Global Consumer Credit Market Expected to Grow at a CAGR of 4.88% Through 2020
Global Consumer Credit Market Report has been prepared based on an in-depth market analysis with inputs from industry experts. It covers the present scenario and the growth prospects of credit market for 2016-2020. To calculate the market size, the report considers the total consumer credit outstanding reported from the Americas, APAC, and EMEA.
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The report also covers the segmentation of the market. Geographical segmentation includes some key regions such as Asia Pacific, America and EMEA. According to the report, America will be the prime revenue contributor to the consumer credit market throughout the next four years. In the first section, the report provides brief overview with key highlights on market landscapes, market drivers and challenges faced by the consumers. Consumer credit or consumer debt is a debt that a person sustains after purchasing a good or service. It basically includes purchases obtained using credit cards and other loans. Consumer credit is classified by two types: revolving credit and non-revolving or installment credit. Consumer credit is advantageous for the users in such a way that they can purchase goods & services, while the payment can be made later.
The global consumer credit market is characterized by financial institutions like- banks and alternative lenders. Adoption of cloud services, accessibility of Bluetooth based wallet and prominence of barcode will increase the diversity level among different credit options and also exaggerate the market competitive environment. Furthermore, the continuous use of social networking provides many resources for online financial solutions such as customer search, share and validation. This has motivated the financial institutions to provide modified solutions as per the requirement of their customers.
The report also includes a discussion related to the key vendors operating in this market. Some of the major players are profiled; such as:
• Industrial and Commercial Bank of China (ICBC)
• BNP Paribas
• JPMorgan Chase
Some other extrusive vendors are:
• Deutsche Bank
• Bank of America
• Mitsubishi UFJ Financial Group
• China Construction Bank
• Wells Fargo
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Market research analysts predict that, the global consumer credit market will grow steadily during the next four years. Benefits such as quicker access to credit is identified to be one of the primary growth factors for this market.
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