Global Consumer Credit Market to Grow at 5% During 2022-2027, Augmented by the Expanding BFSI Sector

June 15, 2021

According to the latest report by IMARC Group, titled “Consumer Credit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global consumer credit market reached a value of US$ 10.45 Billion in 2021. 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.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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 5% during the forecast period (2022-2027).

Market Summary:

  • Based on the credit type, non-revolving credits hold the largest market share, followed by revolving credits.
  • 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.

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.

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Global Consumer Credit Market to Grow at 5% During 2022-2027, Augmented by the Expanding BFSI Sector
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