The financial protection global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Financial Protection Market, 2024The financial protection global market report 2024
Market Size –
The financial protection market size has grown strongly in recent years. It will grow from $61.42 billion in 2023 to $65.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to regulatory reforms, demographic shifts, economic downturns, technological advancements, healthcare reform, increasing consumer awareness of financial risks.
The financial protection market size is expected to see strong growth in the next few years. It will grow to $83.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to accelerated digital transformation, rising cyber threats, increased adoption of parametric insurance, expansion of ESG-focused products, integration of AI in insurance operations, growth in microinsurance for emerging markets. Major trends in the forecast period include the rise of personalized insurance solutions leveraging big data analytics, increasing focus on sustainable and ESG-aligned products, integration of blockchain for secure transactions, expansion of parametric insurance offerings, growth in cyber insurance to mitigate digital risks, adoption of AI for enhanced customer service.
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Scope Of Financial Protection MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Financial Protection Market Overview
Market Drivers –
The rising volume of digital financial transactions is expected to drive the growth of the financial protection market. Digital financial transactions, which include electronic monetary exchanges conducted through online platforms, mobile devices, and other digital channels, are increasing due to the growth of digital banking services, making transactions more convenient and efficient. Financial protection solutions are critical to safeguarding these transactions by utilizing advanced algorithms to prevent fraudulent activities. According to the International Monetary Fund, between 2019 and 2021, the value of mobile money transactions in low-income countries increased from 40% to 70% of GDP, while mobile and internet banking transactions in middle-income countries rose from 225% to 324% of GDP. This expansion in digital financial activity is expected to propel the financial protection market through 2023, continuing into 2024, with significant growth projected by 2028.
Market Trends –
Major companies operating in the financial protection market are developing innovative solutions such as all-in-one financial protection solutions to enhance customer experience, streamline processes, and offer comprehensive coverage that addresses various financial risks and needs. An all-in-one financial protection solution is a comprehensive service that combines multiple financial safeguards, such as insurance, investment, and risk management, into a single package. For instance, in February 2023, Guardian Life Insurance Company, a US-based insurance company, launched SafeGuard360. It provides a wide selection of insurance products to meet various needs, including life insurance, disability income insurance, and critical illness coverage. This comprehensive strategy ensures that policyholders have a safety net in several areas of their financial lives. SafeGuard360’s primary objective is to protect policyholders and their loved ones’ financial futures, giving them peace of mind in the face of life’s difficulties.
The financial protection market covered in this report is segmented –
1) By Type: Long Term Financial Protection, Short Term Financial Protection
2) By Policy Coverage: Payment Protection, Mortgage Payment Protection
3) By End-Users: Men, Women
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Regional Insights –
North America was the largest region in the financial protection market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the financial protection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies in the market are Ping An Insurance (Group) Company of China Ltd., Cigna Corporation, Allianz SE, MetLife Inc., Dai-ichi Life Holdings Inc., China Pacific Insurance (Group) Co. Ltd., Nationwide Mutual Insurance Company, Prudential Financial Inc., American International Group, Tokio Marine Holdings Inc., Zurich Insurance Group, Sompo Holdings Inc., Mapfre S.A., Hartford Financial Services Group Inc., AIA Group Limited, Aflac Incorporated, Lincoln National Corporation, Sun Life Financial Inc., Principal Financial Group, Samsung Life Insurance, Manulife Financial Corporation, FWD Group, Great-West Lifeco Inc., Legal & General Group plc, Standard Life Aberdeen plc, Aviva plc
Table of Contents
1. Executive Summary
2. Financial Protection Market Characteristics
3. Financial Protection Market Trends And Strategies
4. Financial Protection Market – Macro Economic Scenario
5. Global Financial Protection Market Size and Growth
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32. Global Financial Protection Market Competitive Benchmarking
33. Global Financial Protection Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Financial Protection Market
35. Financial Protection Market Future Outlook and Potential Analysis
36. Appendix
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