Peer to Peer (P2P) Lending Market Size to Surpass US$ 705.81 Bn by 2030

London, April 27, 2022 (GLOBE NEWSWIRE) -- The global peer to peer (P2P) lending market size was estimated at US$ 83.79 billion in 2021. Due to the increased use of digitization in the banking sector, the peer to peer (P2P) lending business is also developing. Transactions have become more transparent as a result of peer to peer (P2P) lending platforms. Government restrictions governing loan approvals, on the other hand, are impeding the growth of the worldwide peer to peer (P2P) lending business.

Furthermore, a lack of public understanding about peer to peer (P2P) lending is limiting the growth of the worldwide P2P lending sector. Furthermore, the growth of small and medium-sized businesses is fueling the need for peer-to-peer (P2P) financing around the world.

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Regional Snapshot

North America is the largest segment for peer to peer (P2P) lending market in terms of region.The U.S. is dominating the peer to peer (P2P) lending market in the North America region. The adoption of peer to peer (P2P) lending platforms is driving the expansion of the peer to peer (P2P) lending market in North America. The need for peer to peer (P2P) lending platforms in the region is also being driven by the adoption of innovative technology.

Scope of the Report

Asia-Pacific region is the fastest growing region in the peer to peer (P2P) lending market.China and Germany hold the highest market share in the Asia-Pacificpeer to peer (P2P) lending market.The Asia-Pacific region's peer-to-peer (P2P) lending market is expanding due to an increase in the number of small and medium-sized businesses. Governments in developing countries such as China and India are continually working to promote cashless technologies. This element is driving the region's peer-to-peer (P2P) lending market forward.

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Report Highlights

• On the basis of type, consumer lending segment holds the largest market share in the global peer to peer (P2P) lending market. In the peer to peer (P2P) lending industry, consumer loans are made between two people. Over the projection period, factors such as increased disposable income and rapid urbanization will drive the segment’s expansion in the peer to peer (P2P) lending market.
  
  
• On the basis of end user, consumer credit loan segment holds the largest market share in the global peer to peer (P2P) lending market. The consumer credit loan is a short-term loan. This type of loan can be in the form of a cash loan or a line of credit. The increased usage and acceptance of consumer credit loans among consumers and businesses for finances is credited with the segment’s rise.
  

Market Dynamics

Drivers

Growing digitization in banking sector

The peer to peer (P2P) lending platforms are widely adopted in the banking sector as compared to traditional lending platforms. This is due to growing trend of digitization. The digitization helps to conduct transactions with more efficiency and transparency. The peer to peer (P2P) lending platforms also helps in decision making for business owners. In addition, the increase in penetration of smartphones is also driving the growth of the market. As a result, growing digitization in banking sector is boosting the growth of global peer to peer (P2P) lending market over the forecast period.

Restraints

Growing competition among major technological firms

The competition among big tech companies is rising at a rapid pace. The players such as Amazon, Facebook, and Google are competing among each other. This restricts the borrowing and leading of loans among other businesses. As a result, growing competition among major technological firms is restricting the growth of peer to peer (P2P) lending market.

Opportunities

Benefits regarding peer to peer (P2P) lending platforms

The adoption of peer to peer (P2P) lending platforms helps in terms of costs savings. The cost is saved regarding land and labor. The peer to peer (P2P) lending platforms are operated through internet with the help of smartphones or laptops. The fees charged by peer to peer (P2P) lending platforms are low in cost as compared to traditional lending platforms. All of these benefits are driving the demand for peer to peer (P2P) lending platforms. As a result, benefits regarding peer to peer (P2P) lending platforms are contributing the growth of global peer to peer (P2P) lending market during the forecast period.

Challenges

Lack of awareness regarding peer to peer (P2P) lendingplatforms

The people are still dependent on traditional means and methods for borrowing loans. The developing and underdeveloped regions lack resources for digitization of banking sector. This is restricting the growth of the global peer to peer (P2P) lending market. In addition, people are also not aware about peer to peer (P2P) lending platforms. Thus, lack of awareness regarding peer to peer (P2P) lending platforms is a biggest challenge for the peer to peer (P2P) lending market growth.

Recent Developments

• Google teamed with four Indian banks in September 2018 to offer digital loans. Due to the digitalization of traditional lending platforms such changes are going to pose a danger to the peer to peer (P2P) lending market.
• Funding Circle has arranged over $ 8 billion in loans to small and medium sized businesses as of September 2019. The business is now listed on the London Stock Exchange. For around 60 months, businesses can borrow up to 1 million pounds in the UK and $ 500,000 in the U.S.

Market Segmentation

By Type

• Consumer Lending
• Business Lending

By End User

• Consumer Credit Loans
• Small Business Loans
• Student Loans
• Real Estate Loans

By Business Model

• Marketplace Lending
• Traditional Lending

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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