Consumer Credit Market 2021-2029 Precise Outlook- Experian Information Solutions, Inc., TransUnion LLC, Equifax, Inc., Barclay

Consumer Credit Market

The consumer credit market was valued at USD 6.8 trillion in 2019 and is expected to grow at a CAGR of 4.9%.
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. The increasing adoption of cashless transactions, growing demand for loans, owing to a surge in disposable income, and rising adoption of automation among all industry verticals fuels the market growth. However, cybercrime and operational failures, political uncertainties, and unpredictable lender behavior hinder the market growth.

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 the cashless transaction. Moreover, the increasing penetration rate of smartphones and ATM machines fuels the market growth.

Cloud or digital lending is the fastest-growing segment and is gaining popularity among financial companies and institutions as they can afford the installation charges of sophisticated software. The adoption rate of Cloud/Digital lending is projected to enhance productivity and save trillions of dollars by 2030.Online portals work even faster and can take decisions in minutes and deposit funds in an account in a few hours or days. There is no application fee or pre-payment penalty. Incorporating AI in banks and financial institutions with a programmable algorithm helps in monitoring consumer data and analyze credit scores with a high degree of accuracy before offering a loan. The rising number of Fintech companies is expected to boost the consumer credit market growth as they can bring new assets to the cloud or digital credit offerings. In October 2018, the U.S. banking company, BBVA Compass Bancshares, partnered with OnDeck, an online small business lending company.

Rapid developments in the automotive industry and surging disposable incomes are the prime factors driving the demand for vehicle loans across the globe. Vehicle loans are another form of liquidity lending that is permitted in certain states. A short-term vehicle title loans usually range from 30 days to a consecutive 12-month period.  There is a growing trend of payday lenders offering vehicle title and installment loans.
Close to 14.8% of the U.S. households have used payday and vehicle title loans in the 2017 year, as per the U.S. Government Survey. About 41 Texas municipalities have put forth business regulations on payday lending and vehicle title lending. Authorities in Dallas, El Paso, Houston, and San Antonio have imposed limits on the number of rollovers and the repetitive loans, and other requirements. Vehicle loan arrangers are regulated and subject to licensing, reporting, and needs to offer consumers with disclosures about repayment and re-borrowing rates.

The burgeoning middle class in China and India is driving the demand for consumer credit, wealth management services, and insurance. Technological advancements and increasing penetration of smartphones have compelled lenders and banks to focus on growing financial services access and offerings. For instance, PNB MetLife India Insurance Company Limited's virtual reality platform provides a reliable 'Phygital'(Physical + Digital) experience by allowing the customer into an insurance expert's office to talk across the table.

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The Major Prominent 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

By Type
Cloud
On-Premise

By Application
Personal Loan
Vehicle Loan
Student Loan

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2021 to 2029, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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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.

Key Consumer Credit Market Trends:
- The report identifies, determines, and forecasts the Global Consumer Credit Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Consumer Credit Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Consumer Credit Market.

Key Questions Answered in The Report:
What will the Consumer Credit market growth rate?
What are the key factors driving the global Consumer Credit market?
Who are the key manufacturers in the Consumer Credit market space?
What are the market opportunities, market risk, and market overview of the Consumer Credit market?
What are sales, revenue, and price analysis of top manufacturers of the Consumer Credit market?
Who are the distributors, traders, and dealers of the Consumer Credit market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Consumer Credit Industry?
What are sales, revenue, and price analysis by regions of Consumer Credit industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

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