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Credit Card Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Credit Card Market
The Business Research Company presents an extensive market research report on the Credit Card 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 credit card market size has grown marginally in recent years. It will grow from $103.72 billion in 2023 to $105.39 billion in 2024 at a compound annual growth rate (CAGR) of 1.6%. The growth in the historic period can be attributed to consumer spending patterns, rewards programs and incentives, ease of transactions and accessibility, online shopping and e-commerce growth, travel and international transactions.
The credit card market size is expected to see marginal growth in the next few years. It will grow to $111.65 billion in 2028 at a compound annual growth rate (CAGR) of 1.5%. The growth in the forecast period can be attributed to contactless payment adoption, security and fraud protection features, integration with mobile wallets, innovative card designs and personalization, emergence of buy now, pay later (bnpl). Major trends in the forecast period include personalized rewards programs, focus on sustainability, integration of artificial intelligence, flexible payment options, regulatory compliance and data security.
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Key Market Players:
Major companies operating in the credit card market report are SBI Card and Payment Services Limited, JPMorgan Chase & Co., Bank of America Corporation, Citigroup Inc., Wells Fargo & Company, American Express Company, Capital One Financial Corporation, TD Bank N.A., Barclays plc, Visa Inc., U.S. Bancorp, Truist Financial Corporation, The PNC Financial Services Group Inc., Mastercard Incorporated, HDFC Bank Ltd., ICICI Bank Limited, Synchrony Financial, Discover Financial Services, SunTrust Banks Inc., Axis Bank Limited, Navy Federal Credit Union, BBVA Compass Bancshares Inc., Bank of Baroda, Pentagon Federal Credit Union, Total System Services Inc., Mango Financial Inc., First National Bank of Omaha, Credit One Bank, Merrick Bank Corporation, Comenity Capital Bank, First Premier Bank, Applied Bank, Fiserv Inc., Global Payments Inc., Square Inc., PayPal Holdings Inc.
Market Drivers:
The rising demand for credit cards is expected to fuel the growth of the credit card market in the forecast period. The rise in demand for consumer credit and the benefits offered by credit cards encourage individuals to use credit cards. 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 credit card market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/credit-card-global-market-report
The credit card market covered in this report is segmented -
1) By Type: Reward Card, Credit Builder Card, Travel Credit Card, Balance Transfer Card, Other Types
2) By Card Type: Base, Signature, Platinum
3) By Service Provider: Visa, Matercard, Rupay, Other Service Providers
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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