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Wedding Loans Market to Reach $23.26 billion, Globally, by 2033 at 7.3% CAGR: Allied Market Research

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Allied Market Research published a report, titled, “Wedding Loans Market by Type (Local Wedding and Destination Wedding), Interest Rate (Fixed Interest Rate and Floating Interest Rate), and Provider (Banks, NBFCs, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the “Wedding Loans Market” was valued at $11.63 billion in 2023, and is estimated to reach $23.26 billion by 2033, growing at a CAGR of 7.3% from 2024 to 2033.
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151 – Tables48 – Charts347 – Pages
Prime determinants of growth
The wedding loans market is driven by rise in popularity of destination weddings, rise in wedding costs, and the growing acceptance of non-traditional weddings. Destination weddings have become increasingly popular in recent years, with couples looking to create unique and memorable experiences for themselves and their guests. Furthermore, the cost of weddings has been on the rise, with the average wedding in the U.S. currently costing over $30,000. This has led to increase in demand for wedding loans, as couples look for ways to finance their special day without incurring significant debt. On the contrary, rise in digitalization and online lending platforms offers a convenient and efficient way for couples to apply for and receive wedding loans, which is expected to expand the market reach in the upcoming years.
Report coverage & details:

Report Coverage

Details

Forecast Period

2024–2033

Base Year

2023

Market Size in 2023

$11.63 billion

Market Size in 2033

$23.26 billion

CAGR

7.3 %

Segments Covered

Type, Interest Rate, Provider, and Region

Drivers

Increase in popularity of destination weddings
Rise in wedding costs
The growing acceptance of non-traditional weddings

Opportunities

Rise in digitalization and online lending platforms

Restraints

High-interest rates of wedding loans
Lack of awareness regarding wedding loans

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The local wedding segment to maintain its leadership status during the forecast period
By type, the local wedding segment held the highest market share in 2023, accounting for nearly four-fifths of the global wedding loans market revenue and is estimated to maintain its leadership status during the forecast period. This is attributed to high costs associated with traditional weddings, as the expenses often exceed the planned budget. However, the destination wedding segment is projected to attain the highest CAGR of 10.9% from 2024 to 2033, owing to rise in affluence of the middle class, the growing popularity of destination weddings both within India and abroad, and availability of more affordable travel options, which have contributed to surge in demand for destination wedding loans.
The fixed interest-rate segment to maintain its leadership status throughout the forecast period
By interest rate, the fixed interest rate segment held the highest market share in 2023, accounting for nearly three-fourth of the global wedding loans market revenue and is estimated to maintain its leadership status during the forecast period. This is attributed to the fact that it provides borrowers with a clear understanding of their monthly payments and the total cost of the loan. Predictability and transparency are important factors for couples planning a wedding, as they can budget their expenses more accurately and avoid any unexpected costs. However, the floating interest rate segment is projected to attain the highest CAGR of 9.6% from 2024 to 2033, as floating interest rates are more cost-effective in the long run, especially if interest rates decrease, allowing borrowers to capitalize at lower rates. The interest rate of a floating loan adjusts according to market conditions, which can result in lower monthly payments during periods of declining interest rates.
The banks segment to maintain its leadership status throughout the forecast period
By provider, the banks segment held the highest market share in 2023, accounting for more than two-third of the global wedding loans market revenue, and is estimated to maintain its leadership status during the forecast period. This is attributed to the pandemic that brought about a surge in credit demand from retail customers, with people borrowing money for medical expenses, daily expenses, and weddings. However, the NBFCs segment is projected to manifest the highest CAGR of 10.2% from 2024 to 2033. This is attributed to their ability to provide a streamlined loan process with quick approval and disbursement, making them highly convenient for financial support in the event of a medical emergency, home renovation project, or debt consolidation. Loans from NBFCs are disbursed within 24-48 hours, which is a significant advantage for borrowers who need quick access to funds.
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North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2023, accounting for more than one-third of the wedding loans market revenue and is estimated to maintain its leadership status during the forecast period. This is attributed to rise in popularity of wedding loans as a financing option for couples planning their weddings. However, Asia-Pacific is expected to witness the fastest CAGR of 11.0% from 2024 to 2033, owing to the convenience, speed, and tailored solutions offered by lenders that have contributed to the growth of the wedding loans market in the Asia-Pacific region. The flexibility in loan amounts and repayment terms has made it easier for couples to access funds to finance their dream weddings.  Stretch loans have become a popular substitute for traditional wedding financing, offering an alternative perspective on this traditional problem that appeals to various financial goals and mindsets.
Leading Market Players: –

Social Finance, LLC
LendingPoint LLC
Prosper Funding LLC
Discover Bank
HDFC Bank Ltd.
LightStream
Best Egg
Achieve.com
Tata Capital Limited
Bajaj Finserv

The report provides a detailed analysis of these key players in the global wedding loans 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.
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Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wedding loans market analysis from 2023 to 2033 to identify the prevailing wedding loans market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
The 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 on the wedding loans market outlook.
In-depth analysis of the wedding loans market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as wedding loans market trends, key players, market segments, application areas, and market growth strategies.

Wedding Loans Market Key Segments:
By Interest rate

Fixed Interest Rate
Floating Interest Rate

By Provider

Banks
NBFCs
Others

By Type

Local Wedding
Destination Wedding

By Region

North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East And Africa)

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Easyjet, eyeing record summer, boosts nerve center with AI

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Easyjet’s cutting-edge facility, equipped with artificial intelligence (AI), is now operational near Luton airport, managing approximately 2,000 flights daily across Europe as the airline anticipates heightened demand for the summer season.
Known as the Integrated Control Center (ICC), this facility plays a pivotal role in Easyjet’s operations, facilitating swift adjustments to flight schedules and monitoring aircraft health in real-time. Situated near London, the center boasts advanced capabilities, including engine analysis and even monitoring of onboard facilities like toilets.
As the aviation industry rebounds from the impacts of COVID-19, Easyjet has ramped up its recruitment efforts, doubling the workforce at the control center to 266 employees, who work tirelessly around the clock, overseeing operations displayed on large curved screens.
Gill Baudot, Easyjet’s director of network control, emphasized the airline’s anticipation of a busy summer season, projecting a significant increase in passenger numbers to 300,000 daily. The ICC plays a crucial role in adapting swiftly to any disruptions, from adverse weather conditions to technical issues, ensuring smooth logistics and minimizing passenger inconvenience.
To enhance decision-making during critical situations, Easyjet has integrated an AI tool similar to ChatGPT, aiding staff in tasks such as aircraft rerouting and crew assignment. Despite technological advancements, Baudot stressed the importance of human judgment in making final decisions.
Throughout the pandemic, Easyjet, under the leadership of CEO Johan Lundgren, has recognized the potential of data-driven solutions to enhance customer experience and operational efficiency. Lundgren highlighted the role of technology in optimizing various aspects of airline operations, from predicting catering needs to facilitating predictive maintenance decisions.
Mark Garrett, overseeing customer disruption at Easyjet, emphasized the center’s focus on passenger welfare, ensuring prompt communication and prioritization of flights, particularly those with significant numbers of children or group travelers, in the event of disruptions.
As Easyjet navigates through the challenges posed by COVID-19, its investment in technology, automation, and AI reflects a commitment to adaptability and efficiency in serving passengers and maintaining operational excellence in the aviation sector.
Source: techxplore.com

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Building better ethical standards for AI, for democracy

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In our swiftly advancing digital realm, Artificial Intelligence (AI) presents both a formidable challenge to and a significant opportunity for the health of democracy. One emerging threat to democratic systems stems from malicious actors who seek to exploit AI to disrupt societal cohesion.
The unchecked proliferation of AI language models has underscored the urgent need for robust ethical standards. Core principles such as privacy, algorithm transparency, user safety, fairness, and inclusivity have often been overlooked amid the rapid progress of AI technologies. Establishing and rigorously testing clear ethical guidelines is crucial to ensuring that AI operates within ethical boundaries and contributes positively to the common good.
A comprehensive approach is necessary, one that protects free speech while empowering users to identify and address bias and harmful content. Initially, efforts should focus on detecting and analyzing disinformation, biases, discrimination, hate speech, and deepfakes. Sophisticated tools leveraging machine learning and natural language processing techniques can be developed to identify and scrutinize harmful content in real-time. These tools should be tested with diverse user groups to safeguard free speech.
Furthermore, AI’s proactive engagement with misinformation can play a vital role in shaping public discourse. By actively countering falsehoods and promoting accurate information, AI-powered tools have the potential to guide conversations toward truthfulness and mitigate the spread of misinformation. This proactive approach not only limits the dissemination of harmful narratives but also fosters a culture of accountability and accuracy in digital spaces, enhancing public trust in AI’s ability to combat misinformation.
In addition to detection and engagement, the implementation of automated reporting systems is crucial in safeguarding democratic institutions from threats posed by state or terrorist-backed actors. These AI-powered systems can swiftly identify and flag harmful content to hosting platforms, enabling timely intervention and moderation. Streamlining the reporting process allows platforms to respond effectively, preserving the integrity of online discourse.
Transparency tools are also essential in building user trust and facilitating informed decision-making. By offering insights into the origins, legitimacy, and credibility of digital content, these tools empower individuals to navigate the digital landscape with discernment. From tracking sources to verifying links and fact-checking, transparency tools enable users to critically evaluate information and contribute to a safer online environment.
AI presents both opportunities and risks for democracy. It is imperative to ensure that AI aligns with our shared values to strengthen democratic institutions and uphold the highest standards of ethics and transparency. By prioritizing inclusivity, fairness, and accountability, we can harness AI’s potential to bolster resilience, safety, and trust in our democratic systems.
Source: diplomaticourier.com

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AVPN launches $15M AI Opportunity Fund with Google.org, ADB support

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AVPN, the premier network of social investors headquartered in Singapore, has unveiled the $15 million Artificial Intelligence (AI) Opportunity Fund: Asia-Pacific, in collaboration with Google.org and the Asian Development Bank (ADB).
In a statement released on Monday, AVPN outlined the fund’s objective as a three-year initiative aimed at equipping Asia’s workforce with essential AI knowledge and tools necessary for the evolving job market. The goal is to ensure that opportunities presented by AI are accessible to a broader spectrum of people in the region, particularly those from marginalized communities.
Through an open call, the fund seeks to identify and select non-profit organizations, social enterprises, and workforce associations across the Asia-Pacific region that effectively engage with workers most affected by AI-driven workforce transitions. Selected organizations will receive comprehensive support, including guidance, financial assistance, and customized AI training based on foundational courses developed by Google and its partners.
Scott Beaumont, President of Google Asia-Pacific, emphasized the transformative potential of AI in the region, stating, “AI presents tremendous opportunities for the Asia-Pacific region, but it’s crucial to equip people with the skills needed to thrive.” He expressed confidence that the AI Opportunity Fund will empower underserved communities and ensure widespread benefits from AI advancements.
The initiative comes at a time when employers in the Asia-Pacific region are increasingly optimistic about AI’s ability to enhance productivity. However, concerns persist among employees about potential job displacement due to AI automation, particularly among disadvantaged populations. Naina Subberwal Batra, CEO of AVPN, underscored the urgency of building an AI-ready workforce to unlock Asia’s full potential and address the socioeconomic impact of AI-driven job transitions.
Jason Rush, Principal Regional Cooperation Specialist at ADB, emphasized the importance of bridging skills and knowledge gaps in underserved communities to facilitate access to AI-driven opportunities. He highlighted the AI Opportunity Fund as a crucial tool to support organizations in upskilling and reskilling workers, enabling them to benefit from the evolving job landscape shaped by AI technology.
AVPN, comprising over 600 funders and resource providers across 33 markets, aims to enhance the flow and effectiveness of capital in Asia by enabling members to channel resources towards impactful initiatives. Google.org, Google’s philanthropic arm, collaborates with nonprofits, social enterprises, and civic entities to address societal challenges and create scalable, meaningful change. Through their combined efforts, AVPN and Google.org strive to harness the potential of AI to promote inclusive growth and opportunity across the Asia-Pacific region.
Source: technode.global

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