Cash Advance Services Market to Reach $138.5 billion, Globally, by 2032 at 6.6% CAGR: Allied Market Research

News provided by

Nov 30, 2023, 10:20 ET

Rise in awareness about short-term loans among the youth population and increase in digital payment infrastructure, especially in developing economies, drive the growth of the market. In addition, the rapid rise in government efforts to promote financial inclusion has fueled the growth of the cash advance services market.

WILMINGTON, Del., Nov. 30, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cash Advance Services Market by Type (Credit Card Cash Advance, Merchant Cash Advance, Payday Loans, and Others), Deployment (Online and Offline), Service Provider (Banks, Credit Card Companies, and Others), and End User (Personal and Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global cash advance services industry generated $73.7 billion in 2022 and is anticipated to generate $138.5 billion by 2032, witnessing a CAGR of 6.6% from 2023 to 2032.

(We are providing report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and COVID-19 Impact Analysis)

147 - Tables
57 - Charts
276 - Pages

Download Research Report Sample & TOC:
https://www.alliedmarketresearch.com/request-sample/10764

Prime determinants of growth

The rise in awareness about short-term loans among the youth population and the increase in digital payment infrastructure, especially in developing economies, drive the growth of the market. However, factors such as the high-interest rate charged by cash advance lenders, along with the negative impact of payday loans on credit scores are expected to limit the growth of this market. Conversely, an increase in the adoption of advanced technologies in the lending landscape is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$73.7 billion
Market Size in 2032	$138.5 billion
CAGR	6.6 %
No. of Pages in Report	276
Segments covered	Type, Deployment, Service Provider, End User, and Region.
Drivers	Rise in awareness about short-term loans among the youth population Increase in digital payment infrastructure, especially in developing economies Rapid rise in government efforts to promote financial inclusion
Opportunity	Increase in the adoption of advanced technologies in the lending landscape
Restraints	High interest rate charged by cash advance lenders Negative impact of payday loans on credit scores

The payday loans segment to maintain its leadership status throughout the forecast period

Based on type, the payday loans segment held the highest market share in 2022, accounting for two-fifths of the global cash advance services market revenue, owing to rise in the need for quick access to funds during financial emergencies, along with the increasing awareness about payday loans among the younger generation. However, the others (including tax refund advances and personal installment loans) segment is projected to manifest the highest CAGR of 9.8% from 2023 to 2032, owing to the increasing demand from consumers for quick access to funds to meet immediate financial needs, such as unexpected expenses or temporary cash flow shortages.

The online segment to maintain its lead position during the forecast period

Based on deployment, the online segment accounted for the largest share in 2022, contributing to more than half of the global cash advance services market revenue, owing to the growing adoption of digital technologies and the increasing focus on online financial services, which eventually drives the need for online cash advance service segment. However, the online segment is also expected to portray the largest CAGR of 7.4% from 2023 to 2032 and is projected to maintain its lead position during the forecast period.

Request Customization: https://www.alliedmarketresearch.com/request-for-customization/10764

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

Based on service provider, the banks segment held the highest market share in 2022, accounting for around half of the global cash advance services market revenue, owing to the changes in economic factors and shift in consumer behavior and demand influencing the growth of the cash advance services market. However, the credit card companies' segment is projected to manifest the highest CAGR of 8.5% from 2023 to 2032, owing to the growth in awareness of credit card cash advances as an option for obtaining short-term loans and increase in expansion of the reach of financial technology companies.

The personal segment to maintain its lead position during the forecast period

Based on end user, the personal segment accounted for the largest share in 2022, contributing to around two-thirds of the global cash advance services market revenue, owing to the rise in demand for short-term funds and several benefits & schemes provided under cash advance services to individual consumers, which eventually drives the demand for cash advance services in personal segment. However, the commercial segment is expected to portray the largest CAGR of 7.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period.

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 nearly two-fifths of the global cash advance services market revenue, owing to the growing consumer demand for short-term loans, along with the rising number of unbanked and underbanked consumers to ensure financial needs in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.3% from 2023 to 2032 and is projected to dominate the market during the forecast period, owing to the growing focus on the expansion of fintech companies and increased customer-centric cash advance services solutions tailored to the diverse needs of the Asia-Pacific consumer market.

Leading Market Players: -

American Express Company
CAN Capital Inc.
Creditstar Group
Finova Capital, LLC
National Business Capital
Paypal
Social Finance Inc.
Square Inc.
THL Direct
TitleMax, Inc.

The report provides a detailed analysis of the key players in the global cash advance services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others 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 cash advance services market analysis from 2022 to 2032 to identify the prevailing cash advance services market opportunity.
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 to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the cash advance services market forecasts assists in determining the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global cash advance services market outlook.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes an analysis of the regional as well as global cash advance services market share, key players, market segments, application areas, and market growth strategies.

Inquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/10764

Cash Advance Services Market Report Highlights

Aspects Details Market

By Type

Credit Card Cash Advance
Merchant Cash Advance
Payday Loans
Others

By Deployment

Online
Offline

By Service Provider

Bank
Credit Card Company
Others

By End User

Personal
Commercial

By Region

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

Key Market Players: THL Direct, Social Finance, Inc., American Express Company, Square Inc., PayPal, Creditstar Group, National Business Capital, CAN Capital, Inc., TitleMax, Inc., Finova Capital, LLC

Trending Reports in BFSI Industry (Book Now with 10% Discount + COVID-19 Scenario):

Credit Card Payments Market by Product Type (General purpose credit cards, Specialty and other credit cards), by Application (Food and Groceries, Health and Pharmacy, Restaurants and Bars, Consumer Electronics, Media and Entertainment, Travel and Tourism, Others), by Brand (Visa, MasterCard, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

Loan Management Software Market by Component (Solution, Service), by Deployment Mode (On-Premises, Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), by Application (Cash and Liquidity Management, Risk Management, Collateral Management, Loan Origination and Servicing, Others), by End User (Banks, Credit Unions, NBFCs, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

Syndicated Loans Market by Type (Term Loan, Revolving Loan, Underwritten Transactions, Others), by Use of Proceeds (Working Capital, Acquisition Financing, Project Finance, Others), by Industry Vertical (Financials Services, Energy and Power, High Technology, Industrials, Consumer Products and Services, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

Loan Servicing Software Market by Component (Software, Service), by Deployment Mode (On-premises, Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), by Application (Commercial Loan Software, Loan Servicing Software, Loan Origination Software), by End User (Banks, Credit Unions, Mortgage Lenders and Brokers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

Payday Loans Market By Type (Storefront Payday Loans and Online Payday Loans), Marital Status (Married, Single and Others), and Customer Age (Less than 21, 21-30, 31-40, 41-50 and More than 50): Global Opportunity Analysis and Industry Forecast, 2021-2030

Management Consulting Services Market by Type (Strategy Consulting, Operations Consulting, Financial Advisory, Technology Consulting, Human Resources Consulting), by Organization Size (Large Enterprises, Small & Medium-Sized Enterprises), by Industry Vertical (BFSI, IT and Telecom, Manufacturing, Retail and E-Commerce, Public Sector, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
[email protected]
Allied Market Research Blog: https://blog.alliedmarketresearch.com
BFSI Blog