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Wednesday, 05 October 2022 12:10 GMT

Stable Economy And Technology Enhancement Will Play Important Role In Continuous Development Of Credit Report Market, Says Fact.MR


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South Korea, Seoul, Sept. 14, 2022 (GLOBE NEWSWIRE) -- A new report by Fact.MR, a market research and competitive intelligence provider, reveals that the global demand for credit reporting is valued at US$ 17.82 billion in 2022 and is expected to progress at a steady CAGR of 4.8% through 2032.

Employment, access to the housing market, and credit trends may influence the ability of different sections of the population to establish a good credit history. There has been an increase in public interest in whether those without any or limited credit history can get loans. Recently immigrated or young people may have a hard time getting credit because of economic factors. These factors shape the financial services sector and consumer demand for credit, as well as influence general consumption trends.

Technology encompasses all of the technologies that are currently used in the credit information market, as well as any new and emerging technologies. Such technologies could have a big impact on how consumers, credit bureaus, and lenders function; how credit information is processed; and how data could contribute to credit decision-making in the future.

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Constant Dema nd for Credit from Consumer End

The credit industry is witnessing robust demand from the customer end.

  • As per Federal Reserve data, from June 2021 to June 2022, consumer credit has been increasing at 8.2% on a quarterly basis.

Credit demand can be in the form of personal loans, credit cards, mortgage loans , or auto loans. There are many factors such as historical credit reports, current EMIs, and income proof, among others, which determine whether a borrower will be granted the requested loan or not. From a lender's perspective, it is not possible to access and evaluate each borrower's request.

To meet this high demand from customers, lenders are heavily dependent on credit reports. Credit reporting helps lenders in evaluating the risk appetite of borrowers.

Rapid adoption of new financial technologies has led to the widespread acceptance of different financial p r oducts and services . The biggest beneficiary of this change is the credit market.

Key Takeaways from Market Study

  • The global credit reporting market is projected to expand at a CAGR of 4.8% and reach US$ 28.47 billion by 2032.
  • The market expanded at 3.8% CAGR between 2017 and 2021.
  • Under report type, corporate credit reports dominate the market and are valued at US$ 10.7 billion in 2022.
  • North America leads the global market with 43% share in 2021.
  • Demand for credit reports is expected to increase at CAGRs of 4.9% and 5.5%, respectively, in Europe and South Asia & Oceania.

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Segmentation of Credit Reporting Industry Survey

  • By Report Type :
    • Corporate Credit Reports
    • Individual Credit Reports
  • By End-use Application :
    • Commercial
      • Commercial Bank Loans
      • Trade Payment
      • Public Records (Bankruptcy, Liens, Judgment)
    • Consumer
      • Auto Loans
      • Debt Collection
      • Personal Loans
      • Credit Cards
      • Home Loans
      • Others (Mortgage Brokers, Financial Planners, Medical)
  • By Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

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Market Development

The business environment in the credit reporting market continues to reflect a rollup within the industry despite extreme competition among major players. To gain a solid hold in this space, prominent market players are employing organic and non-organic strategies.

  • For instance, in Dec 2021, Intuit, Inc., a financial firm, acquired Credit Karma, a credit reporting company.

Furthermore, market players are taking efforts to increase their customer base by focusing on diverse end users as well as regions. Moreover, market participants are focusing on expanding their product offerings by making R&D investments to offer technologically advanced products and services.

Competitive Landscape

Prominent credit reporting companies are ClearScore Technology Ltd., Credit Technologies, Inc, Creditsafe Business Solutions Limited, CRIF High Mark., Data Axle, Dun & Bradstreet, Equifax, Inc., Experian Plc, Factual Data, Fico, FIS, Inc., Global Database Ltd, Global Payments Inc. Illion Data Registries Pty Ltd, Intuit Inc. (Credit Karma), Japanese Bankers Association, SCHUFA Holding AG, The Coface Group, TransUnion LLC, and UNITED CREDIT BUREAU.

The global credit reporting market is highly competitive owing to top global players trying to gain market share through various strategies such as mergers and acquisitions, expansions, collaborations, and partnerships.

Also, new product offerings, as a strategic approach, are being adopted by leading companies to upscale their market presence among customers.

  • In July 2022, The Central Bank of Ireland granted Experian Ireland Limited a new registration for Account Information Service Provider (AISP), which will help the company offer regulated Open Banking services across the EU/EEA market.
  • In, Dec 2021, Intuit, Inc., a financial firm, acquired Credit Karma, a credit reporting company, for around US$ 8 billion.
  • In March 2022, Equifax announced that it had acquired Data-Crédito, the largest credit reporting agency in the Dominican Republic. This move will help the company expand its international presence and provide more information to customers around the world.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global credit reporting market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of report type (corporate, individual) and end-use application (commercial (commercial bank loans, trade payment, public records), consumer (auto loans, debt collection, personal loans, credit cards, home loans, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

Check out more related studies published by Fact.MR Research:

Trade Finance Market : The global trade finance market is valued at around US$ 46.18 billion in 2022 and is projected to evolve at a CAGR of 4.5% to reach a market valuation of US$ 68.62 billion by the end of 2032. Collectively, the top three countries leading the global trade finance market at present account for 42% market share.

Personal Finance Mobile App Market : Increasing penetration of smartphones across developing economies will paint a decent picture of growth for the personal finance mobile app adoption rate.Personal finance apps bring an ease of usage by offering all personal finance needs at one place at the fingertips of users. 6 out of 10 users have shown preference towards personal finance apps, whereas, 4 users are comfortable with websites.

Financial Analytics Market : The financial analytics market revenue totaled US$ 9.3 Billion in 2021 and is projected to register a Y-o-Y expansion rate of nearly 11% to reach US$ 10.3 Billion in 2022. During the 2022-2032 period of assessment, the market is poised to register a CAGR of 9.3% to be valued at US$ 25.1 Billion . Increasing financial transaction volumes across key verticals has led to increased uptake of efficient financial analytics tools.

AI and Automation in Banking Market - The global AI and automation banking market was valued at USD 16.5 Bn in 2021. The trade is likely to reach USD 23.3 Bn in 2022. Due to improvements in data collection technology among financial institutions, the demand for AI and automation has surged significantly. The global AI and automation market is projected to reach USD 182 Bn, exhibiting a 22.8% CAGR during the forecast period.

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