Forecast: Output of Financial Services in the US

Over the past decade, the output of financial services in the US has generally demonstrated a steady positive growth trajectory. In 2023, this output stood at $3.7004 trillion. The year-on-year growth for 2022 was 4.11%, with a subsequent increase of 3.93% in 2023. Examining the last five years, the compounded annual growth rate (CAGR) was 4.57%, indicating a consistent upward trend in the sector's output. Projections into the future indicate a forecasted 5-year CAGR of 2.67%, with an overall 5-year growth rate of 14.07% by 2028.

Future trends to watch for in the financial services sector include:

• Increased digitization and adoption of financial technologies.
• Greater regulatory scrutiny and compliance requirements.
• Heightened focus on cybersecurity and data protection.
• Expansion of services catering to sustainable and green finance.
• Potential impacts from geopolitical and macroeconomic factors.