Global Consumer Credit Market to Grow at a CAGR of Around 5% from 2021 to 2026

Strategic Insights -

The global consumer credit market has exhibited moderate growth from 2015 to 2020, and it is expected to continue growing at a compound annual growth rate (CAGR) of around 5% during the forecast period of 2021-2026. The market is driven by significant growth in the banking, financial services, and insurance (BFSI) industry, high economic growth for micro-enterprises, and the increasing use of social media platforms by consumer credit agencies. The market is segmented based on credit type, service type, issuer, payment method, and region.

Key Takeaways:

  • The global consumer credit market is expected to grow at a CAGR of around 5% from 2021 to 2026.
  • The market is driven by significant growth in the BFSI industry, high economic growth for micro-enterprises, and the increasing use of social media platforms by consumer credit agencies.
  • Banks and other financial institutions are investing in micro, small, and medium enterprises (MSMEs) to minimize the credit gap with local vendors.
  • Consumer banking professionals are adopting credit data that deals with the information related to cash flows and analytics at the portfolio level.
  • The increasing use of social media platforms by consumer credit agencies is contributing to the market growth.
  • The market is expected to be driven by the demand for short- and intermediate-term personal loans to finance the purchase of commodities and services for personal consumption.
  • The market is segmented based on credit type, service type, issuer, payment method, and region.
  • Key companies mentioned in the report include 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, Wells Fargo and others.

Statistics:

  • The global consumer credit market is expected to grow at a CAGR of around 5% from 2021 to 2026.
  • The market is expected to reach USD XXX billion by 2026.
  • The market is expected to be driven by the demand for short- and intermediate-term personal loans to finance the purchase of commodities and services for personal consumption.
  • Banks and other financial institutions are investing in micro, small, and medium enterprises (MSMEs) to minimize the credit gap with local vendors.
  • The increasing use of social media platforms by consumer credit agencies is contributing to the market growth.
  • The market is expected to be driven by significant growth in the BFSI industry, high economic growth for micro-enterprises, and the increasing use of social media platforms by consumer credit agencies.

Sources:

  • "Consumer Credit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report by ResearchAndMarkets.com
  • M2 PressWIRE, October 8, 2021