KSA Personal Finance Market is Expected to Grow at a CAGR of 15.7% Over the Forecast Period 2022-2026F: Ken Research

Saudi Arabia is a relatively young country and with a steady population growth, there would be an increasing financial need for education, health care and housing, which in turn will stimulate the credit market at home. consumption in the Kingdom.

Overview of Personal Finance Market in Saudi Arabia: The personal finance market in Saudi Arabia is currently in a growth phase due to advancements in technology, internet user penetration, population growth and digitalization of personal finance. Growing consumer needs and growing urbanization have increased the market prospects. The industry as a whole is experiencing substantial growth, with outstanding credit increasing with it.

Growth of the personal finance market in Saudi Arabia: The number of loans taken out as well as the outstanding credit for the personal finance market in Saudi Arabia has surged considerably from 2020 to 2021 due to the growing consumption needs of the Saudis. With increasing urbanization and digitalization, consumers have started to spend more on goods such as furniture, appliances, technologically advanced and luxurious electronics than on discretionary spending such as leisure and travel.

Challenges Faced by Saudi Arabia Personal Finance Market: There is a moderate threat from new entrants as they have to overcome various challenges such as licensing requirements, capital requirements, management requirements, office partnership credit, etc. Customers have several options to choose from with better financing possibilities. There is some service differentiation between personal finance companies in Saudi Arabia and some lenders also have requirements such as salary transfer. However, since borrowers can easily apply for personal funding from multiple FIs, borrower power is moderately high. Players in this space have a nationwide presence, as well as competitive pricing and some service differentiation.

Effects of Internet Penetration on Personal Finance Market in Saudi Arabia: The penetration of Internet users has increased significantly from 2016 to 2021, which drives the market to buy online and hence people prefer to borrow online. With increasing internet penetration, the market is thriving and growing at a faster rate as people’s preferences to shop online are increasing and proper marketing can provide market players with an opportunity for growth.

The “KSA Personal Finance Market Outlook to 2026F – Driven by Growing Digitalization and Augmentation Consumption Needs” report by Ken Research provides a comprehensive analysis of the potential of the personal finance industry in Saudi Arabia. The report also covers industry overview and genesis, market size in terms of outstanding credit and number of loans; segmentation of the market by loan object, by supplier, by loan duration, by reservation method, by geography, by nationality of the borrower, by employment of the borrower; catalysts and drivers of growth, challenges and bottlenecks, trends driving digital adoption; regulatory framework; industry analysis, competitive landscape including competition scenario, market shares of major players on the basis of outstanding credit. The report ends with future market projections of each segmentation and analyst recommendations.

Key Segments Covered

Saudi Arabia Personal Finance Market:

By purpose of the loan:
Wedding
Renovation and home improvement
Durable consumer goods
Tourism & Travel
Medical
Education
Debt Consolidation
Others
By supplier:
Banks
Non-Banks (NBFIs & FinTechs)

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By loan term:
< 1 year
1-2 years
2-3 years
3-4 years old
4-5 years
By booking method:
On line
Offline
By geography:
Riyadh
Jeddah
Dammam
Others
By nationality of the borrower
Saudi
Not Saudi
By Borrower’s Employment
government employee
Private sector employee in a large company
Medium and small business private sector employee
Self employed
Others

Key target audience

Financial Industries of Saudi Arabia
Government agencies and regulatory authorities
Financial industry
Finance companies

Period entered in the report:

Historical period: 2017-2021
Reference year: 2022
Forecast Period: 2022-2026F

Companies covered:

Banks
Al Rajhi Bank
Saudi National Bank
Bank of Riyadh
The Saudi British Bank (SABB)
Saudi Fransi Bank
Arab National Bank
Al Bilad Bank
United Arab Emirates
Alinma Bank

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Non-banks

Nayifat Finance Company
Emkan Finance Company (part of Al Rajhi Bank)
Murabaha Marena Finance Company
United Society for Financial Services (Tasheel Finance)
Al Yusr Leasing and financing
Al-Amthal Financial Corporation
Okay
Quara Finance Company
Tayser Finance
Saudi Finance Company (acquired by Abu Dhabi Islamic Bank)
Abdul Latif Jameel United Finance Company
Osoul Modern Financial Corporation
Mater Financial Company

Main topics covered in the report

Saudi Arabia personal finance market overview
Saudi Arabia Personal Finance Market Ecosystem
Evolution of the personal finance sector in Saudi Arabia
Saudi Arabia personal finance market size, 2017-2021
Saudi Arabia Personal Finance Market Segmentation, 2021 (By Loan Purpose, By Provider, By Booking Mode, By Loan Term, By Geography, By Borrower Nationality, By Borrower Employment)
KSA Personal Finance Services Industry Analysis
KSA Personal Finance value chain

Key Growth Drivers of Saudi Arabia Personal Finance Market

Trends and Developments in the Personal Finance Industry in Saudi Arabia
SWOT analysis of personal finance industry in Saudi Arabia
Islamic financing
Issues and challenges in the personal finance industry in Saudi Arabia
Government Policies Affecting the Personal Finance Industry in Saudi Arabia
KSA Personal Finance Marketplace Competition Framework
Future Outlook and Projections of the KSA Automotive Finance Market, 2021-2026F
Market Opportunities and Analyst Recommendations
Research Methodology

For more information on Market Intelligence, refer to the link below:-

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/ksa-personal-finance-market-outlook-to-2026/596186-93.html

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