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CST: 23/07/2019 08:07:24   

Peer-to-Peer Lending Market to rise at 48.2% CAGR - Simplification of Modes Used for P2P Lending Spurs Demand – TMR

35 Days ago

Global Peer-to-peer Lending Market to reach US$897.85 bn by 2024 with Demand for Simpler Methods to Obtain Student Loan

Albany, New York, June 18, 2019 (GLOBE NEWSWIRE) -- According to the report by Transparency Market Research (TMR) the global peer-to-peer lending market is expected to possess a highly competitive landscape from 2016 to 2024. Various players are adopting to the trend of developing strong tactical alliances with one another in the market. This is evident by numerous partnerships amongst players that have occurred in recent times. For instance, Prosper Marketplace, Inc. and OnDeck announced their agreement of collaboration recently. The partnership is aimed to improve the product portfolio and resource bank. Prosper Marketplace, Inc. also acquired American Healthcare in order to enhance its portfolio and production capacity.

Some of the other major players of global peer-to-peer lending market are Upstart Network, Common Bond Inc., Circle Back Lending Inc., Peerform and Social Finance Inc., among several others.

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Transparency Market Research’s report estimates that the global peer-to-peer lending market is expected to witness a staggering growth with 48.2% CAGR during the forecast of 2016 to 2024. The market is expected to worth US$897.85 bn by the end of 2024, says the report.

The Small business segment under the end-users parameter is projected to exhibit maximum revenue-generating potential. The growth is the result of growing number of small businesses in various regions across the globe. Lack of sufficient funding for the businesses is expected to boost the global peer-to-peer lending market over the period of time.

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North America is prophesized to experience the highest growth in peer-to-peer lending market during the forecast period. The growth is attributed to the reduced interest rates and rising dependency on online platforms in the region. The after-effects of the previous financial crisis are also crucial factors that are influencing the dominance of the region in the peer-to-peer lending market. The region will be followed by Asia Pacific in terms of growth and evaluation. Hunt for financial alternatives in emerging economies such as India, China, Japan, and Australia is helping the region to grow in peer-to-peer lending market.

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Simple Lending Models to Boost the Growth of the Market

Rising demand for peer-to-peer lending is expected to gain major boost as a result of simpler mode of lending. For instance, improved online interfaces and other technological advancements can be the key for the growth of global peer-to-peer lending market. Borrowers can receive instant alerts about the transaction of the amount transferred and completion of lending process. On the other hand, growing demand for student’s loans has become way simpler that it was earlier. This simplicity is driving the growth of global peer-to-peer lending market.

Presently, the growth in small businesses in various regions has escalated to another level. Everybody is adopting the trend of becoming an entrepreneur these days rather than applying for jobs. This trend of starting their own business and lack of proper funding to start one is a major issue that is driving the growth of global peer-to-peer lending market in the forecast period. Introduction of various software that estimates the borrower’s financial capabilities to repay loan and calculate the loan amount based on different factors is also adding to the growth of global peer-to-peer lending market.

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Banks’ Low Interest Rates to Pose Possible Risk to the Market

The global peer-to-peer lending market can witness a slight depreciation in the forecast period as a result of borrowers finding interest in other lending alternatives such as banks. This poses a huge pressure on traditional lenders to improve their rate of interest and gain maximum opportunities of the market. Moreover, defaults on loan repayments is increasing the risks for investors and also is hampering the growth of global peer-to-peer lending market.

However, the opportunities posed by regional markets such India and China as a result of a colossal population base can allow the market players to surpass the challenges and capture maximum opportunities in peer-to-peer lending market. Furthermore, the willingness of peer-to-peer lending vendors to expand their business is also expected to help the global peer-to-peer lending market to grow against all the challenges mentioned during the forecast period.

The study presented here is based on a report by Transparency Market Research (TMR), titled, “Peer-to-peer (P2P) Lending Market (End User - Consumer Credit, Small Business, Student Loan, and Real Estate; Business Model - Traditional P2P Model and Marketplace Lending Model) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”

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