Peer-to-peer (P2P) lending market to reach $ 558.9 billion
Portland, May 11, 2020 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the peer-to-peer lending market (P2P) generated $ 67.9 billion in 2019 and is expected to reach $ 558.9 billion by 2027, registration of a 29.7% CAGR from 2020 to 2027. The report offers in-depth analysis of changing market dynamics, key winning strategies, business performance, major segments and competitive scenario.
Technological advancements in the traditional banking system to improve transparency and low operating costs and risks are driving the growth of the global peer-to-peer (P2P) lending market. However, low awareness of the benefits of P2P loans and strict government regulations are hampering the growth of the market. On the other hand, the rise of small businesses and the growth of the Chinese market create new opportunities in the years to come.
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- Depositors transfer their deposits to traditional and major banks to provide safety during economic turmoil, according to the Federal Reserve.
- Most investors have reported liquidity issues which is why a number of P2P platforms have been shut down in recent months.
- The economic crisis arising due to the foreclosure around the world is increasing the demand for online loans in developing countries like Indonesia.
- During the coronavirus pandemic, the risk of non-performing loans has been increased.
The report offers detailed segmentation of the global leading peer to peer market on the basis of service business model, type, end-user, and region.
Based on the business model, the traditional lending segment contributed the largest share in 2019, accounting for almost four-fifths of the total share, and is expected to maintain its dominant position during the forecast period. However, the loan segment in the alternative market is expected to register the highest CAGR of 31.8% from 2020 to 2027.
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On the basis of type, the business loan segment accounted for the largest share in 2019, holding almost two-thirds of the total share, and is expected to retain the largest share throughout the forecast period. However, the consumer loans segment is estimated to exhibit the highest CAGR of 30.6% during the forecast period.
According to region, North America contributed the highest share, accounting for over two-thirds of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 40.4% from 2020 to 2027.
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The major market players analyzed in the study include Avant, LLC., Kabbage Inc., LendingTree, LLC., Prosper Funding LLC., Social Finance, Inc., Funding Circle, Lending Club Corporation, OnDeck, RateSetter and Zopa Bank Limited .
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