Cards Global Market Report 2024 - By Size, Report, Share, Drivers, Outlook By 2033

"The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2200

The Business Research Company presents an extensive market research report on the Cards Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:
The cards market size has grown strongly in recent years. It will grow from $311.38 billion in 2023 to $337.53 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to introduction of magnetic stripe cards, banking system modernization, atm network expansion, introduction of emv chip cards, loyalty and reward programs.

The cards market size is expected to see strong growth in the next few years. It will grow to $458.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to environmental sustainability initiatives, integration with iot devices, fintech disruption, evolving loyalty programs, enhanced security measures. Major trends in the forecast period include biometric authentication adoption, rapid contactless payment growth, mobile wallet expansion, rise of digital-only cards, personalized loyalty programs.

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Key Market Players:
Major companies operating in the cards market report are JP Morgan Chase & Co., The Bank of America Corporation, Bank of Baroda Ltd., Citibank NA, Wells Fargo & Company, American Express Company, United Services Automobile Association, Capital One Financial Corporation, Barclays US, Visa Inc., BBVA Compass Bancshares Inc., PayPal Holdings Inc., The PNC Financial Services Group Inc., Mastercard Incorporated, HDFC Bank Ltd., ICICI Bank Limited, Discover Financial Services, SBI Cards and Payment Services Limited, Axis Bank Limited, Ebay Inc., The Western Union Company, Total System Services Inc., Mango Financial Inc., Navy Federal Credit Union, Green Dot Corporation, NetSpend Holdings Inc., UniRush LLC, Pentagon Federal Credit Union, Kaiku Finance LLC

Market Drivers:
The rising demand for credit cards is expected to fuel the growth of the card market in the forecast period. The rise in demand for consumer credit products tends to be very apparent in an economic crisis during the COVID-19 outbreak, where pay delays and job losses are feasible, and the outstanding credit card balance indicates that individuals are borrowing to cover their daily expenses. According to the Equifax Quarterly Consumer Credit Demand Index June 2022, the demand for credit cards in Australia increased by 6% as compared to June 2021. Overall consumer credit demand grew by 10.2% as compared to June 2021. Therefore, the rising demand for credit cards drives the growth of the card market.

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The cards market covered in this report is segmented -
1) By Type: General Purpose, Private Label
2) By Usage: General-purpose Re-loadable Card, Government Benefit/Disbursement Card, Payroll Card, Other Usage
3) By End User: Retail Establishments, Corporate Institutions, Government, Financial Institutions, Other End-Users

The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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