KSA Personal Finance Market is expected to grow at a CAGR of 15.7% in the forecasted period of 2022-2026F: Ken Research

Saudi Arabia is a relatively young country and with consistent growth in the population, there would be a rising financial need for education, healthcare, and housing which in turn will drive the consumer finance market in the Kingdom.

KSA Personal Finance Market Overview: The Personal Finance Market in KSA is currently at the growth stage owing to technological advancements, internet user penetration, population growth and digitalization in personal financing. The increasing needs of consumers and growing urbanization has increased the prospects of market. The overall industry is growing substantially with the outstanding credit increasing with it.

KSA Personal Finance Market Growth: The number of loans taken as well as the outstanding credit for the Personal Finance Market in KSA took a huge leap from 2020 to 2021 due to the growing consumption needs of Saudis. With growing urbanization and digitalization, consumers have started to spend more on goods such as furniture, home appliances, technologically advanced and luxurious electronic products to discretionary spending such as leisure and travel.

Challenges Faced by KSA Personal Finance Market: There exists a moderate threat of new entrants as they have to overcome various challenges like licensing requirements, capital requirements, management requirements, partnership with credit bureaus, etc.  Customers have multiple options to pick from with better financing possibilities. There exists some service differentiation among the personal finance companies in KSA and also some lenders have requirements such as salary transfer. However, as borrowers can easily apply for personal finance from multiple FIs, power of borrowers is moderately high. Players in this space have a nation-wide presence, along with competitive pricing and with some service differentiation.

Effects of Internet Penetration on Personal Finance Market in KSA: Internet User Penetration has increased significantly from 2016 to 2021 which drives the market to buy online and people prefer online borrowing as a result. With increasing internet user penetration, the market is thriving and growing at a faster pace as people's preferences to buy online increases and proper marketing can provide the players in the market with an opportunity to grow.

The report "KSA Personal Finance Market Outlook to 2026F - Driven by Growing Digitalization and Increased Consumption Needs" by Ken Research provides a comprehensive analysis of the potential of the Personal Finance Industry in KSA. The report also covers the overview and genesis of the industry, market size in terms of outstanding credit and number of loans; market segmentation by purpose of loan, by supplier, by tenure of loan, by booking mode, by geography, by nationality of borrower, by employment of borrower; growth enablers and drivers, challenges and bottlenecks, trends driving digital adoption; regulatory framework; industry analysis, competitive landscape including competition scenario, market shares of major players on the basis of outstanding credit. The report concludes with future market projections of each segmentation and analyst recommendations.

Key Segments Covered

      KSA Personal Finance Market:

By Purpose of Loan:
Wedding
Renovation & Home Improvement
Consumer Durables
Tourism & Travel
Medical
Education
Debt Consolidation
Others
By Supplier:
Banks
Non-Banks (NBFIs & FinTechs)

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By Tenure of Loan:
< 1 year
1-2 years
2-3 years
3-4 years
4-5 years
By Booking Mode:
Online
Offline
By Geography:
Riyadh
Jeddah
Dammam
Others
By Nationality of Borrower
Saudi
Non-Saudi
By Employment of Borrower
Government Employee
Large Corporation Private Sector Employee
Medium & Small Corporation Private Sector Employee
Self-Employed
Others

Key Target Audience

KSA Finance Industries
Government Bodies & Regulating Authorities
Finance Industry
Finance Companies

Time Period Captured in the Report:

Historical Period: 2017-2021
Base Year: 2022
Forecast Period: 2022- 2026F

Companies Covered:

Banks
Al Rajhi Bank
Saudi National Bank
Riyad Bank
The Saudi British Bank (SABB)
Banque Saudi Fransi
Arab National Bank
Al Bilad Bank
Emirates NBD
Alinma Bank

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Non-Banks

Nayifat Finance Company
Emkan Finance Company (owned by Al Rajhi Bank)
Murabaha Marena Financing Company
United Company for Financial Services (Tasheel Finance)
Al Yusr Leasing & Financing
Al-Amthal Finance Company
Tamam
Quara Finance Company
Tayseer Finance
Saudi Finance Company (acquired by Abu Dhabi Islamic Bank)
Abdul Latif Jameel United Finance Company
Osoul Modern Finance Company
Matager Finance Company

Key Topics Covered in the Report

KSA Personal Finance Market Overview
Ecosystem of KSA Personal Finance Market
KSA Personal Finance Industry Evolution
KSA Personal Finance Market Size, 2017-2021
KSA Personal Finance Market Segmentation, 2021 (By Purpose of Loan, By Supplier, By Booking Mode, By Tenure of Loan, By Geography, By Nationality of Borrower, By Employment of Borrower)
Industry Analysis of KSA Personal Finance Services
Value Chain of KSA Personal Finance

Key Growth Drivers in Personal Finance Market in KSA

Trends and Developments in KSA Personal Finance Industry
SWOT Analysis of KSA Personal Finance Industry
Islamic Financing
Issues and Challenges in KSA Personal Finance Industry
Government policies affecting the KSA Personal Finance Industry
Competition Framework for KSA Personal Finance Market
Future Outlook and Projections of the KSA Auto Finance Market, 2021-2026F
Market Opportunities and Analyst Recommendations
Research Methodology

For more insights on the market intelligence, refer to the link below: -

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/ksa-personal-finance-market-outlook-to-2026/596186-93.html

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