Global Consumer Credit Market to Grow at 4.1% During 2024-2032, Augmented by the Expanding BFSI Sector

June 15, 2021 | BFSI

According to the latest report by IMARC Group, titled “Consumer Credit Market Report by Credit Type (Revolving Credits, Non-revolving Credits), Service Type (Credit Services, Software and IT Support Services), Issuer (Banks and Finance Companies, Credit Unions, and Others), Payment Method (Direct Deposit, Debit Card, and Others), and Region 2024-2032,” the global consumer credit market reached a value of US$ 11.5 Billion in 2023. Consumer credit or consumer debt is a short- or intermediate-term loan granted to an individual to purchase consumer goods or cover personal expenses. It is repaid along with the interest rate decided by the lender. It offers financial flexibility and assistance to borrowers during an emergency and improves the business of banks and other financial institutions. As it is beneficial for the overall economy, consumer credit services are gaining traction around the world.

Global Consumer Credit Market Trends:

At present, the significantly expanding banking, financial services, and insurance (BFSI) industry across the globe represents one of the primary factors stimulating the market growth. Apart from this, banks and other financial institutions are investing in micro, small and medium enterprises (MSMEs) to reduce credit gaps with local vendors, which is creating a favorable market outlook. The market is also driven by the rising adoption of credit data that provides information related to cash flows and analytics. This data aids in managing real-time pricing, individual credit cases, capital management, and minimizing firm-wide risks through consistency, transparency and automation. Furthermore, leading players are utilizing social media platforms for launching their campaigns and expanding their consumer base. Looking forward, IMARC Group expects the market to expand at a CAGR of 4.1% during the forecast period (2024-2032).

Market Summary:

  • Based on the credit type, non-revolving credits hold the largest market share.
  • On the basis of the service type, the market has been bifurcated into credit and software and infrastructure technology (IT) services. Presently, credit services dominate the market.
  • Based on the issuer, the market has been segmented into banks and finance companies, credit unions, and others. At present, banks and finance companies account for the majority of the total market share.
  • On the basis of the payment method, the market has been categorized into direct deposit, debit card, and others.
  • Region-wise, the market has been classified into North America (the United States and Canada); Asia Pacific (China, Japan, India, Australia, South Korea, Indonesia, and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa.
  • The competitive landscape of the market has been examined, with some of the key players being The Bank of America Corporation, Barclays PLC, BNP Paribas Group, China Construction Bank Corporation Limited, Citigroup Inc., Deutsche Bank AG, HSBC Holdings Plc, ICBC Co., Ltd., JPMorgan Chase & Co., Mitsubishi UFJ Financial Group, Inc., and Wells Fargo and Company.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Credit Type, Service Type, Issuer, Payment Method, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Bank of America, Barclays, BNP Paribas, China Construction Bank, Citigroup, Deutsche Bank, HSBC, Industrial and Commercial Bank of China (ICBC), JPMorgan Chase, Mitsubishi UFJ Financial and Wells Fargo
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

30 N Gould St, Ste R
Sheridan, WY 82801, USA
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Consumer Credit Market to Grow at 4.1% During 2024-2032, Augmented by the Expanding BFSI Sector
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-714-6104


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More