IMARC Group, a leading market research company, has recently releases report titled “Peer to Peer (P2P) Lending Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global peer to peer (P2P) lending market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the peer-to-peer (P2P) lending?
The global peer to peer (P2P) lending market size reached US$ 147.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 626.5 Billion by 2028, exhibiting a growth rate (CAGR) of 26.1% during 2023-2028.
What is peer to peer (P2P) lending?
Peer to peer (P2P) lending is the process of providing loan to an individual or business without the involvement of any bank or financial institution. It lends money through online services that connect borrowers directly to lenders or investors, who lend money to qualified applicants. P2P lending aims to increase the returns for the lenders and to reduce the rate of interest for borrowers. It offers cost-effective services to borrowers compared to traditional financial institutes while also assisting in quick and convenient loans at competitive interest rates and low fees. In P2P lending,the individual website sets the rates and terms, which enables the transaction. Consequently, the system promotes prompt, paperless, high return, and flexible ways of borrowing and lending money.
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What are the growth prospects and trends in the peer to peer (P2P) lending industry?
The market is primarily driven by increasing digitization in the banking industry. Besides this, the emerging small and medium enterprises (SMEs), especially across developing countries, are also facilitating the market growth. These organizations require an alternative financing option that provides minimal charging fees and convenient repayment options. In addition to this, P2P lending platforms also do away with the cost of establishing physical branches, maintenance and staff, thereby increasing their demand across organizations.
Moreover, governments across various countries are undertaking initiatives to support P2P lending by offering specific frameworks. Furthermore, the introduction of blockchain technology and smart contracts, which offer transparent and reliable lending and borrowing facilities and safeguard the privacy of the customers, are also acting as major growth-inducing factors. Looking forward, the market is expected to grow at a CAGR of 26.1% during the forecast period (2023-2028).
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Loan Type:
- Consumer Lending
- Business Lending
Breakup by Business Model:
- Marketplace Lending
- Traditional Lending
Breakup by End User:
- Consumer (Individual/Households)
- Small Businesses
- Large Businesses
- Real Estate
- Others
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
- Zopa Limited.
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