According to the latest report by IMARC Group, titled “Peer to Peer (P2P) Lending Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global peer-to-peer (P2P) lending market reached a value of US$ 112.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 525.3 Billion by 2027, exhibiting a CAGR of 28.1% during 2022-2027.
Peer to Peer (P2P) Lending Industry Definition and Application:
Peer-to-peer (P2P) lending, also known as crowdlending and social lending, is the process of offering a loan to an individual and business without the involvement of any bank or financial institution. It lends money via online services that connect borrowers directly to lenders and investors. It intends to improve the returns for the lenders and minimize the rate of interest for borrowers. It helps in offering quick and convenient loans at competitive interest rates and low fees with minimal documentation and zero impact on the credit scores and cost-effective services to borrowers as compared to traditional financial institutes. At present, P2P lending is gaining traction in the banking, financial services, and insurance (BFSI) industry across the globe.
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Global Peer-to-Peer (P2P) Lending Market Trends:
The increasing number of P2P websites that reduce the cost of establishing physical branches, maintenance and staff and provide minimal risk for both lenders and borrowers represents one of the major factors bolstering the market growth around the world. In line with this, rapid digitization and the rising adoption of P2P lending in small and medium enterprises (SMEs), as these organizations require an alternative financing option that offers minimal charging fees and convenient repayment options, is favoring the market growth. Moreover, the advent of smart contracts and blockchain technology, which offer transparent and reliable lending and borrowing services and protect the privacy of the customers, are contributing to the market growth. There is a rise in the integration of artificial intelligence (AI), machine learning, and analytics to mitigate fraud. This, along with initiatives undertaken by governments of numerous countries to encourage P2P lending as a part of economic development by offering specific frameworks, is impelling the market growth.
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 2022-2027 Analysis and Segmentation:
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
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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