PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1475033
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1475033
Investment Banking Market Assessment, By Type, By Enterprise Size, By End-user, By Region, Opportunities and Forecast, 2017-2031F
Global investment banking market is projected to witness a CAGR of 7.58% during the forecast period 2024-2031, growing from USD 115.48 billion in 2023 to USD 207.19 billion in 2031. The growth can be accredited to various factors including geopolitical stability and instability, industry cohesion, financial easing, growth of derivatives markets, expansion of private equity investments, global economic expansion, and rise in capital requirements. Investment banks act as mediators between securities, guarantors, and financial specialists, circulating their administrations through merchant systems or direct sales. The main types of investment banking are mergers and acquisitions, equity capital markets, debt capital markets, and syndicated loans.
Unreal DAO collaborated with the European Investment Bank and has established a dedicated fund of authorized capital of USD 30 million aiming to advance the growth of blockchain startups. The speculation bank gives specialized counseling administrations to governments, enterprises, and organizations, supporting capital mobilization, venture financing, IPOs, and M&A exchanges. Speculation banks give an assortment of administrations, counting prime brokerage, resource administration, and venture investigations, to both backers and buy-side financial specialists.
Economic Growth Boosts Investment Banking Market Growth
Economic expansion refers to a phase of the business cycle that is characterized by a rise in economic activity such as increasing gross domestic product, high employment rates, rise in consumer spending, and increase in the performance of the business. Economic well-being drives the demand for financial services such as advisory services, mergers and acquisitions, lending, and fund-raising which in turn is helping in the growth of investment banking market as these are the main services of investment banking market.
According to the Organization for Economic Cooperation and Development, the global economy is expected to grow by 3.1% in 2024 and 3.2% by 2025, which is led by strong real income growth and lower interest rates. The increment in capital raising movement increases speculation banks' incomes and contributes to large financial action. The expanded speculation action is rising requests for venture-keeping money administrations, counting exchanges, brokerage, and resource administration. Venture banks are capitalizing on this drift by advertising a wide run of financial items and administrations to meet the desires of organizations and personal clients. All these practices are leading to global investment banking market growth.
Rise in Capital Requirements
One of the main drivers for the growth of the global investment banking market is the rise in capital requirements. These requirements are set by financial authorities, who make the minimum amount of capital that banks must hold mandatory to confirm financial stability and protect stakeholders.
Facing high capital requirements, banks seek advisory services to maximize their capital structures. Investment banks play a core role in promoting capital-raising efforts which in turn leads to revenue expansion. According to the European Central Bank, overall requirements, and non-binding Pillar 2 guidance in terms of CET1 capital rose on average to 11.1% in comparison to 10.7% in 2023. It increased the trend of overall capital requirements, acting as a driver for investment banking market growth.
North America Dominates Global Investment Banking Market Share
North America dominates the investment banking market. In North America, speculation managing an account movement is solid, driven by a solid economy, active capital markets, and a favorable organizational environment. Chatbots help customers in North America to manage their finances, while banks utilize machine-learning algorithms to locate patterns in cybercrime. The businesses are utilizing Fintech and AI technology to their full potential to increase investments. Also, the United States and Canada investment banking markets are the fastest growing in North America.
In Asia-Pacific, investment banking is developing quickly, driven by developing economies such as China and India. These nations are encountering expanded movement in capital markets, privatization endeavors, and an expanding number of high-net-worth people looking for rich administration. Also, innovative headways and the rise of fintech new businesses are transforming the venture managing an account scene over districts, advertising innovative arrangements, and disrupting commerce models.
Mergers and Acquisitions to Dominate the Market
Mergers and acquisitions segment accomplished the most significant share in global investment banking market in 2023, owing to the expanding number of mergers, acquisitions, and corporate vital organizations all over the world. Companies are looking to expand operations, stabilize showcase share, and advance portfolios through mergers and acquisitions. Investment banks hence play a key part in encouraging these exchanges, giving financial advisory administrations, performing due perseverance, and organizing the exchanges.
The syndicated loan segment is the fastest developing segment in the speculation managing an account showcase amid the forecast period. This projected development can be associated with the truth that syndicated advances giving businesses a helpful way to raise ample sums of capital for different purposes such as development, restructuring, and working capital which plays an important role in expanding the investment banking market.
Large Enterprises are Dominating the Market
The global investment banking market caters to a diverse range of clients, including small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises segment dominates the global investment banking market in 2023 as it utilizes investment banks for complex financial transactions like mergers and acquisitions (M&A), and debt and equity financing, generating substantial revenue for the industry. Another significant revenue stream for investment banks serving large corporations comes from underwriting services for debt and equity issuances. They are buying small businesses that are niche markets in sectors such as technology, media, and others. Small and medium enterprises are expanding at a faster pace and often seek capital raising and advisory services, contributing significantly to emerging countries' economic growth. According to International Finance Corporation (IFC), SMEs contribute up to 60% of total employment and up to 40% of national income in emerging economies.
Future Market Scenario (2024 - 2031F)
Investment banking appears to have an optimistic future and is expanding in a favorable direction by focusing on the mergers and acquisitions of specialized boutique companies in sectors including technology, healthcare, finance, media, and entertainment, investment banking is extending its market share and generating major potential for bigger companies.
Morgan Stanley launched a new internal AI assistant, AI @ Morgan Stanley Assistant based on OpenAI's ChatGPT technology which would help its financial advisors support staff to access over 1,00,000 research reports. Thus, the use of AI and Fintech will be of great use in expanding the investment banking market.
Key Players Landscape and Outlook
The investment banking industry serves as the bedrock of global financial markets, fostering complex financial transactions for corporations, governments, and institutions. The investment banking market is experiencing a period of substantial transformation. The fintech startups are emerging in the market with innovative solutions that are easily accessible and hassle-free.
Goldman Sachs in January 2023 announced a Digital Asset Platform, GS DAPTM to certify real-time transactions and manage assets across their lifecycles.
Overall, the market is highly competitive as new technologies are being developed and traditional models are being disrupted. Every company offers similar products and services and reaches out to customers catering to their needs, improving their lifestyle, and providing them with apt financial support.
Table of Contents
1.Research Methodology
2.Project Scope & Definitions
3.Executive Summary
4.Voice of Customer
- 4.1.Demographics (Age/Cohort Analysis - Baby Boomers and GenX, Millennials, Gen Z; Gender; Income - Low, Mid and High; Geography; Nationality; etc.)
- 4.2.Market Awareness and Product Information
- 4.3.Brand Awareness and Loyalty
- 4.4.Factors Considered in Purchase Decision
- 4.4.1.Institution Name
- 4.4.2.Interest Rate
- 4.4.3.Returns
- 4.4.4.Tenure
- 4.4.5.Charges
- 4.4.6.Investment Options
- 4.4.7.Credit Worthiness
5.Global Investment Banking Market Outlook, 2017-2031F
- 5.1.Market Size & Forecast
- 5.1.1.By Value
- 5.2.By Type
- 5.2.1.Mergers and Acquisitions
- 5.2.2.Equity Capital Markets
- 5.2.3.Debt Capital Markets
- 5.2.4.Syndicated Loans
- 5.3.By Enterprise Size
- 5.3.1.Large Enterprises
- 5.3.2.Small and Medium Enterprises
- 5.4.By End-user
- 5.4.1.Investors
- 5.4.2.Corporate Institutions
- 5.4.3.Banks
- 5.4.4.Others
- 5.5.By Region
- 5.5.1.North America
- 5.5.2.South America
- 5.5.3.Europe
- 5.5.4.Asia-Pacific
- 5.5.5.Middle East & Africa
- 5.6.By Company Market Share (%), 2023
6.Global Investment Banking Market Outlook, By Region, 2017-2031F
- 6.1.North America*
- 6.1.1.Market Size & Forecast
- 6.1.1.1.By Value
- 6.1.2.By Type
- 6.1.2.1.Mergers and Acquisitions
- 6.1.2.2.Equity Capital Markets
- 6.1.2.3.Debt Capital Markets
- 6.1.2.4.Syndicated Loans
- 6.1.3.By Enterprise Size
- 6.1.3.1.Large Enterprises
- 6.1.3.2.Small and Medium Enterprises
- 6.1.4.By End-user
- 6.1.4.1.Investors
- 6.1.4.2.Corporate Institutions
- 6.1.4.3.Banks
- 6.1.4.4.Others
- 6.1.5.United States*
- 6.1.5.1.Market Size & Forecast
- 6.1.5.1.1.By Value
- 6.1.5.2.By Type
- 6.1.5.2.1.Mergers and Acquisitions
- 6.1.5.2.2.Equity Capital Markets
- 6.1.5.2.3.Debt Capital Markets
- 6.1.5.2.4.Syndicated Loans
- 6.1.5.3.By Enterprise Size
- 6.1.5.3.1.Large Enterprises
- 6.1.5.3.2.Small and Medium Enterprises
- 6.1.5.4.By End-user
- 6.1.5.4.1.Investors
- 6.1.5.4.2.Corporate Institutions
- 6.1.5.4.3.Banks
- 6.1.5.4.4.Others
- 6.1.5.1.Market Size & Forecast
- 6.1.6.Canada
- 6.1.7.Mexico
- 6.1.1.Market Size & Forecast
All segments will be provided for all regions and countries covered
- 6.2.Europe
- 6.2.1.Germany
- 6.2.2.France
- 6.2.3.Italy
- 6.2.4.United Kingdom
- 6.2.5.Russia
- 6.2.6.Netherlands
- 6.2.7.Spain
- 6.2.8.Turkey
- 6.2.9.Poland
- 6.3.South America
- 6.3.1.Brazil
- 6.3.2.Argentina
- 6.4.Asia-Pacific
- 6.4.1.India
- 6.4.2.China
- 6.4.3.Japan
- 6.4.4.Australia
- 6.4.5.Vietnam
- 6.4.6.South Korea
- 6.4.7.Indonesia
- 6.4.8.Philippines
- 6.5.Middle East and Africa
- 6.5.1.Saudi Arabia
- 6.5.2.UAE
- 6.5.3.South Africa
7.Market Mapping, 2023
- 7.1.By Type
- 7.2.By Enterprise Size
- 7.3.By End-user
- 7.4.By Region
8.Macro Environment and Industry Structure
- 8.1.Supply Demand Analysis
- 8.2.Regulatory Framework and Compliance
- 8.3.PESTEL Analysis
- 8.3.1.Political Factors
- 8.3.2.Economic System
- 8.3.3.Social Implications
- 8.3.4.Technological Advancements
- 8.3.5.Environmental Impacts
- 8.3.6.Legal Compliances and Regulatory Policies (Statutory Bodies Included)
- 8.4.Porter's Five Forces Analysis
- 8.4.1.Supplier Power
- 8.4.2.Buyer Power
- 8.4.3.Substitution Threat
- 8.4.4.Threat from New Entrant
- 8.4.5.Competitive Rivalry
9.Market Dynamics
- 9.1.Growth Drivers
- 9.2.Growth Inhibitors (Challenges and Restraints)
10.Key Players Landscape
- 10.1.Competition Matrix of Top Five Market Leaders
- 10.2.Market Revenue Analysis of Top Five Market Leaders (in %, 2023)
- 10.3.Mergers and Acquisitions/Joint Ventures (If Applicable)
- 10.4.SWOT Analysis (For Five Market Players)
- 10.5.Patent Analysis (If Applicable)
11.Case Studies
12.Key Players Outlook
- 12.1.JPMorgan Chase & Co.
- 12.1.1.Company Details
- 12.1.2.Key Management Personnel
- 12.1.3.Products & Services
- 12.1.4.Financials (As reported)
- 12.1.5.Key Market Focus & Geographical Presence
- 12.1.6.Recent Developments
- 12.2.Citigroup Inc.
- 12.3.Goldman Sachs Group Inc.
- 12.4.BofA Securities
- 12.5.Morgan Stanley Co. LLC
- 12.6.UBS AG
- 12.7.Credit Suisse Group AG
- 12.8.Deutsche Bank AG
- 12.9.The Hongkong and Shanghai Banking Corporation Limited
- 12.10.Barclays Bank PLC
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work
List of Tables
- Table 1. Pricing Analysis of Products from Key Players
- Table 2. Competition Matrix of Top 5 Market Leaders
- Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
- Table 4. About Us - Regions and Countries Where We Have Executed Client Projects
List of Figures
- Figure 1.Global Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 2.Global Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 3.Global Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 4.Global Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 5.Global Investment Banking Market Share (%), By Region, 2017-2031F
- Figure 6.North America Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 7.North America Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 8.North America Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 9.North America Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 10.North America Investment Banking Market Share (%), By Country, 2017-2031F
- Figure 11.United States Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 12.United States Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 13.United States Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 14.United States Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 15.Canada Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 16.Canada Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 17.Canada Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 18.Canada Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 19.Mexico Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 20.Mexico Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 21.Mexico Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 22.Mexico Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 23.Europe Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 24.Europe Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 25.Europe Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 26.Europe Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 27.Europe Investment Banking Market Share (%), By Country, 2017-2031F
- Figure 28.Germany Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 29.Germany Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 30.Germany Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 31.Germany Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 32.France Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 33.France Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 34.France Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 35.France Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 36.Italy Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 37.Italy Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 38.Italy Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 39.Italy Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 40.United Kingdom Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 41.United Kingdom Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 42.United Kingdom Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 43.United Kingdom Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 44.Russia Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 45.Russia Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 46.Russia Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 47.Russia Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 48.Netherlands Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 49.Netherlands Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 50.Netherlands Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 51.Netherlands Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 52.Spain Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 53.Spain Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 54.Spain Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 55.Spain Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 56.Turkey Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 57.Turkey Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 58.Turkey Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 59.Turkey Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 60.Poland Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 61.Poland Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 62.Poland Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 63.Poland Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 64.South America Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 65.South America Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 66.South America Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 67.South America Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 68.South America Investment Banking Market Share (%), By Country, 2017-2031F
- Figure 69.Brazil Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 70.Brazil Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 71.Brazil Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 72.Brazil Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 73.Argentina Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 74.Argentina Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 75.Argentina Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 76.Argentina Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 77.Asia-Pacific Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 78.Asia-Pacific Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 79.Asia-Pacific Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 80.Asia-Pacific Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 81.Asia-Pacific Investment Banking Market Share (%), By Country, 2017-2031F
- Figure 82.India Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 83.India Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 84.India Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 85.India Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 86.China Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 87.China Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 88.China Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 89.China Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 90.Japan Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 91.Japan Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 92.Japan Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 93.Japan Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 94.Australia Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 95.Australia Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 96.Australia Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 97.Australia Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 98.Vietnam Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 99.Vietnam Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 100.Vietnam Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 101.Vietnam Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 102.South Korea Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 103.South Korea Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 104.South Korea Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 105.South Korea Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 106.Indonesia Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 107.Indonesia Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 108.Indonesia Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 109.Indonesia Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 110.Philippines Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 111.Philippines Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 112.Philippines Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 113.Philippines Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 114.Middle East & Africa Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 115.Middle East & Africa Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 116.Middle East & Africa Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 117.Middle East & Africa Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 118.Middle East & Africa Investment Banking Market Share (%), By Country, 2017-2031F
- Figure 119.Saudi Arabia Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 120.Saudi Arabia Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 121.Saudi Arabia Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 122.Saudi Arabia Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 123.UAE Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 124.UAE Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 125.UAE Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 126.UAE Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 127.South Africa Investment Banking Market, By Value, In USD Billion, 2017-2031F
- Figure 128.South Africa Investment Banking Market Share (%), By Type, 2017-2031F
- Figure 129.South Africa Investment Banking Market Share (%), By Enterprise Size, 2017-2031F
- Figure 130.South Africa Investment Banking Market Share (%), By End-user, 2017-2031F
- Figure 131.By Type Map-Market Size (USD Billion) & Growth Rate (%), 2023
- Figure 132.By Enterprise Size Map-Market Size (USD Billion) & Growth Rate (%), 2023
- Figure 133.By End-user Map-Market Size (USD Billion) & Growth Rate (%), 2023
- Figure 134.By Region Map-Market Size (USD Billion) & Growth Rate (%), 2023
