In recent years, the outlook of money lending has experienced significant changes and witnessed continuous evolution. Numerous companies are working to incorporate revolutionary technologies to offer smooth and highly efficient solutions. It improves the industry scenario in the peer-to-peer lending market. There is a rapid advancement in technology that is regulating money lending processes and leads to growth in upcoming years in the global peer-to-peer lending market. Also, the cost-effectiveness of the processes is persuading the users to opt for peer-to-peer lending solutions in comparison to other money-lending solutions. Apart from this, the students from different counties across the globe are getting benefits through peer-to-peer lending solutions.
With peer-to-peer lending solutions, anyone can get a loan from any other person directly. There is no need to involve financial institutions during the completion of the process. With the help of websites, the entire money lending process can be facilitated, and it drives growth in the peer-to-peer lending market.
The peer-to-peer lending market is anticipating tremendous growth in the forecast period from 2016 to 2024. The market is anticipating a compound annual growth rate to rise at 48.2% during 2016 – 2024, reach worth of US$ 897.85 billion by 2024-end.
Social lending or crowd lending are other names of peer-to-peer lending solutions. This concept has come into existence since 2005 only.
Capital Insufficiency among Small Businesses Poses as Unmet Need in Peer-to-Peer Lending Market and Will Propel Strides
The peer-to-peer lending market is primarily divided on the basis of three different parameters. These parameters include region, end-user, and business model. On the basis of end-user, the peer-to-peer lending market is divided into consumer credit, small businesses, student loans, and real estate. Further, the peer-to-peer lending market is segmented into the traditional peer-to-peer (P2P) model and marketplace lending model on the basis of business model.
The small startups are estimated to share remarkable growth in the global peer-to-peer lending market. The key reason is the availability of insufficient capital having an adverse impact on the growth in the respective business. But it contributes a lot to market revenue according to the market insights in P2P lending market. The market research survey on P2P market has identified that small businesses are expecting growth in the near future and are anticipated to rise 48.8% of compound annual growth rate (CAGR) during the forecast period from 2016 to 2024.
North America is anticipated to Create New Avenues with Diminishing Interest Rate in the Peer-to-Peer Lending Market
The sales analysis on peer-to-peer lending market has undertaken research in various key areas such as North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Key insights on peer-to-peer lending market have traced that North America is expected to hold dominant market through the forecast period. The existing banks provide reduced interest rates in the region. The customers from this region also have the independence to perform online activities. These factors are boosting in the peer-to-peer lending market. Apart from North America, the Asia Pacific and Europe markets are also attracting customers with attractive interest rates and comfort in performing business online.
On the other hand, the global peer-to-peer lending market is facing competition from other financial institutions such as banks. These banks are lending money at a low-interest rate compared to peer-to-peer lenders. So, it leads to immense pressure on existing banks and lenders to work on interest rates because of the ongoing battle to obtain a bigger share in the lending industry. The sales analysis on peer-to-peer lending market has evaluated that the industry is getting threatened by the rising number of loan defaulters presently.
The global Peer-to-Peer Landing market is segmented into following sections:
- Peer-to-Peer Landing Market, by End-User Type
- Consumer Credit
- Small Business
- Student Loans
- Real Estate
- Peer-to-Peer Landing Market, by Business Model Type
- Traditional P2P Model
- Marketplace Lending Model
- Peer-to-Peer Landing Market, by Geographical Type
- North America
- The U.S.
- Rest of North America
- The UK
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of World
- Middle East and Africa (MEA)
- Latin America
- North America
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