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Alternative Lending Platform Market is anticipated to grow at a CAGR of 23.9% during the forecast period 2022-2032 | Kabbage, Social Finance, Inc., Prosper Funding LLC, Avant, LLC

09-22-2023 02:54 PM CET | IT, New Media & Software

Press release from: Global Insight Services

Alternative Lending Platform Market

Alternative Lending Platform Market

New York, The global Alternative Lending Platform Market was valued at 2.6 billion in 2022 and it is anticipated to grow up to USD 22.2 billion by 2032, at a CAGR of 23.9% during the forecast period.

An Alternative Lending Platform is a type of financial institution that provides loans and other forms of financing to individuals and businesses. These platforms typically use online platforms and peer-to-peer lending models to connect borrowers with lenders. Alternative lending platforms typically have lower borrowing costs and faster funding timelines than traditional banks.

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Market Trends and Drivers

Increasing Adoption of Internet of Things and Blockchain-based Alternative Lending Platforms.

Alternative financial companies are increasingly adopting and implementing the Internet of Things (IoT) and blockchain-based technologies. These technologies help add advanced features such as easy accessibility and transparency to alternative funding platforms, further driving the Alternative Lending Platform Market growth. For example, digital products and solutions company Tavant Technologies has developed a blockchain-based digital solution that takes full advantage of data-driven processes in generating alternative funding lifecycles. Therefore, the increasing adoption of the Internet of Things and blockchain-based alternative lending platforms are expected to drive market growth for global industries in the coming years.

Market Restraints and Challenges

The key restraints and challenges in the alternative lending platform market include the stringent regulations, the need for a large amount of capital, and the lack of awareness among small businesses. The stringent regulations are the primary restraint for the growth of the alternative lending platform market. The need for a large amount of capital is another challenge for the market growth. The lack of awareness among small businesses is also a challenge for the market growth.

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Global Alternative Lending Platform Market Segmentation
By Deployment

• On-Premise
• Cloud

Major Players in the Global Alternative Lending Platform Market

Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global alternative lending platform market include Funding Circle, On Deck Capital, Kabbage, Social Finance, Inc., Prosper Funding LLC, Avant, LLC, Zopa Bank Limited, LendingClub Bank, Upstart Network, Inc., and CommonBond, Inc. among others.

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Reasons to buy Alternative Lending Platform Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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Website: https://www.globalinsightservices.com/

About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

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