AI Platform Lending Industry - Regional Synopsis
North American Market Forecast
North America industry is predicted to account for largest revenue share of 32% by 2037. The growth of the market can be attributed majorly to the spiking digital banking activities and the rising number of credit card holders. For instance, around 1.05 billion credit cards were observed to be utilized in the United States alone in 2021, and the number is further projected to grow Y-O-Y. Credit cards are used by most people as they are convenient, and secure, with no interest for a certain period of time, and even give rewards and credits. Credit cards are safer to carry, help to keep track the spending, and easy way to increase credit scores. Also, a credit card gives financial stability to a person as the loan can be paid after a tenure of one month which allows time to plan a budget. Large purchases can be made through credit cards with less or no interest and an EMI option that can be paid over the long term. The grace period of credit cards aids to manage last-minute purchases or emergency expenses that are not in the budget and cannot be delayed. Also, it provides many discounts and cashback on credit card purchases. Additionally, escalating number of bank users in the region is further expected to push the growth of the market over the forecast period.
