in the United States is also being supported by the increased demand for cheaper loans since the demand for housing, and other amenities is growing among the consumers. The services are also being demanded for the start-up businesses. The adoption of efficient as well as advanced technologies is boosting the industry in the region. The growing competition between the key players is driving the industry growth further.

The United States financial services industry is also being driven by the increasing interest of service companies to locate their service headquarters in the nation. It would be beneficial to the service providers as they would be able to benefit from the creative, competitive, as well as the comprehensive financial services industry of the United States.

Competitive Landscape

Key United States financial services market players are actively investing in digital platforms to improve mobile payments, online banking, and personalised financial services. Financial services companies in the United States are also incorporating ESG into their investment products, strategies, and solutions to capitalise on the growing trend of sustainability.

JPMorgan Chase & Co.

JPMorgan Chase & Co., headquartered in New York, United States, is one of the world's largest and oldest financial institutions. With its history dating back to 1799, the company is a leader in financial services, investment banking, financial transaction processing, commercial banking, and asset management. As of September 30th 2024, the company boasted USD 4.2 trillion in assets and USD 346 billion in stockholders’ equity.

Bank of America Corporation

Bank of America Corporation, headquartered in North Carolina, United States, and established in 1904, is one of the world's largest financial institutions. It offers investment, banking, and asset management, among other financial and risk management products and services to serve large corporations, businesses, and individuals. Its services and products are used by nearly 56 million consumer and small business relationships in the United States.

Citigroup, Inc.

Citigroup, Inc., headquartered in New York, United States, and established in 1812, is one of the world’s largest financial service providers. Its core competencies include lending money, safeguarding assets, accessing capital markets on behalf of clients, and making payments. The company boasts financial flows of nearly USD 5 trillion.

Wells Fargo & Company

Wells Fargo & Company, established in 1852 and headquartered in California, United States, is a community-based and diversified financial services company. Offering consumer and commercial finance and banking, investment and mortgage products and services, it boasts nearly USD 1.9 trillion in assets. The company employs around 250,000 individuals and serves every 1 in 3 households in the United States.

Other leading companies in the United States financial services market include U.S. Bancorp, The Goldman Sachs Group Inc., TD Bank, N.A., MetLife, Inc, Edward Jones Investments, Nationwide Mutual Insurance Company, Farmers Insurance Group, and Capital One Financial Corporation, among others.

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