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.
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147 - Tables
57 - Charts
276 - Pages
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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.
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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.
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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
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