The Financial Services and Insurance Gross Value Added (GVA) in the US showed a healthy upward trend from 2013 to 2023, with the value standing at $2.0923 trillion by 2023. Looking at the year-on-year percentage variations, the industry has demonstrated consistent growth with significant jumps in years like 2014 (11.46%) and 2021 (10.17%). Over the last two years, 2022 and 2023, the growth rates were 3.91% and 4.7% respectively. The Compound Annual Growth Rate (CAGR) for the last five years leading up to 2023 was 5.74%, indicating sustained growth.
From 2024 onwards, forecast data suggests continued growth, with the industry's GVA expected to reach $2.5477 trillion by 2028. Despite a slight slowdown in the growth rate with a forecasted 5-year CAGR of 3.12%, the sector is projected to grow by 16.59% over the same period.
Future trends to watch for include technological advancements in financial services, an increase in digital banking and financial technology, regulatory changes, and market consolidations. These factors are expected to play a significant role in shaping the industry's trajectory in the coming years.
