JPMorgan was the leading investment bank globally as of December 2024 in terms of market share of revenue. Between January and December 2024, JPMorgan's revenue accounted for 9.2 percent of the global investment banking revenue. Goldman Sachs followed, with a market share of 7.2 percent. What is the role of investment banks The main role of an investment bank is to assist companies, governments and other market participants in raising capital. The banks take on the role of transaction underwriters, making sure that the emission of bonds or stocks is executed optimally on both the buying and selling sides. It means that the prices of emitted securities are not too high or too low and that there are enough investors interested in the purchase of these securities. Investment banking activity also includes assistance in merger and acquisition transactions. The largest investment banks JPMorgan Chase and Goldman Sachs were the leading investment banks in the world in terms of generated revenues. Other leading investment banks were Morgan Stanley, Bank of America, and Citibank. JPMorgan generated revenue of roughly three billion U.S. dollars in 2023.

The Report Covers Global Investment Banking Industry Overview & Analysis and is Segmented Based On the Type of Product (Mergers & Acquisitions, Debt Capital Markets, Equity Capital Markets, Syndicated Loans, and Others) and by Geography (Americas, EMEA, Asia, and Australasia). - Growth, Trends, and Forecast (2020-2025)

The US Investment Banking Market is segmented based on the type of product (Mergers & Acquisitions, Debt Capital Markets, Equity Capital Markets, Syndicated Loans, and Others). The report offers market size and forecasts for the US Investment Banking Market in value (USD Million) for all the above segments.

According to Cognitive Market Research, the global investment banking market size is USD 135121.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 8.60% from 2024 to 2031.

North America held the major market of around 40% of the global revenue with a market size of USD 54048.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.8% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 40536.36 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 31077.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.6% from 2024 to 2031.
Latin America market of around 5% of the global revenue with a market size of USD 6756.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 2702.42 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.3% from 2024 to 2031.
The small and medium-sized enterprise (SMES) held the highest growth rate in Investment banking market in 2024.

Key Drivers of Investment Banking Market

Advances in Financial Technology to Increase Sales

Advances in financial technology, often referred to as Fin-Tech, are revolutionizing the investment banking landscape, driving sales through enhanced efficiency, accessibility, and innovation. Automated trading algorithms optimize trading execution, reducing transaction costs and enhancing market liquidity. Additionally, block chain technology facilitates secure and transparent transactions, streamlining settlement processes and reducing operational risks. Fin-Tech solutions also democratize access to financial services, enabling smaller investors and businesses to participate in capital markets through online platforms and robot-advisors. Moreover, artificial intelligence and machine learning algorithms analyse vast amounts of data to provide actionable insights for investment decisions, improving portfolio performance and risk management strategies. These technological advancements not only boost sales by attracting new clients but also increase client retention by delivering value-added services and fostering a competitive edge in the dynamic investment banking industry.

Increasing Cross-border Transactions to Propel the Market

Increasing cross-border transactions are poised to propel the investment banking market forward by expanding opportunities for global capital flows and fostering international collaboration. Globalization, coupled with evolving trade agreements and economic integration initiatives, encourages companies to seek opportunities beyond domestic borders. Investment banks play a pivotal role in facilitating cross-border mergers and acquisitions, cross-border financing, and international capital raising activities. Additionally, multinational corporations increasingly rely on investment banking services to navigate complex regulatory environments, currency risks, and cultural differences inherent in cross-border transactions. Furthermore, emerging markets offer lucrative prospects for investment banking services due to rapid economic growth and infrastructure development. As companies seek to capitalize on these opportunities, investment banks are positioned to benefit from the growing demand for advisory, financing, and risk management solutions tailored to the complexities of cross-border transactions.

Restraint Factors Of Investment Banking Market

Intense Competition among Investment Banks to limit the sales

Intense competition among investment banks can sometimes limit sales as firms engage in aggressive pricing strategies to secure deals, resulting in narrower profit margins. This pressure to undercut competitors' fees can lead to reduced revenue per transaction, impacting overall sales figures. Moreover, the emphasis on winning deals may divert resources away from cultivating long-term client relationships, potentially resulting in decreased client retention and repeat business. Additionally, intense competition may compel investment banks to take on higher-risk transactions or lower-quality clients to maintain market share, increasing exposure to credit and operational risks. Furthermore, the cost of competing for top talen...

In 2024, JPMorgan was the world's leading bank in terms of investment banking revenue, generating around 8.1 billion U.S. dollars from the start of the year until the end. In 2024, JPMorgan was also the largest bank in the United States by total assets, followed by Bank of America and City Group. Global investment banking is dominated by U.S. banks The top five investment banks globally were all American multinational firms. In 2024, the two leading investment banks by revenue were JPMorgan and Goldman Sachs. While JPMorgan outpaced Goldman Sachs, both banks reported revenues exceeding six billion U.S. dollars. BofA Securities and Morgan Stanley ranked third and fourth, with revenues of approximately 5.4 billion and 5.2 billion U.S. dollars, respectively. Together, these four banks held nearly a third of the global investment banking market share in terms of revenue in 2024. Investment banking fees Unsurprisingly, JPMorgan was also the leading bank in terms of investment banking fees. These fees represent the returns banks earn for offering investment services, such as facilitating mergers and acquisitions. In 2024, the largest value of investment banking fees came from services provided to the financial sector.

Explore the Investment Banking Market trends! Covers key players, growth rate 7.8% CAGR, market size $203.65 Billion, and forecasts to 2034. Get insights now!

The global investment banking trading services market size reached USD 395.8 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 714.5 Billion by 2033, exhibiting a growth rate (CAGR) of 6.44% during 2025-2033. The increasing globalization of financial markets and the inflating demand for innovative financial products and services, driven by evolving market conditions and regulatory requirements are primarily propelling the growth of the market.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 395.8 Billion
Market Forecast in 2033	USD 714.5 Billion
Market Growth Rate (2025-2033)	6.44%

IMARC Group provides an analysis of the key trends in each segment of the global investment banking trading services market report, along with forecasts at the global, regional and country levels from 2025-2033. Our report has categorized the market based on service type and industry vertical.

As of March 31, 2024, JPMorgan Chase led the U.S. banking sector with approximately 11.7 percent of total domestic deposits, closely followed by Bank of America at nearly 11 percent. This distribution reflects the concentrated nature of the U.S. banking industry, where, despite thousands of commercial banks operating nationwide, the market is dominated by the top four institutions. The total value of deposits held at FDIC-insured commercial banks has decreased in recent years, amounting to 17.83 trillion U.S. dollars in 2023. The U.S. banking industry The banking industry in the United States accounts for tens of trillions of U.S. dollars in assets under management. While there are thousands of commercial banks in the country, the market is dominated by the largest four of these. This is particularly true when considering functions such as private and investment banking. Other measures This ranking presents the market share of domestic assets, but other measures give a slightly different picture. For example, looking at the value of total assets shows a higher market share in the hands of the top four firms. Apart from that, the revenue of leading commercial banks can also give a better idea of banks’ financial standing.

The global investment banking industry, valued at approximately $XX million in 2025, is projected to experience a steady growth trajectory, exhibiting a compound annual growth rate (CAGR) of 2.10% from 2025 to 2033. This growth is driven by several key factors. Increasing mergers and acquisitions (M&A) activity across various sectors, fueled by a desire for strategic expansion and consolidation, significantly contributes to revenue generation within the investment banking sector. Furthermore, the burgeoning debt and equity capital markets, particularly in emerging economies, provide ample opportunities for investment banks to participate in underwriting, advisory, and trading activities. Technological advancements, including the adoption of AI and machine learning in financial modeling and risk assessment, are also enhancing operational efficiencies and expanding service offerings. However, stringent regulatory environments, geopolitical uncertainty, and potential economic downturns pose significant challenges to sustained growth. The industry's segmentation into Mergers & Acquisitions, Debt Capital Markets, Equity Capital Markets, Syndicated Loans, and Others reflects the diverse range of services offered. Leading players such as J.P. Morgan Chase & Co., Goldman Sachs Group Inc., and Morgan Stanley dominate the market landscape, leveraging their extensive networks, expertise, and brand recognition. Competition within the industry remains fierce, necessitating continuous innovation and adaptation to changing market conditions. Geographic expansion into emerging markets and strategic partnerships are key strategies adopted by firms seeking growth. The regional distribution of market share is likely skewed towards North America and Europe, given the concentration of major investment banks and advanced financial markets in these regions. However, Asia-Pacific and other emerging markets are expected to exhibit faster growth rates, driven by increasing domestic economic activity and foreign direct investment. The historical period (2019-2024) likely witnessed periods of volatility influenced by global events, and the forecast period (2025-2033) should consider potential economic shifts and their impact on investment banking activity. The industry's success hinges on its ability to anticipate market fluctuations, effectively manage risk, and offer tailored solutions to a diverse clientele, ranging from multinational corporations to private equity firms and governments. The continued evolution of financial technologies and regulatory reforms will shape the industry’s future landscape. This in-depth report provides a comprehensive analysis of the global investment banking industry, projecting its growth trajectory from 2019 to 2033. The study encompasses key market trends, competitive landscapes, and future opportunities within this dynamic sector. With a focus on revenue generation in the millions, this report is essential for investors, industry players, and strategic decision-makers seeking a clear understanding of this lucrative market. Keywords: Investment Banking, Mergers & Acquisitions (M&A), Debt Capital Markets, Equity Capital Markets, Syndicated Loans, Investment Banking Market Size, Investment Banking Industry Trends, Investment Banking Regulations, Financial Services, Global Investment Banking, Investment Banking Report, JP Morgan Chase, Goldman Sachs, Morgan Stanley. Notable trends are: 2019 - The Year of Mega Deals yet with Lesser M&A Volume.

The size and share of the market is categorized based on Type (Equity Underwriting and Debt Underwriting Services, Trade Services, Financial Advisory, Others) and Application (BFSI, Healthcare, Manufacturing, Energy & Utilities, IT & Telecom, Retail & Consumer Goods, Media & Entertainment, Others) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Middle East and Africa Investment Banking Market size is USD 2702.42 Million in 2024 and will expand at a compound annual growth rate (CAGR) of 8.3% from 2024 to 2031.

Global Investment Banking Market size was worth USD 155.75 Billion in 2023, forecast to reach USD 316.57 Billion by 2032, CAGR 8.2% from 2024-2032

US Retail Banking Market Overview: The US retail banking market is projected to reach a valuation of XX million by 2033, driven by a CAGR of 4.00% from 2025 to 2033. The growth is attributed to several factors, including the increasing adoption of digital banking channels, the expanding middle class, and the rising demand for financial services from various customer segments. Moreover, the increasing use of artificial intelligence (AI) and machine learning (ML) in banking operations is expected to further fuel market expansion. Key Trends and Segmentation: One of the key trends driving the US retail banking market is the shift towards digital banking. Customers are increasingly using mobile banking, online banking, and other digital channels to access financial services. This trend is expected to continue in the coming years, as banks invest in improving their digital offerings. Another trend that is expected to impact the market is the changing demographic profile of the US population. The growing number of millennials and Gen Z consumers is creating new opportunities for banks. These consumers are more likely to use digital banking channels and are more open to new financial products and services. The US retail banking market is segmented into various product types, including transactional accounts, savings accounts, debit cards, credit cards, loans, and other products. Banks offer a wide range of products to meet the needs of different customer segments. The market is also segmented into various channels, including direct sales and distributors. Recent developments include: In May 2021, HSBC announced that it is exiting the retail and small business banking market in the United States, in line with its strategy to refocus on corporate and investment banking in Asia., In November 2020, Wells Fargo announced a new solution to help business customers eliminate paper checks by using one-time virtual card numbers to digitally pay invoices through the WellsOne Virtual Card Payments service.. Key drivers for this market are: Next generation technologies, Optimized physical distribution: Analytics and workforce fluidity; Developing an omnichannel workforce. Potential restraints include: Next generation technologies, Optimized physical distribution: Analytics and workforce fluidity; Developing an omnichannel workforce. Notable trends are: The Spending by Retail Banks for digital banking is increasing in US..

The financial sector was the sector with the highest value of investment banking fees globally during the first half of 2024. The investment banking fees exceeded 18 billion U.S. dollars, which was well above the industrials sector (the sector with the second-highest value of fees) of around 5.9 billion U.S. dollars.

The size and share of the market is categorized based on Type (Retail Banking, Corporate Banking, Investment Banking) and Application (Payments, Processing Services, Customer and Channel Management, Risk Management) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

The high-frequency trading (HFT) solutions market is experiencing robust growth, projected to reach $8,003.2 million in 2025 and maintain a Compound Annual Growth Rate (CAGR) of 11.3% from 2025 to 2033. This expansion is fueled by several key factors. The increasing adoption of algorithmic trading strategies by investment banks and personal investors is a major driver, demanding sophisticated HFT solutions for faster execution speeds and enhanced trading efficiency. Furthermore, the ongoing shift towards cloud-based infrastructure provides scalability and cost-effectiveness, further boosting market growth. Technological advancements in areas like artificial intelligence (AI) and machine learning (ML) are also contributing, enabling more sophisticated trading algorithms and improved predictive capabilities. Competitive pressures within the financial sector are pushing firms to adopt HFT solutions to maintain a competitive edge in a fast-paced, data-driven market. While regulatory scrutiny and cybersecurity concerns pose potential restraints, the overall market outlook remains positive, driven by continued technological innovation and the inherent advantages of HFT in maximizing returns. The market segmentation reveals a strong preference for cloud-based solutions due to their flexibility and scalability. Investment banks constitute a significant portion of the market, reflecting their heavy reliance on automated trading. Geographically, North America currently holds the largest market share, owing to a high concentration of financial institutions and technological advancements. However, the Asia-Pacific region shows significant growth potential due to increasing financial market maturity and investment in technological infrastructure. The competitive landscape is dominated by established players such as Virtu Financial, Tower Research Capital, and IMC, but new entrants are constantly emerging, driving innovation and competition within the HFT solutions market. This dynamic environment ensures sustained market growth throughout the forecast period.

Goldman Sachs is the largest merger and acquisition (M&A) advisor worldwide, and has been every year since 2019. In 2024, they managed M&A transactions worth over one billion U.S. dollars. Goldman Sachs and JPMorgan are the market leaders in global investment banking, and each had a market share between seven and eight percent..

The global open banking market size reached USD 30.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 127.7 Billion by 2033, exhibiting a growth rate (CAGR) of 16.59% during 2025-2033. The market is primarily driven by rising fintech investment, regulatory initiatives promoting financial data sharing, the escalating customer demand for customized banking services, and a rapid shift to digital banking that calls for more transparency and collaboration between banks and third parties needed to promote innovation and offer customer-centric financial solutions.

The embedded finance market is projected to expand its roots at a strong CAGR of 16.5% during the forecast period. The market is likely to hold a revenue of US$ 63.2 billion in 2023 while it is anticipated to cross a value of US$ 291.3 billion by 2033.

Attributes	Details
Embedded Finance Market CAGR (2023 to 2033)	16.5%
Embedded Finance Market Size (2023)	US$ 63.2 billion
Embedded Finance Market Size (2033)	US$ 291.3 billion

Country-wise Insights

Countries	Revenue Share % (2022)
The United States	22.3%
Germany	12.3%
Japan	7.1%
Australia	3.2%
North America	32.5%
Europe	25.4%

Countries	CAGR % (2023 to 2033)
China	17.7%
India	19.5%
The United Kingdom	16.3%

Category-Wise Landscape

Category	By Type
Leading Segment	Embedded Banking
Market Share (2022)	32.1%

Category	By End User Type
Leading Segment	Investment Banks and Investment Companies
Market Share (2022)	27.2%

The global Investment Banking and Trading Services market is experiencing robust growth, driven by increasing mergers and acquisitions activity, rising capital market volatility, and the expanding need for sophisticated financial advisory services across diverse sectors. The market, currently valued at approximately $2 trillion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033. This substantial growth is fueled by several key factors. Firstly, the burgeoning BFSI sector, coupled with the expansion of healthcare, manufacturing, and energy & utilities industries, are consistently driving demand for underwriting, trading, and advisory services. Secondly, the increasing complexity of global financial markets necessitates sophisticated financial solutions and expertise, leading to heightened demand for experienced investment banking professionals and cutting-edge trading technologies. Finally, favorable regulatory environments in certain regions and increasing digitalization within financial services further accelerate market growth. However, geopolitical uncertainties and potential economic downturns pose significant restraints. Segment-wise analysis reveals strong performance across Equity and Debt Underwriting, fueled by active corporate activity. Trade Services are experiencing moderate growth, influenced by global macroeconomic conditions. Financial Advisory services are witnessing a significant surge in demand, attributed to the rise in cross-border transactions and strategic partnerships. Geographically, North America and Europe currently dominate the market, contributing a substantial share to the overall revenue, while Asia-Pacific is poised for considerable expansion driven by rapid economic growth and rising investor interest in emerging markets. The diverse service offerings combined with regional expansion strategies contribute to the market's overall growth trajectory, despite economic headwinds.