According to the latest report by IMARC Group, titled “Peer to Peer (P2P) Lending Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global peer to peer (P2P) lending market grew at a CAGR of around 25% during 2014-2019. Peer to peer (P2P) lending refers to a marketplace model that enables the process of lending money to businesses or individuals. This is facilitated by the use of online services that connect lenders with borrowers who seek unsecured personal, business or educational loans. This arrangement allows lenders to acquire higher returns on their investments as it does not involve the intervention of financial institutions. The platform that acts as an intermediary and risk mitigator between the two parties ensures prompt lending processes with high returns and paperless transactions with an attempt to not impact the credit scores of any of the involved parties.
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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.
Global Peer to Peer (P2P) Lending Market Trends:
The market is primarily driven by the increasing number of small and medium-sized enterprises (SMEs), particularly in developing economies. These organizations utilize P2P lending services to access easy loans at reasonable interest rates for their crucial financing needs. These services are also widely preferred due to the minimal charges and convenience of repayment options to users. Additionally, P2P lending solutions have eliminated the requirement of physical branches, staffing and maintenance within an office setting, which is creating a positive outlook for the market. Moreover, governments of numerous countries are taking initiatives to support the utilization of P2P lending platforms by providing a specific framework that supports the growth of the industry and strives to avoid the chances of potential risks. The market is further driven by the adoption of blockchain technology in these models. Its utilization aids in making the overall process more transparent and fairer for both the lenders and borrowers. Furthermore, numerous individuals are now utilizing P2P arrangement for paying for their treatment expenses across the healthcare sector, especially due to the sudden outbreak of the coronavirus disease (COVID-19). On account of the aforementioned factors, the market is anticipated to witness strong growth during 2020-2025.
- On the basis of the loan type, the market has been bifurcated into consumer and business lending.
- Based on the business model, the market has been divided into marketplace and traditional lending.
- On the basis of the end user, the market has been categorized into consumer (individual/households), small businesses, large businesses, real estate and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Avant, LLC, CommonBond, Inc., Funding Circle Ltd., LendingClub Corporation, LendingTree, LLC, On Deck Capital, Inc., Prosper Marketplace, Inc., Retail Money Market Ltd, Social Finance, Inc., Upstart Network, Inc., and Zopa Limited.
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