The global banking credit analytics market revenue was around US$ 1,131.5 million in 2023 and is estimated to reach US$ 4,793.6 million by 2032, growing at a compound annual growth rate (CAGR) of 17.4% during the forecast period from 2024 to 2032.

Banking credit analytics are the usage of machine learning, data analytics, and other statistical methods to examine credit risk in the banking industry. This market has services and software that help financial institutions and banks make informed decisions when it comes to managing credit risk, lending money, and lessening fraud. Also, in simple terms, it includes utilizing technology and data to evaluate and understand the creditworthiness of borrowers and handle risks related to lending money.

Factors Influencing Market Growth

- The banking credit analytics market is noticing substantial evolution and growth, due to the growing demand for digitalization, data-driven insights, and automation in the banking industry.

- The banking credit analytics market is anticipated to grow in the future, boosted by the growing requirement for fraud detection, precise credit risk assessment, customer segmentation, and personalized product offerings.

- The adoption of cloud-based solutions and the emergence of open banking is anticipated to create new growth opportunities in the banking credit analytics market.

Impact of COVID-19

The impact of the COVID-19 pandemic had a negative influence on the banking credit analytics market. The pandemic led to augmented uncertainties in the economy, resulting in higher credit risk and a drop in lending activities. Financial institutions encountered challenges in assessing creditworthiness precisely, leading to a drop in demand for credit analytics solutions.

Also, the market noticed some mild positive effects as lenders and banks sought to improve their risk management abilities to navigate the volatile economic environment. With the global economy undergoing exceptional challenges, financial institutions and banks have been forced to reassess their credit risk management plans.

Regional Analysis

In 2023, North America dominated the global banking credit analytics market in terms of revenue. This is attributed to the growing automation and digitization of financial services, there is a rising demand for cutting-edge credit analytics solutions in North America, which deliver actionable insights to financial institutions and banks.

Also, the Asia-Pacific region is anticipated to be the fastest-growing region during the forecast period. This is due to the proliferation of digital technologies and the growth of fintech companies in this region have contributed to the expansion of the credit analytics market, as the companies in this region often depend on data analytics to evaluate credit risk for online lending and other inventive financial services.

Leading Companies

The leading prominent companies profiled in the global banking credit analytics market are: -

- BNP Paribas
- Citigroup
- CRISIL Ltd
- FIS
- Fitch solutions
- IBM Corporation
- ICRA limited
- Moody's Analytics, Inc.
- S&P Global
- Wells Fargo
- Other prominent key players

Segmentation Outline

The global banking credit analytics market segmentation focuses on Component, Deployment Mode, Application, and Region.

Segmentation based on Component

- Solution
- Service

Segmentation based on Deployment Mode

- On-premise
- Cloud

Segmentation based on Application

- Risk Management
- Fraud Detection
- Credit Analysis
- Portfolio Management
- Others

Segmentation based on Region

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