Global Consumer Credit Market Opportunity Assessment 2020-2029
Consumer credit is a loan taken by a borrower to purchase goods and services. Any type of personal loan taken to buy everyday goods and services can be considered as consumer credit. Consumer credit is extended by banks, financial institutions, and Non-Banking Financial Companies (NBFCs) that enable consumers to purchase goods immediately and pay off the cost over time with interest. It allows the borrowers to get advance on income based on their credit scores and transaction history.
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The Major Players Covered in this Report: Experian Information Solutions, Inc., TransUnion LLC, Equifax, Inc., Barclay, BNP Paribas, China Construction Bank, Citigroup, Deutsche Bank, HSBC, Industrial and Commercial Bank of China (ICBC), JPMorgan Chase, Mitsubishi UFJ Financial, Wells Fargo, & more...
By Type: Cloud, On-Premise
By Application: Personal Loan, Vehicle Loan, Student Loan
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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Consumer Credit in the APAC Region:
Asia-Pacific region is anticipated to hold the largest market share in the global Consumer Credit market during the forecast period 2020-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia.
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Increasing Adoption of Cashless Transaction, Over the past few years, a significant increase is witnessed in the adoption of cashless transactions among all industry verticals. The growth can be attributed to the increasing government initiatives to promote cashless transactions in order to improve productivity and efficiency. For instance, in October 2018, the Government of India launched the Digital India initiative, which promotes cashless transactions. Moreover, the increasing penetration rate of smartphones and ATM machines fuels market growth.
Impact of COVID-19: COVID-19 has had an unprecedented effect across all industry verticals globally. The market of consumer credit has witnessed a significant rise amid the pandemic on account of the rising demand for cashless transactions. Moreover, rising online shopping post-pandemic COVID-19 to maintain the social distancing norms is boosting the demand for consumer credit day by day.
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