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According to a recent report published by Report Ocean, titled, “Peer to Peer Lending Market By Business Model, Type, and End User: Opportunity Analysis and Industry Forecast, 2020-2027”, the global peer to peer (P2P) lending market was valued at $67.93 billion in 2019, and is projected to reach $558.91 billion by 2027, growing at a CAGR of 29.7% from 2020 to 2027.
Peer to peer (P2P) lending, also referred to as market place lending, is a method of online debt financing, which allows creditors to lend varying sums of money to small business and individual borrowers. P2P lending transactions are not only economical for borrowers but also a profitable investment opportunity for retail lenders. Moreover, it allows individuals to give loans to other individuals or participate in pools of loans, thus limiting the market risk. Although P2P companies do not lend their own funds, they act as mediators to both borrower and lender.
Furthermore, low operating cost and minimal market risk for lenders and borrowers are the major factors driving the growth of the market. In addition, digitization in the banking sectors, which adds to the transparency over traditional banking system fuels the growth of the market.
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Drivers of Growth:
Several factors are fueling the rapid expansion of the P2P lending market. Firstly, the increasing adoption of digital platforms and the proliferation of internet connectivity have facilitated the growth of online lending platforms. Additionally, P2P lending offers borrowers quick access to funds with fewer bureaucratic hurdles compared to traditional banking institutions. Moreover, the low-interest rates offered by P2P lending platforms attract borrowers seeking affordable financing options. Furthermore, the rising investor demand for alternative investment avenues and the potential for higher returns compared to traditional investment instruments contribute to the market’s growth.
However, risk of losing all money coupled with implementation of stringent government regulations for loan processing and low awareness of P2P lending benefits among population hamper the growth of the market. On the contrary, development of the Chinese market, which has led to increase in number of lenders and borrowers across the country, and rise number of small business lending entities are expected to provide remunerative opportunities for the expansion of the global peer to peer lending market growth during the forecast period.
By business model, the global peer to peer lending market was led by the traditional lending segment in 2019, and is projected to maintain this trend in the near future. This is attributed to rise in adoption of traditional P2P lending in developing nations and lack of availability of modern technologies. However, the market place lending model is gradually being adopted across the globe, and is anticipated to surpass the traditional model in the next few years. Thus, providing a lucrative opportunity for the peer to peer lending market trends.
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The global peer to peer lending market industry was dominated by China in 2019, attributable to increase in trend of online market place lending in China and rise in greater knowledge among the investors and borrowers in alternate funding process. However, India is expected to witness the highest growth rate during the forecast period, due to rise in penetration of digital lending supported by increase in number of start-ups and several government initiatives to increase the P2P lending firms across the country.
Key Findings of the Study:
On the basis of business model, the traditional lending segment led the peer to peer lending market size, in terms of revenue in 2019.
By type, the business model segment garnered the highest peer to peer lending market share in 2019.
In Europe, UK generated the highest revenue in 2019.
Depending on end user, the small business loan segment is anticipated to exhibit substantial growth during the forecast period.
The key players operating in the peer to peer lending market analysis are
Avant Inc.
Funding Circle Limited
Kabbage Inc.
Lending Club Corporation
LendingTree, LLC
On Deck Capital, Inc.
Prosper Marketplace Inc.
RateSetter
Social Finance Inc.
Zopa Limited.
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Challenges and Opportunities:
Despite the promising growth prospects, the P2P lending market faces several challenges, including regulatory uncertainties, cybersecurity concerns, and the risk of default. However, technological advancements, such as blockchain and artificial intelligence, present opportunities to address these challenges and enhance the efficiency, transparency, and security of P2P lending platforms.
Competitive Landscape:
The report evaluates the competitive landscape of the global P2P lending market, profiling key players, their business strategies, market positioning, and recent developments. Additionally, strategic initiatives such as mergers & acquisitions, partnerships, and product innovations undertaken by these players are analyzed to provide insights into the competitive dynamics of the market.
Report Include:
Market Behavior/ Level of Risk and Opportunity
End Industry Behavior/ Opportunity Assessment
Expected Industry Recovery Timeline
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