Credit Card Issuance Services Market Size, Share, Revenue, Trends And Drivers For 2024-2033
The Business Research Company’s Credit Card Issuance Services Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
LONDON, GREATER LONDON, UK, June 28, 2024 /EINPresswire.com/ -- The credit card issuance services market has demonstrated strong growth, expanding from $478.09 billion in 2023 to $522.22 billion in 2024, marking a compound annual growth rate (CAGR) of 9.2%. It will grow to $717.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. This growth in recent years can be attributed to evolving consumer spending habits, initiatives promoting financial inclusion, economic expansions, loyalty programs, and regulatory reforms.
Rise in Credit Card Demand Driving Market Expansion
The increasing demand for credit cards is a primary driver propelling the growth of the credit card issuance services market. Credit cards enable users to access credit up to a predetermined limit, facilitating transactions and offering repayment flexibility. Notably, the Federal Reserve Bank of New York reported a substantial increase in credit card balances in the USA, reaching $986 billion by the fourth quarter of 2022, surpassing pre-pandemic levels.
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Major Players and Strategic Partnerships
Leading companies such as JPMorgan Chase & Co., Bank of America Corporation, and Citigroup Inc. are driving market innovations through strategic partnerships. For instance, HSBC UK Bank PLC partnered with Nova Credit to integrate overseas credit histories, enhancing credit card access for immigrants.
Market Segmentation
•By Type: Consumer Credit Cards, Business Credit Cards
•By Issuers: Banks, Credit Unions, Non-Banking Financial Companies
•By End-User: Personal, Business
Geographical Insights: North America Leading the Market
North America emerged as the largest region in the credit card issuance services market in 2023. The region's dominance is expected to continue, driven by technological advancements and robust consumer spending patterns.
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Credit Card Issuance Services Global Market Report 2024 from TBRC covers the following information:
•Market size data for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Credit Card Issuance Services Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on credit card issuance services market size, credit card issuance services market drivers and trends, credit card issuance services market major players, competitors' revenues, market positioning, and market growth across geographies. The credit card issuance services market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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