Consumer Credit Market Scope
Consumer credit also known as consumer debt which is a short and intermediate term loans used by individuals to buy goods and services or to refinance debts incurred for such purposes. In industrialized countries includes India, China and Brazil, the consumer credit market is growing rapidly due to maximum number of people earn regular income in the form of fixed wages and salaries. A few credit companies have started adopting the trend of collaborating with alternative lenders, which will help them to expand their footprint and maximize market shares in the upcoming years.
According to AMA, the Global Consumer Credit market is expected to see growth rate of 4.98%
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Consumer Credit market throughout the predicted period.
BNP Paribas (France), Citigroup (United States), HSBC (United Kingdom), Industrial and Commercial Bank of China (ICBC) (China), JPMorgan Chase (United States), Bank of America (United States), Barclays (United Kingdom), China Construction Bank (China), Deutsche Bank (Germany), Mitsubishi UFJ Financial (Japan) and Wells Fargo (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Consumer Credit market by Type (Revolving Credit, Installment Credit and Others), by Application (Individual, Enterprise and Others) and Region with country level break-up.
On the basis of geography, the market of Consumer Credit has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In the United States, the Truth in Lending Act (part of the Consumer Credit Protection Act of 1968) requires lenders to state finance charges in ways that allow borrowers to compare the terms being offered by the lending companies. The Consumer Credit Protection Act in the United States and the Consumer Credit Act (1974) and Consumer Protection Act (1987) in Great Britain are examples of legislation enacted to protect borrowers.
Market Trend
- Increasing Cash-Back Offers, Frequent Flier Miles and Reward Points
Market Drivers
- Increasing Consumer Inclination towards Purchasing Goods and Services Immediately and Repay the Costs Over Time
- The Growing Demand of Consumer Credit in Developing Economies
Opportunities
- The Surging Use of Social Media Channels by Consumer Credit Agencies
- Increasing Numbers of Small and medium enterprises in both Developing and Developed Economies
Restraints
- Lack of Consumer Awareness
- The dearth of Skilled Professionals and Service Providers in Emerging Nation
Challenges
- High-Interest Payments and Penalties
Key Target Audience
Consumer Credit Service Providers, Banking Service, End Users, Government and Private Organisations, Government Regulatory Body and Others