The Credit Bureaus Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Credit Bureaus Global Market Report 2024, The credit bureaus market size has grown rapidly in recent years. It will grow from $122.44 billion in 2023 to $139.14 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to lending industry growth, financial inclusion initiatives, regulatory compliance and reporting requirements, risk management in financial institutions, consumer credit awareness.
The credit bureaus market size is expected to see rapid growth in the next few years. It will grow to $223.38 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to alternative data sources and machine learning, emergence of open banking, cybersecurity concerns and data protection, government initiatives for financial inclusion, changes in consumer behavior. Major trends in the forecast period include technology advancements in data processing, digital transformation in banking and finance, alternative data integration, blockchain for identity verification, focus on consumer empowerment.
The increase in demand for credit cards is expected to propel the growth of the credit bureau market going forward. A credit card refers to an alternative to cash or cheques and frequently offers an unsecured revolving line of credit. Credit card issuers send information to credit bureaus concerning cardholder activities that help in checking the individual credit scores on the basis of which customers can approach for a loan and also offers benefits such as unlimited reward points on usage, insurance coverage, discounts, and cashback, other than helping increase credit scores. For instance, in November 2022, according to the Federal Reserve Bank, a US-based bank, the application rate for credit cards increased from 2021 to 2022 from 26.5% to 27.1%. Therefore, the increase in demand for credit cards is driving the growth of the credit bureau market.
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The credit bureaus market covered in this report is segmented –
1) By Product Type: Credit Score, Credit Reports, Credit Check Services
2) By Report Type: Corporate Credit Reports, Individual Credit Reports
3) By End User: Commercial, Consumer
Major companies operating in the credit bureau market are developing innovative products with advanced technologies, such as API platforms, which are software frameworks that provide a set of tools and services for building and managing APIs (application programming interfaces). It enables developers to create, test, and deploy APIs more efficiently, ensuring seamless integration and communication between different software systems and applications. For instance, in August 2021, Bloom Credit, a New York-based credit agency and fintech platform, launched Furnish by Bloom Credit, an automated furnishment solution that allows businesses to report back consumer activity to all three credit bureaus at once: Equifax, Experian, and TransUnion. This innovative product aims to help lenders deeply curtail credit reporting errors and reduce the negative impact these errors have on consumers.
The credit bureaus market report table of contents includes:
1. Executive Summary
2.Credit Bureaus Market Characteristics
3.Credit Bureaus Market Trends And Strategies
4.Credit Bureaus Market analysis
5.Credit Bureaus Market Size And Growth
6.Credit Bureaus Segmentation
7.Credit Bureaus Regional And Country Analysis
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27. Credit Bureaus Competitive Landscape And Company Profiles
28.Credit Bureaus Key Mergers And Acquisitions
29. Credit Bureaus Future Outlook and Potential Analysis
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