Increasing Small Business Units to Act as Building Blocks for Peer-to-Peer Lending MarketThe unprecedented penetration of internet across the globe that is allowing borrowers to seek funds is propelling the global peer-to-peer lending (P2P) market. Technological advancements that are permitting users to have a smooth access to interfaces that offer quick updates is also augmenting this market.
The research report published by Transparency Market Research states that the opportunity in the global P2P lending market was worth US$26.16 bn in 2015. Analysts predict that the market valuation will reach US$897.85 bn by 2024, as it expands at a significant CAGR of 48.2% from 2016 to 2024.
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The growth of the global P2P market is mainly being driven by growing advancements in technology that is encouraging potential consumers and existing players to make quick decisions. The low cost of operations is also supporting the growth of this market in comparison to the growth rate of conventional money lending institutions.
Easy Access to Funds Makes P2P Lending a Popular Choice
The long-drawn process of securing loans has paved the way for global P2P lending market as it ironed out the creases of seeking funds in more ways than one. This is the single most important factor lure small businesses towards opting for P2P systems of borrowing and lending. The strict regulatory framework, complicated compliance structure, and the hefty overheads have all made small business owners, entrepreneurs, and startups lean towards P2P market.
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Small Businesses to Ensure Rapid Growth of P2P Lending in Asia Pacific
As of 2015, North America held a dominant position in the P2P market, accounting for over 43% share in the overall market. The reducing interest in conventional banking, increasing dependency on online platforms, and recent history of financial crisis in this region has prompted P2P lending market to take lead cater to the unmet financial demands of the population.
Some of the key players in the global P2P lending market are Daric Inc., LendingClub Corporation, CommonBond Inc., Prosper Marketplace, Inc., Upstart Network Inc., CircleBack Lending, Inc., Funding Circle Limited, Peerform, and Social Finance Inc., Pave, Inc. Research suggests have the rising number of small businesses are offer great many growth opportunities to the global P2P market to grow and flourish in the coming years.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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