Burlingame, April 05, 2024 (GLOBE NEWSWIRE) -- The Global Credit Risk Assessment Market is projected to grow from USD 7.31 billion in 2023 to USD 18.43 billion by 2031, at a CAGR of 14.1% from 2024 to 2031, as per the recent study by Coherent Market Insights. The Credit Risk Assessment Market is being primarily driven by the increasing adoption of risk management solutions by financial institutions and businesses to assess and mitigate credit risk. Additionally, the growing awareness about the importance of credit risk assessment in reducing potential financial losses is also contributing to the market growth.
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Market Trends:
One key trend in the Credit Risk Assessment Market is the rising demand for advanced analytics and machine learning algorithms to enhance the accuracy and efficiency of credit risk assessment processes. Another trend is the integration of artificial intelligence and big data analytics in credit risk assessment tools to provide real-time insights and predictive analysis for better decision-making. These trends are expected to drive innovation and growth in the market in the coming years.
Credit Risk Assessment Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $7.31 billion |
| Estimated Value by 2031 | $18.43 billion |
| Growth Rate | Poised to grow at a CAGR of 14.1% |
| Historical Data | 2018–2022 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, By Deployment Model, By Organization Size, By Vertical, By Technology |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Increased application of big data and analytics • High volumes of credit lending |
| Restraints & Challenges | • Data privacy and security concerns associated with cloud-based solutions • Lack of skilled workforce across financial institutions • High upfront costs involved in deployment of solutions |
The Credit Risk Assessment Market is witnessing a significant growth in demand for advanced solutions, such as AI and ML-enabled credit risk assessment tools. With the rise in digital transformation and the increasing complexity of financial transactions, organizations are looking for more accurate and efficient ways to assess credit risks. These advanced solutions offer real-time analysis, predictive modeling, and automation capabilities, providing better insights into creditworthiness and improving decision-making processes.
Another market opportunity lies in the adoption of cloud-based credit risk assessment solutions. With the increasing need for scalability, flexibility, and cost-effectiveness, organizations are shifting towards cloud deployment models for their credit risk assessment processes. Cloud-based solutions offer advantages such as remote access, automatic updates, and easier integration with other systems, making them a preferred choice for many businesses. As a result, the market for cloud-based credit risk assessment solutions is expected to witness significant growth in the coming years, with the on-premises deployment model dominating the market.
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Recent Developments:
In September 2022, to expedite and automate credit procedures. Moody’s Analytics introduced CreditLens, a new credit lifecycle management system.
In April 2020, Equifax introduces a new tool that uses alternate data from utility payment records to evaluate the risk of business credit.
Key Market Takeaways:
Credit Risk Assessment Market is anticipated to witness a CAGR of 14.1% during the forecast period 2023-2030, owing to the increasing demand for advanced credit risk assessment solutions and the adoption of cloud-based solutions.
On the basis of the component, the software segment is expected to hold a dominant position, driven by the growing need for AI and ML-enabled tools. In terms of the deployment model, the on-premises model is expected to dominate the market, due to security and compliance concerns.
Large enterprises are expected to be the dominant organizational size segment, especially in the BFSI vertical. North America is expected to hold a dominant position in the market, owing to the presence of key players and technological advancements.
Key players operating in the Credit Risk Assessment Market include Experian, Equifax, TransUnion, FICO, Moody's Analytics, Oracle, IBM, SAP, SAS Institute, Fiserv, and others, offering a wide range of solutions to meet the growing demand for advanced credit risk assessment tools.
Overall, the Credit Risk Assessment Market is poised for significant growth in the coming years due to the increasing demand for advanced solutions and the adoption of cloud-based models. Organizations that invest in these technologies will have a competitive advantage in assessing credit risks efficiently and accurately, enabling them to make informed decisions and mitigate financial risks effectively.
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Detailed Segmentation:
By Component
- Software
- Services
By Deployment Model
- On-premises
- Cloud
By Organization Size
- Large Enterprises
- SMEs
By Vertical
- BFSI
- Telecom & IT
- Healthcare
- Government
- Manufacturing
- Retail
- Others
By Technology
- AI & ML enabled Credit Risk Assessment
- Traditional Credit Risk Assessment
By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
