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Wedding Loans Market to Reach $23.26 billion, Globally, by 2033 at 7.3% CAGR: Allied Market Research
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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SUBBD and Luna PR Join Forces to Shape the Future of AI-Powered Content Creation
SUBBD, an AI-powered content creation platform designed to empower digital creators, is proud to announce its strategic partnership with Luna PR, a global marketing and communications agency specialising in web3 and emerging technologies. This collaboration aims to accelerate SUBBD’s mission of empowering digital creators by leveraging advanced AI and blockchain technology.
Luna PR will leverage its extensive web3 expertise to support SUBBD with comprehensive communications strategies, social media management, and targeted marketing campaigns. With a proven track record of over 600 successful projects since 2017 and a presence in four key global cities, Luna PR is uniquely positioned to elevate SUBBD’s brand presence and community engagement.
Maral Nouri, COO of Luna PR, stated: “As content creators ourselves, we understand the importance of staying ahead in today’s fast-paced digital landscape. Our partnership with SUBBD reflects this vision, empowering creators to effortlessly push boundaries and become trendsetters. SUBBD’s transformative platform equips creators with advanced AI tools to stay ahead of the curve, and we’re excited to support this evolution in content creation.”
Gabrielle Taylor, CEO of SUBBD, commented: “Partnering with Luna PR marks a significant step in our journey to transform the content creation industry. Luna PR’s expertise and strategic insights make them the ideal partner as we expand our platform and continue to support creators in maximising their potential through AI-powered solutions.”
SUBBD is transforming content creation with its AI-powered platform, designed to empower digital creators by enhancing autonomy, improving monetisation, and building deeper audience connections. By developing proprietary AI solutions, SUBBD is redefining how content is created, managed and monetised. With features like AI Personal Assistant, AI-driven content creation, blockchain security, and advanced analytics, SUBBD is pushing boundaries to help creators maximise their potential in the digital creator economy.
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[2024 Pujiang Innovation Forum] Highlights of WeStart2024
As an integral part of the 17th Pujiang Innovation Forum, WeStart2024 was held at Dongjiao State Guest Hotel and Zhangjiang Science Hall, Shanghai from September 7 to 10. Under the theme of “Refactoring & Renewal”, this year’s conference focused on sci-tech entrepreneurship and investment, aiming to create a global entrepreneurship investment platform that bridges projects with capital. This platform leverages capital to bolster sci-tech innovation and economic transformation. The four-day event boasted two main forums, one symposium, 13 roadshow marathons, and multiple industry sharing sessions. Renowned investment agencies like CICC, Zero2IPO, and Shenzhen Capital Group were invited to delve into the innovative investment landscape, exploring avenues for global collaboration, building a new paradigm of entrepreneurship investment, and stimulating new drivers to sci-tech innovation.
Let’s review the highlights.
Shanghai has been fortifying its position as a global sci-tech innovation center by intensifying element concentration, enhancing functions and services, and cultivating a comprehensive sci-tech ecosystem. This has turned Shanghai into a heaven for entrepreneurship and a magnet for investment. WeStart2024 brought together government bodies, experts, scholars, venture firms at home and abroad, sci-tech businesses, and nearly 1,000 audience professionals to discuss entrepreneurship investment and create an ecosystem for sci-tech innovation together through diverse sci-tech innovation stakeholders, transforming this ecosystem from a strategic blueprint into reality.
On September 8, WeStart2024 kicked off with main forums, featuring 13 keynote speeches and two roundtable dialogues. Key sci-tech finance terms such as “patient capital”, “fundraising, investment, management and exit”, “investment in early-stage, small, long-term and hard technologies”, “angel investment”, and “high-quality development of the capital market” were frequently mentioned, becoming the focal point of discussions and highlighting the future development of sci-tech finance. The roundtable dialogues unveiled the latest sci-tech investment opportunities and delved into trends, current statuses, and strategies of sci-tech entrepreneurship investment amidst new situations and transformative environments.
The exhibition hall housed a Start-ups Exhibition Zone, showcasing nearly 20 TOP100 roadshow projects and products and the investment ecosystems and achievements of three to five leading venture firms through the linkage of the Entrepreneur Joint Exhibition Zone, the Investment Institution Zone, and the One-to-One Negotiation Zone. There were boards briefing on typical sci-tech businesses in the fields of biomedicine and AI. Social scenes for entrepreneurship investment were also offered to facilitate direct communication between projects and investors.
WeStartTOP100, a new addition to the Startup in Shanghai International Innovation and Entrepreneurship Competition, was launched in June. It selected 100 projects from over 2,000 global entries for on-site roadshows during the conference. The four-day event featured 13 marathon project roadshows with over 100 projects, focusing on six key areas: three in hard tech—biomedicine, artificial intelligence, and advanced manufacturing—and three in future industries—future information, future materials, and future energy.
A special roadshow for universities was also held, where Shanghai-based universities, including Shanghai Jiao Tong University, ShanghaiTech University, University of Shanghai for Science and Technology, Shanghai University of Engineering Science, Shanghai Ocean University, East China Normal University, Shanghai University, and Shanghai Polytechnic University, displayed high-quality research projects. Focusing on exchanges and investment and financing matchmaking in cutting-edge interdisciplinary areas and core technologies in key fields, this roadshow further propelled the commercialization of S&T outcomes in universities. The special roadshow for Hong Kong University of Science and Technology introduced top-notch innovative projects from Hong Kong universities to Shanghai, fostering a new chapter for sci-tech cooperation between the two cities.
In particular, the conference prioritized global vision and international cooperation. During the international roadshow, high-quality projects from countries and regions like France, Germany, Hungary, Zimbabwe, and Morocco, as well as Hong Kong (China), were selected to compete. This facilitated interaction between domestic and foreign entrepreneurship investment resources and explored new paths for global collaboration. A 365-day “never-ending” global entrepreneurship investment cooperation and matchmaking mechanism was established to effectively link international sci-tech innovation talent, technology, capital, and market, empowering the sound development of sci-tech entrepreneurship investment.
Furthermore, the conference collaborated with leading players in entrepreneurship investment, Shanghai State-owned Capital Investment Co., Ltd. and CICC Capital, to open special roadshows. Leveraging the expertise and resources of investment agencies, these roadshows directly linked both sides of entrepreneurship investment, working with numerous sci-tech players on-site to explore high-quality projects and fully support entrepreneurs.
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Tata Electronics and Tokyo Electron Limited (TEL) Announce Strategic Partnership to Grow Semiconductor Ecosystem in India
Tata Electronics today signed a memorandum of understanding with Tokyo Electron Limited (TEL), a leading global supplier of semiconductor equipment and services. The two companies will collaborate to accelerate semiconductor equipment infrastructure for India’s first Fab being built by Tata Electronics in Dholera, Gujarat, and for its assembly and test facility in Jagiroad, Assam.
Through this partnership, Tata Electronics and TEL will also focus on training Tata Electronics’ workforce on TEL equipment and supporting ongoing improvement and R&D initiatives. This collaboration will leverage the strengths of both companies to establish a robust semiconductor manufacturing ecosystem in India.
As previously announced, Tata Electronics is building India’s first Fab in Dholera, Gujarat, with a total investment of INR 91,000 crores (~US$11bn). In addition, another INR 27,000 crores (~US$3bn) will be invested in a greenfield facility in Jagiroad, Assam, for the assembly and testing of semiconductor chips. Together, these facilities will produce semiconductor chips for applications across automotive, mobile devices, artificial intelligence (AI), and other key segments to serve customers globally. As the construction of these facilities progresses, it is critical to grow partnerships across the entire semiconductor ecosystem, spanning process and design technology, as well as equipment suppliers. With this announcement of the partnership with TEL, Tata Electronics has solidified a critical pillar to achieve its execution targets.
Dr Randhir Thakur, Managing Director & CEO, Tata Electronics, said, “We have a bold vision of becoming a leader in electronics manufacturing by offering integrated solutions across the value chain to our global customers. TEL has a history of working closely with its customers, and its expertise in the semiconductor equipment space will help build a dynamic ecosystem to support the timely execution of bringing up our Fab and advanced packaging factories. We are excited about the customer centricity that TEL brings to this partnership.”
Toshiki Kawai, President & CEO of Tokyo Electron Limited, emphasised, “We are delighted to announce our partnership with Tata Electronics, which brings together our combined expertise and resources to strengthen the semiconductor ecosystem in India significantly. This strategic collaboration spans both front-end fabrication and back-end packaging technologies, highlighting our commitment to delivering exceptional support and value to Tata Electronics. By leveraging our collective strengths, we aim to accelerate development and drive innovation across multiple technology nodes. Together, we are poised to set new benchmarks in the industry, fostering a robust and dynamic semiconductor landscape that will benefit all stakeholders.”
TEL is committed to supporting the Indian semiconductor ecosystem. Both the front-end and back-end product groups will provide resources and technology support to bring advanced TEL products to the Indian market. TEL will lead this effort by also offering diversified products for the MAGIC market (MAGIC—Metaverse, Autonomous Mobility, Green Energy, IoT & Information, Communications). TEL will actively explore opportunities to leverage India’s talent to establish an engineering service in India to support its global product development.
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