Portland, OR, March 14, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Saudi Arabia personal loans market generated $146.54 billion in 2021, and is estimated to reach $670.58 billion by 2031, witnessing a CAGR of 16.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $146.54 Billion |
| Market Size in 2031 | $670.58 Billion |
| CAGR | 16.3% |
| No. of Pages in Report | 145 |
| Segments Covered | Type, Marital Status, Consumer Age, and End User |
| Drivers | The rapid increase in need for personal loans to consolidate debt |
| The growing demand for personal loans with lower interest rates | |
| Better credit history record among consumers in Saudi Arabia | |
| The adoption of advanced technologies such as artificial intelligence, blockchain, & machine learning among personal loans firms in the region | |
| The rise in need for operational efficiency & transparency in providing personal loans product lines | |
| The high demand for residential houses from expatriates entering the country and increasing number of initiatives by government to strengthen the financial system | |
| Opportunities | The increase in entrance of new players in KSA personal finance |
| Restraints | Emerging non-banking finance and FinTech companies |
| Increasing security concerns |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic severely impacted the growth of the Saudi Arabia personal loans market. There was an acute financial crisis, massive unemployment, and salary reduction among individuals. This led to reduced borrowing of personal loans.
- Moreover, the repayment and EMIs were delayed by some individuals. In addition, lenders were unable to get new customers via small ticket lending and targeting younger & low-income borrowers with short-term credit requirements.
- However, as the economy was slowly getting back to normal, travel ban restrictions were uplifted, allowing consumers to take personal loans to fulfill their travel needs.
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The report offers a detailed segmentation of the Saudi Arabia personal loans market based on type, marital status, consumer age, and end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on type, the P2P marketplace segment held the largest share in 2021, accounting for more than two-thirds of the Saudi Arabia personal loans market and would dominate the market in terms of revenue through 2031. The balance sheet segment is estimated to witness the fastest CAGR of 18.2% during the forecast period.
In terms of marital status, the single segment captured the largest market share of nearly three-fifths of the Saudi Arabia personal loans market in 2021 and is expected to lead the trail during the forecast period. However, the others segment is likely to achieve the fastest CAGR of 19.2% through 2031. The report also studies the married segment.
Based on consumer age, the 30-50 segment held the largest share in 2021, accounting for nearly half of the Saudi Arabia personal loans market and would dominate the market in terms of revenue through 2031. The less than 30 segment, however, is estimated to witness the fastest CAGR of 18.2% during the forecast period. The report also studies the more than 50 segment.
Based on end user, the salaried segment was the largest in 2021, accounting for nearly four-fifths of the Saudi Arabia personal loans market and is likely to maintain its dominance during the forecast period. However, the business segment in is expected to manifest the highest CAGR of 19.5% from 2022 to 2031. The report also studies the segments.
Leading players of the Saudi Arabia personal loans market analyzed in the research include Abdul Latif Jameel United Finance Company, Al Rajhi Bank, Alinma Bank, Arab National Bank, Bank Albilad, Banque Saudi Fransi, Emirates NBD Bank, Emirates NBD Bank, Emkan Finance Company, Nayifat, Quara Holding, Riyad Bank, SAAB, Tamam Finance, and SNB.
The report analyzes these key players of the Saudi Arabia personal loans market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the Saudi Arabia personal loan market forecast along with current & future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on Saudi Arabia personal loan market trend is provided in the report.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The Saudi Arabia personal loan market analysis from 2022 to 2031 is provided to determine the market potential.
Saudi Arabia Personal Loan Market Report Highlights:
Aspects Details
By Type
- P2P Marketplace
- Balance Sheet
By Marital Status
- Married
- Single
- Others
By Consumer Age
- Less than 30
- 30-50
- More than 50
By End-User
- Salaried
- Male
- Female
- Others
- Business
Key Market Players
- Abdul Latif Jameel United Finance Company
- Al Rajhi Bank
- Alinma Bank
- Arab National Bank
- Bank Albilad
- Banque Saudi Fransi
- Emirates NBD Bank
- Emirates NBD Bank
- Emkan Finance Company
- Nayifat
- Quara Holding
- Riyad Bank
- SAAB
- Tamam Finance
- SNB
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