Banking Credit Analytics Market to Reach $4.6 Billion, Globally, by 2032 at 17.4% CAGR: Allied Market Research

Allied Market Research published a report, titled, “Banking Credit Analytics Market by Component (Solution and Services) Deployment Mode (On-premise and Cloud) Application (Risk Management, Fraud Detection, Credit Analysis, Portfolio Management, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global banking credit analytics industry generated $963.8 million in 2022, and is anticipated to generate $4.6 billion by 2032, witnessing a CAGR of 17.4% from 2023 to 2032.  

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Prime determinants of growth

The increasing need for risk management and the growing demand for data-driven decision making is a major driver of the banking credit analytics market, because this trend is likely to continue in the years ahead as banks increasingly rely on data analytics to make informed decisions about credit risk management and loan underwriting. Furthermore, the adoption of credit analytics solutions is helping banks improve the customer experience by delivering more personalized and relevant services, while also improving risk management and operational efficiency.  However, legacy systems and integration challenges act as a restraint for the banking credit analytics market by limiting the ability of banks and financial institutions to effectively adopt and implement credit analytics solutions.  In addition, a shortage of trained professionals who must have the necessary skills and knowledge to work in this market hampers the growth of the market. On the contrary, technology will play a critical role in transforming the banking credit analytics market, allowing banks and financial institutions to make better lending decisions and improve the overall efficiency and profitability of their lending operations. Thus, this will create an opportunity for growth of the market in the upcoming years.

Report coverage & details:

Report CoverageDetails
Forecast Period2023–2032
Base Year2022
Market Size in 2022$963.8 million
Market Size in 2032$4.6 billion
CAGR17.4 %
No. of Pages in Report413
Segments coveredComponent, Deployment Mode, Industry Vertical, and Region.
DriversIncrease in demand for efficient and streamlined banking credit analytics processes  Rise in demand for after-sales services   Surge in adoption of cloud-based solutions 
OpportunitiesEmergence of new technologies 
RestraintsResistance to change Lack of awareness for the banking credit analytics system  

Covid-19 Scenario

  • The COVID-19 pandemic had brought about significant changes in consumer trends for the banking credit analytics market. As a result, there had been a growing need for robust credit analytics solutions to assess credit risk, monitor loan portfolios, and make informed lending decisions. Furthermore, the market for banking credit analytics had seen increased demand for advanced credit risk assessment tools, including credit scoring models, stress testing tools, and loan monitoring solutions, as banks and financial institutions strive to manage credit risk amid the uncertain economic environment caused by the pandemic.
  • Despite the challenges posed by the COVID-19 pandemic, the pandemic had created new opportunities for ITAD providers, there was a growing emphasis on sustainability and ethical considerations, as consumers seek credit products from banks that align with their values and support responsible lending practices.
  • Overall, the COVID-19 pandemic had positive economic impact on the banking credit analytics market. In response to the economic challenges posed by the pandemic, businesses focused on cost optimization across various areas, including banking credit analytics. The expenses associated with warranty claims, repairs, and customer support can be decreased by identifying inefficiencies, streamlining processes, and using banking credit analytics tools.

The solution segment to maintain its leadership status throughout the forecast period

Based on component, the solution segment held the highest market share in 2022, accounting for around two-thirds of the global banking credit analytics market revenue, and is estimated to maintain its leadership status throughout the forecast period. With the rise of big data, machine learning, and AI, banks are increasingly looking to leverage analytics solutions to improve their credit risk management and decision-making processes. These solutions help banks to identify and mitigate risks, optimize credit portfolios, and enhance customer experiences. However, the services segment is projected to manifest the highest CAGR of 19.2% from 2023 to 2032. There is a growing need for customized analytics services that can cater to specific requirements of individual banks. 

The on-premise segment to maintain its leadership status throughout the forecast period 

Based on deployment mode, the on-premise segment held the highest market share in 2022, accounting for nearly three-fifths of the global banking credit analytics market revenue. With on-premise solutions, organizations can retain full control over their data and analytics, enabling them to customize and fine-tune their credit risk models to fit their unique needs and preferences. However, the cloud segment is projected to manifest the highest CAGR of 20.0% from 2022 to 2032. The use of artificial intelligence (AI) and machine learning (ML) to analyze large volumes of data and provide more accurate insights is another trend which is helping to boost the market. This has led to the emergence of cloud-based credit risk assessment tools that can analyze credit risk in real-time.

The credit analysis segment to maintain its leadership status throughout the forecast period 

Based on application, the credit analysis segment held the highest market share in 2022, accounting for more than one-third of the global banking credit analytics market revenue, as banks are leveraging these technologies to better assess credit risk, improve decision-making, and streamline processes. Furthermore, another trend is the growing focus on sustainability and environmental, social, and governance (ESG) factors in credit analysis. However, the fraud detection segment is projected to manifest the highest CAGR of 20.2% from 2022 to 2032. This is because of a rise in demand for cloud-based fraud detection solutions that is providing banks with the flexibility and scalability needed to meet their specific needs.  

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North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global banking credit analytics market revenue. There is an increasing focus on regulatory compliance, with banks leveraging credit analytics solutions to comply with stringent regulations, such as Basel III and Dodd-Frank Act. These trends present significant opportunities for vendors in the banking credit analytics market to develop innovative solutions that can address the evolving needs of banks and financial institutions in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 20.2% from 2023 to 2032. The increasing adoption of digital technologies, such as big data analytics, artificial intelligence, and machine learning, is reshaping the banking landscape in Asia Pacific, offering new avenues for credit analytics to thrive.

Leading Market Players: –

  • BNP Paribas
  • Citigroup
  • CRISIL Ltd
  • FIS
  • Fitch solutions
  • IBM Corporation
  • ICRA limited
  • Moody’s Analytics, Inc.
  • S&P global
  • Wells Fargo
  • The report provides a detailed analysis of these key players of the global banking credit analytics market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key benefits for stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the banking credit analytics market forecast from 2023 to 2032 to identify the prevailing banking credit analytics market opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the banking credit analytics market outlook assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global banking credit analytics market trends, key players, market segments, application areas, and market growth strategies.

Banking Credit Analytics Market Report Highlights

By Component

  • Solution
  • Service

By Deployment Mode

  • On-premise
  • Cloud

By Application

  • Risk Management
  • Fraud Detection
  • Credit Analysis
  • Portfolio Management
  • Others

By Region

  • North America (U.S., Canada)
  • Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA (Latin America, Middle East, Africa)

Key Market Players : BNP Paribas, Wells Fargo, ICRA limited, IBM CORPORATION, FIS, S&P global, Fitch solutions, Moody’s Analytics, Inc., CRISIL Ltd , Citigroup

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