Microfinance Market Report, Size, Share, Growth, Trends, Industry Forecast, Outlook to 2033

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The new report published by The Business Research Company, titled Microfinance Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the microfinance market size has grown rapidly in recent years. It will grow from $193.85 billion in 2023 to $215.51 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The microfinance market size is expected to see rapid growth in the next few years. It will grow to $330.98 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%.

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What Is Driving The Growth Of The Global Microfinance Market?

Increasing Number Of SMEs Is Driving The Growth Of The Microfinance
The increasing number of small and medium-sized enterprises (SMEs) is expected to propel the growth of the microfinance market going forward. Small and medium-sized enterprises (SMEs) refer to businesses that are characterized by their relatively small scale in terms of revenue, assets, and number of employees. The number of SMEs is increasing due to a surge in entrepreneurial spirit, technological advancements lowering entry barriers, supportive government policies, and expanded global market access. Microfinance supports SMEs by offering crucial access to small loans and financial services, aiding in capital acquisition, cash flow management, and risk mitigation. For instance, in February 2024, according to a report published by Startups.co.uk, a UK-based provider of online resources and advice platforms, in 2023, new SME businesses surged by 19.5% to 39,966 establishments, reflecting a 6.5% increase from 2022, while overall incorporations grew by a modest 2% to 778,219 in 2022. Therefore, the increasing number of SMEs is driving the growth of the microfinance market.

What Is The Key Trend In The Global Microfinance Market?

Technological Advancement To Drive Innovation In The Microfinance
Major companies operating in the microfinance market focus on developing innovative solutions with technological advancements, such as digital microfinance platforms, to enhance accessibility, streamline operations, and improve financial inclusion for underserved populations. A digital microfinance platform is an online or mobile-based system that provides financial services such as microloans, savings accounts, and insurance to underserved individuals and small businesses. For instance, in April 2021, Eamar Microfinance, a Nigeria-based microfinance company, launched pilot phase of Yemen's first digital microfinance platform to help clients and communities by providing blended financial and non-financial digital services. This platform allows clients to digitally access financial and non-financial services, providing convenience and support to underserved communities. The platform includes services such as advisory support and training to facilitate access to e-money and transfers anytime and anywhere. This platform represents an effort to promote financial inclusion and support economic recovery during the country's ongoing humanitarian crisis.

How Is The Global Microfinance Market Segmented?
The microfinance market covered in this report is segmented -
1) By Service Type: Group And Individual Micro Credit, Leasing, Micro Investment Funds, Insurance, Savings And Checking Accounts, Other Service Types
2) By Providers: Banks, Micro Finance Institutions (MFI), NBFC (Non-Banking Financial Institutions), Other Provider
3) By Purpose: Agriculture, Manufacturing Or Production, Trade And Services, Household, Other Purposes
4) By End-Users: Small Enterprises, Micro Enterprises, Solo Entrepreneurs Or Self-Employed

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How Is The Competitive Landscape Of The Global Microfinance Market?
Major companies operating in the microfinance market are Bank Rakyat Indonesia (BRI), Oliver Wyman Group, Bandhan Bank Limited, LendingClub Corporation, ASA International Group PLC, Accion International, Annapurna Finance Private Limited, PRASAC Microfinance Institution Ltd., Prosper Marketplace Inc, Madura Microfinance Ltd. , Compartamos Banco, Pro Mujer International, Oikocredit International, Ujjivan Financial Services , Fundación Génesis Empresarial (FGE), Kiva Microfunds, Gojo & Company Inc., FINCA International, Fonkoze Financial Services S.A., Cashpor Micro Credit, Opportunity International, BSS Microfinance Limited, Asirvad Microfinance Limited

Contents Of The Global Microfinance Market
1. Executive Summary
2. Microfinance Market Report Structure
3. Microfinance Market Trends And Strategies
4. Microfinance Market - Macro Economic Scenario
5. Microfinance Market Size And Growth
…..
27. Microfinance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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