Money lending scenarios have witnessed extensive improvements in the past few decades, mainly as most companies are integrating latest technologies to provide highly efficient and seamless solutions. Widespread advancements in technologies that govern the processes associated with money lending are majorly driving the global peer-to-peer lending market to witness fabulous growth. Moreover, with the low cost of associated operations, several users prefer choosing peer-to-peer money lending processes compared to other loaning scenarios. In addition, a burgeoning student population all over the globe too is making the market grow at a rapid pace. This is mainly due to the fact that many students seek loans at cheaper interest rates provided by money lending organizations than banks and other similar financial institutions. Lastly, with a rising awareness regarding closing off personal debt as fast as possible, many people are resorting to solutions such as peer-to-peer money lending.
According to expert analysts, the global peer-to-peer lending market was worth US$26.16 bn in 2015. This revenue is further expected to grow up to US$897.85 bn by the end of 2024. This growth is predicted to occur at meteoric and phenomenal CAGR of 48.2% during the forecast period from 2016 to 2024.
The global peer-to-peer lending market is mainly segregated into various segments on the basis of three key criteria: by end user, by business model, and by regional spread. Under end user, the market mainly consists of segments such as consumer credit, small businesses, student loans and real estate. Whereas, under business model type, traditional P2P model and marketplace lending model are two key segments present in the market.
Under end users, the small business sector accounts for a lion’s share of the total market’s revenue. This is mainly due to the fact that small businesses might not have sufficient capital. Such an insufficiency might make them apply for peer-to-peer money lending services, thereby causing the segment to attract more revenue. According to market analysts, the small business sector is expected to expand at a phenomenal CAGR of 48.8% during the aforementioned forecast period.
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With respect to business model, the traditional P2P model still exists on a large-scale basis, mainly in developing regions. This is mainly due to less availability of modern technologies in these regions, which makes numerous companies adopt the P2P model. However, the marketplace lending model is gradually catching up all over the globe and could overtake the traditional model during the next few years.
Common Bond Inc., Prosper Marketplace, Inc., Upstart Network Inc., Circle Back Lending, Inc., Funding Circle Limited, Peerform, and Social Finance Inc., Pave, Inc., are some of key players operating in the global peer-to-peer lending market. Even though the market is moderately competitive in current times, with the number of players predicted to increase in the near future, the competition is prophesized to intensify in this sector.
The global peer-to-peer lending market is manly spread geographically across North America, South America, Europe, Asia Pacific, and the Middle East and Africa. In 2015, North America had held a dominant position comprising of more than 43% of the total market shares. Reduced interest rates in conventional banking, rising dependency of online platforms, and after-effects of last financial crisis, is majorly making the market grow rapidly in North America. However, this market is also developing rapidly in emerging economies, mainly present in Asia Pacific and South America. Some of these emerging economies are: India, China, Japan, Australia, and Brazil, among several others. With numerous businesses looking for financial alternatives to fund their projects, the global peer-to-peer lending market is predicted to expand extensively.
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