Industry Analysis

Projected Post-Covid Market Size, Growth Rate, Estimated Number of Employees, and the Number of Companies/Businesses: Financial Services

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Market Size and Market Growth Rate

  • According to PR Newswire, the global financial services market was valued at about $22,219 billion in 2019.
  • In 2019, the United States finance and insurance market was valued at $4.96 trillion. According to IBIS World, the market is expected to contract at a CAGR of -8.5% in 2020 to reach $4.5 trillion.
  • Assuming that the finance and insurance market in the United States will continue growing at 0.2% between 2020 and 2022, the finance and insurance market is anticipated to reach $4.52 trillion by 2022. This projected number was calculated using a reverse CAGR calculator. The starting value is $4.5 trillion (2020), and the number of periods is 2 (years).

Number of employees

  • According to the US Bureau of Labor Statistics, the number of employees in the United States financial services industry was 6.683 million in September 2020.
  • An exhaustive search through industry publications, market reports, media articles, regulatory websites, and statistical databases could not find employment projections that include impacts of the COVID-19 pandemic.
  • The US Bureau of Labor Statistics projects the number of employees in the US financial services industry to reach 8.8 million jobs by 2029 at a CAGR of 0.1%.
  • Using the CAGR of 0.1% the number of employees in the US financial services industry is anticipated to reach 6.7 million by 2022. The projected number was calculated using a reverse CAGR calculator. The starting value is 6.683 million (2020), and the number of periods is 2 (years).

Companies/Businesses

  • IBIS World estimates the number of businesses in the United States finance and insurance industry to be 957,411 in 2020.
  • Assuming that the number of finance and insurance businesses in the United States will continue growing at a CAGR of 0 between 2020 and 2022, the number of finance and insurance businesses is anticipated to remain 957,411 in 2022.
GLENN TREVOR
Glenn is the Lead Operations Research Analyst at Simple Manifestation with experience in research, statistical data analysis and interview techniques. A holder of degree in Economics. A true specialist in quantitative and qualitative research.

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