According to the latest report by IMARC Group, titled “Peer to Peer (P2P) Lending Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” 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. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Peer-to-Peer (P2P) Lending Industry Definition and Application:
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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Global Peer-to-Peer (P2P) Lending Market Trends:
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).
Apart from this, the growing penetration of smartphones to access financial services through mobile credit and e-wallets are influencing the market positively. Furthermore, the increasing population and the rising need for quality housing and infrastructure are driving the adoption of P2P lending in the real estate sector. Besides this, the growing awareness about the benefits of P2P lending among individuals is creating a positive outlook for the market. Additionally, rising expenses of education institutions are increasing the need for P2P lending for education loans. Along with this, the emerging trend of studying overseas is strengthening the growth of the market. Moreover, the increasing use of social media platforms by P2P lending organizations for better market connectivity and penetration, expanding consumer base, and media promotions are propelling the market growth.
Global Peer to Peer (P2P) Lending Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 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.
The report has segmented the market on the basis on region, loan type, business model and end-user.
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: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico Others)
- Middle East and Africa
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