The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The growing acceptance of cashless transactions is projected to move the consumer credit sector forward.

The global consumer credit market size is expected to grow from $10.49 billion in 2022 to $11.17 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The global consumer credit market size is expected to reach $13.91 billion in 2027 at a CAGR of 5.6%.

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Global Consumer Credit Market Segments Include:

• By Service Type: Credit Services, Software And IT Support Services
• By Credit Type: Revolving Credits, Non-Revolving Credits
• By Issuer: Banks And Finance Companies, Credit Unions, Other Issuers
• By Payment Method: Direct Deposit, Debit Card, Other Payment Methods
• By Application: Individual, Enterprise, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global consumer credit market in 2021.

Major Market Players in the consumer credit market include The Bank of America Corporation, Barclays PLC., BNP Paribas SA, China Construction Bank Corporation, Citigroup Inc., Deutsche Bank AG, HSBC Holdings PLC.

Product innovations are a crucial trend in the consumer credit market’s growth. To boost their market position, major consumer credit organisations are focusing on developing novel solutions such as Artificial Intelligence (AI) and data analytics. LoanDepot Inc., for example, introduced an innovative digital home equity line of credit (HELOC) in November 2022. The product has a simple interface and is quick, taking as little as seven days from application to closing. Customers can get a no-hassle online rate quote in under five minutes and pre-qualify without damaging their credit scores. It is a one-of-a-kind technological platform powered by digital tools and data. This ingenious new approach offers homeowners a viable financing option.

The Consumer Credit Global Market Report 2023  provides a consumer credit market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The consumer credit market forecast analyzes consumer credit market size, consumer credit market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Consumer credit, which includes credit cards, is a sort of personal debt used to purchase goods and services. Banks, retailers, and other companies provide credit to clients so they can make quick purchases and recoup the cost with interest over time.

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