Transparency Market Research delivers key insights on the global peer-to-peer lending market. In terms of revenue, the global peer-to-peer lending market is estimated to expand at a CAGR of 28.3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global peer-to-peer lending market.
Peer-to-peer lending is a form of lending money to an individual or business without the interference of a bank or a financial institution. The peer-to-peer (P2P) lending platform is an online money lending platform generally used to lend money to potential borrowers and offers secured and unsecured loans. Credit scores and social media activity are used by P2P platforms to connect borrowers and lenders at low-interest rates. The peer-to-peer lending platform acts as a mediator between the borrower, lender, and partner bank; the platform is subject to fewer regulatory restrictions, allowing them to keep fees and rates low.
The growing integration of smart payment gateways with different financial institutions is a major factor that drives the growth of the peer-to-peer lending market.
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Blockchain Technology a Breakthrough Innovation in Peer-to-Peer Lending Market
Since the peer-to-peer lending market is positioned to grow at an explosive CAGR throughout the assessment tenure, tech giants should capitalize on untapped potential in this sector. The constant need for loans and debts for educational purposes, business capital, and housing rent is translating into revenue opportunities for market stakeholders. Since India is emerging as one of the fastest-growing developing economies, tech companies are increasing R&D to develop online platforms that are regulated by the RBI (Reserve Bank of India). Such regulations are necessary in order to protect the interest of lenders and borrowers.
Peer-to-Peer Lending Market: Dynamics
The growing number of students who require educational loans is a key factor expected to propel the growth of the peer-to-peer lending market during the forecast period. Peer-to-peer lending platforms charge lower fees with simple application processes to students who apply for educational loans, leading to a rise in demand for these platforms. Lower operating costs and lower market risk for lenders and borrowers are key drivers of the global peer-to-peer (P2P) lending market. However, the market faces challenges due to technical and manual errors in the security control of peer-to-peer lending platforms. Lack of data privacy and security due to the risk of disclosure of names of borrowers and lenders on the website of peer-to-peer lending platforms is expected to hamper the growth of the market during the forecast period. Nevertheless, increasing technological developments in the financial sector is expected to boost the adoption of peer-to-peer lending platforms among various end-users.
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Peer-to-Peer Lending Market: Prominent Regions
The peer-to-peer lending market in North America is expected to account for the largest share during the forecast period due to innovations in P2P lending platforms to reduce manual errors and secure the data of borrowers & lenders from internal & external theft in the U.S. and Canada. This is expected to boost the adoption of peer-to-peer lending platforms in the region during the forecast period. Apart from the significant presence of market players in the region, the U.S. Government has increased investment in the finance sector, which is fueling the growth of the peer-to-peer lending market.
The peer-to-peer lending market in the Asia Pacific is likely to expand at the highest CAGR during the forecast period due to the increasing demand for student educational loans considerably increases the demand for peer-to-peer lending platforms in the region. The Europe market is projected to rise at a notable CAGR during the forecast period, owing to the rising demand for property loans that generate huge demand for the adoption of peer-to-peer lending platforms among various end-users.
Peer-to-Peer Lending Market: Key Players
Key players operating in the global peer-to-peer lending market are Avant Inc., CircleBack Lending, Inc., Clear, Daric Inc., Funding Circle Limited, LendingPad Corporation, Kabbage Inc., Peerform, Payoff, Prosper Marketplace, Inc., Social Finance Inc., and Upstart Network Inc.
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Global Peer-to-Peer Lending Market: Segmentation
Peer-to-Peer Lending Market, by Type
- Personal Loan
- Business Loan
Peer-to-Peer Lending Market, by End-user
- Consumer Credit
- Small Business
- Student Loans
- Real Estate
Peer-to-Peer Lending Market, by Business Model
- Traditional P2P Model
- Marketplace Lending Model
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