According to the report published by Allied Market Research, the global financial advisory services market generated $79.4 billion in 2020, and is projected to reach $135.6 billion by 2030, witnessing a CAGR of 5.8% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Pramod Borasi, a Senior Research Analyst, BFSI at Allied Market Research, stated, “The healthcare segment is expected to experience fastest growth in the coming years, as financial advisory service providers can leverage their specialized knowledge to assist healthcare sector businesses in addressing financial challenges, developing solutions, and positioning their organizations for a sustainable growth model.”
COVID-19 scenario:
- The outbreak of Covid-19 negatively affected the global financial advising services industry, due to the economic downturn, instability in global financial sectors, and a highly volatile market.
- The pandemic affected both investors and financial advising services businesses, and investors witnessed immediate consequences on their current investments. Due to this, the demand for financial advising services has decreased amidst the worldwide health crisis.
- Financial advisory services providers have taken several initiatives to prepare themselves for the post-COVID scenario as they begin their recovery in the face of the ongoing pandemic. As a result, during times of higher volatility, financial advisors are focused on making personalized offerings and maintaining timely communication with investors.
The report offers detailed segmentation of the global financial advisory services market based on type, organization size, industry vertical, and region.
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By type, the corporate finance segment accounted for more than one-fourth of the global financial advisory services market in 2020, and is anticipated to retain its dominance throughout the forecast period. The risk management segment, however, would showcase the fastest CAGR of 9.0% by 2030.
Based on organization size, the large enterprises segment held the lion’s share in 2020, contributing to nearly three-fourths of the global financial advisory services market, and is expected to continue its lead during the forecast period. However, the small-&medium-sized enterprise segment is expected to witness the highest CAGR of 7.5% by 2030.
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By region, North America garnered the major share in 2020, contributing to more than one-third of the global financial advisory services market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 34.6% and dominate the market during the forecast period.
The key players operating in the global financial advisory services market include Accenture Inc., Bank of America Corporation, Citigroup Inc., CREDIT SUISSE GROUP AG, Goldman Sachs, JPMorgan Chase & Co., Morgan Stanley, Northern Trust Corporation, PwC, and Wells Fargo.
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