Global P2P Lending Market Soars to US$ 147.9 Billion in 2022, Predicted to Reach US$ 626.5 Billion by 2028 at a Staggering 26.1% CAGR
DUBLIN, Sept. 18, 2023
The "Peer to Peer Lending Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
DUBLIN, Sept. 18, 2023 /PRNewswire/ -- The global Peer-to-Peer (P2P) lending market, with a market size of US$ 147.9 billion in 2022, is set for substantial growth. Projections indicate that the market will reach US$ 626.5 billion by 2028, exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 26.1% during the forecast period of 2023-2028.
P2P lending, an online financial arrangement connecting borrowers directly to lenders, is gaining prominence as an alternative financing option due to its low-interest rates, flexible repayment terms, and ease of access.
Understanding Peer-to-Peer (P2P) Lending:
P2P lending platforms enable individuals and businesses to access loans without involving traditional financial institutions. Borrowers can connect with lenders or investors through online services, streamlining the borrowing process. P2P lending offers competitive returns on investments while providing borrowers with convenient, quick, and documentation-light loans. It is particularly valuable for diversifying investments through multiple lending and borrowing opportunities.
Market Trends and Drivers:
Several key trends and drivers are fueling the growth of the global P2P lending market:
- Rise of Small and Medium-Sized Enterprises (SMEs): The market benefits from the expansion of SMEs seeking alternative financing options, reducing their reliance on traditional banks.
- Alternative Financing Demand: The growing need for alternative financing with minimal fees and flexible repayment options drives market growth.
- Technological Advancements: Developments like blockchain technology with smart contracts enhance transparency and reliability in borrowing and lending, spurring market expansion.
- Shifting Consumer Preferences: Consumers increasingly favor online loans to avoid extensive documentation and lengthy loan procedures.
- Education Loans: A surge in the number of students studying abroad is boosting demand for educational loans.
- Digitization of BFSI Industry: The rapid digitization of the Banking, Financial Services, and Insurance (BFSI) sector is contributing to market growth.
The global P2P lending market is segmented based on various factors:
- Loan Type: Consumer Lending and Business Lending (with business lending holding the majority market share).
- Business Model: Marketplace Lending and Traditional Lending (with traditional lending currently dominating the market).
- End User: Consumer (Individual/Households), Small Businesses, Large Businesses, Real Estate, and Others.
The market's regional breakdown includes North America (United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
Key players in the P2P lending market include Avant Inc., Commonbond Inc., Funding Circle Ltd., LendingClub Corporation, Lendingtree Inc. (InterActiveCorp and Tree.com Inc.), On Deck Capital Inc., Prosper Marketplace Inc., Retail Money Market Ltd., Social Finance Inc., Upstart Network Inc., and Zopa Limited.
Key Questions Addressed:
- How has the global P2P lending market performed, and what are its growth prospects?
- What is the impact of COVID-19 on the P2P lending market?
- What are the key regional markets?
- How is the market segmented based on loan type, business model, and end user?
- What factors drive and challenge the industry?
- Who are the key players in the global P2P lending market?
No. of Pages
2022 - 2028
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
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SOURCE Research and Markets