According to the latest report by IMARC Group “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 represents an online monetary arrangement between individuals and businesses without involving banks or other financial institutions. It loans money to eligible applicants via online services that connect borrowers directly to investors or lenders. P2P lending is a readily available source of capital that allows individuals to get business, personal, or educational loans at flexible repayment terms and low-interest rates. It offers an increased return on investment (ROI) and aids in quick, convenient, and hassle-free loans with minimal documentation and zero effect on the credit scores. As a result, P2P lending finds widespread applications among large and small businesses, individuals, households, and real estate.
Market Trends:
The escalating demand for these platforms to eliminate the cost of maintenance, establish physical branches and staff and reduce the risk for lenders and borrowers is primarily driving the peer to peer (P2P) lending market. In line with this, the expanding small and medium-sized enterprises (SMEs) are further augmenting the global peer to peer lending market growth. Moreover, the increasing need for an alternative financing option that provides convenient repayment options and minimal charging fees is also catalyzing the global market. Besides this, the development of smart contracts on blockchain technology that offer reliable and transparent borrowing and lending facilities is acting as another significant growth-inducing factor. Additionally, the shifting consumer preferences toward online loans to avoid the hefty documentation process and lengthy procedures are also stimulating market growth. Furthermore, the growing digitization of the banking, financial services, and insurance (BFSI) industry and the rising real estate loan activities are expected to bolster the peer to peer (P2P) lending market in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Breakup by Loan Type:
- Consumer Lending
- Business Lending
Business lending holds the majority of the global peer-to-peer (P2P) lending market share due to expanding business operations globally and high return on investment (ROI) on P2P loans.
Breakup by Business Model:
- Marketplace Lending
- Traditional Lending
Traditional lending currently dominates the market as it helps borrowers avail quick and convenient loans.
Breakup by End User:
- Consumer (Individual/Households)
- Small Businesses
- Large Businesses
- Real Estate
- Others
Small businesses exhibit a clear dominance in the market as P2P lending platforms allow them to borrow loans directly from investors at low-interest rates.
Market 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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Competitive Landscape with Key Player:
- Avant Inc (TYO: 3836)
- Commonbond Inc.
- Funding Circle Ltd (LON: FCH)
- LendingClub Corporation (NYSE: LC)
- Lendingtree Inc (NASDAQ: TREE)
- On Deck Capital Inc.
- Prosper Marketplace Inc.
- Retail Money Market Ltd (BOM: 540615)
- Social Finance Inc (NASDAQ: SOFI)
- Upstart Network Inc (NASDAQ: UPST)
- Zopa Limited.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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