Global Consumer Credit Market to Grow at 5% CAGR from 2021-2026

The global consumer credit market has been experiencing moderate growth since 2015, with a projected compound annual growth rate (CAGR) of 5% from 2021 to 2026. Despite the uncertainties caused by the COVID-19 pandemic, the market is expected to continue its upward trend, driven by significant growth in the banking, financial services, and insurance (BFSI) industry. The market is being fueled by the growing demand for consumer credit, particularly in developing nations, where high economic growth for micro-enterprises is creating opportunities for banks and financial institutions to invest in micro, small, and medium enterprises (MSMEs).

Key Takeaways:

• The global consumer credit market is expected to grow at a CAGR of 5% from 2021 to 2026.
• The market has been experiencing moderate growth since 2015.
• Significant growth in the BFSI industry is creating a positive outlook for the market.
• High economic growth for micro-enterprises in developing nations is providing a boost to the market growth.
• Banks and financial institutions are investing in MSMEs to minimize the credit gap with local vendors.
• Consumer banking professionals are using credit data to manage individual credit cases, real-time pricing, and capital management of multi-asset portfolios.
• The increasing use of social media platforms by consumer credit agencies is contributing to the market growth.

Statistics:

• The global consumer credit market is expected to grow at a CAGR of 5% from 2021 to 2026.
• The market has been experiencing moderate growth since 2015.
• The BFSI industry is expected to contribute significantly to the market growth.
• The market is expected to be driven by high economic growth for micro-enterprises in developing nations.

Sources:

• Research and Markets, "Consumer Credit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report.
• www.researchandmarkets.com/r/ax4jti