Peer-to-Peer Lending Market Surges to US$ 517.2 Billion by 2024, Driven by Growing Demand and Reduce (Computers - Information Technologies)
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Peer-to-Peer Lending Market Surges to US$ 517.2 Billion by 2024, Driven by Growing Demand and Reduce | |
The peer-to-peer lending market value is expected to rise from US$ 517.2 billion in 2024 to US$ 1,709.60 billion by 2034. This market is analyzed to surge ahead at a CAGR of 12.70% over the next decade. The surging popularity of P2P lending has propelled players to collaborate and contribute to market growth. For instance, Traveloka, an Indonesia-based travel tech platform publicly announced its partnership with Gojek-supported Bank Jago to disburse loans via Traveloka PayLater. The initiative is raising opportunities for the underbanked community in Indonesia. Thanks to these initiatives, the growth of peer-to-peer lending is expected to flourish over the forecast period. Unlocking the Knowledge: Requesting a Sample Copy for In-Depth Understanding. https://www.futuremarketinsights.com/reports/sample/rep-gb-14675 The adoption of peer-to-peer lending platforms by several end users like student loan organizations and real estate is projected to provide growth prospects to vendors. Additionally, increasing partnerships among market players are projected to yield market growth. “Key players are investing in product innovation and strategic partnerships to gain a larger hold in the market. Going forward, AI capabilities are also expected to be exploited to develop customized financing solutions,” says an analyst of Future Market Insights. Key Takeaways from the Peer-to-peer Lending Market Report The peer-to-peer lending market attained a valuation of US$ 295.34 billion in 2019. By 2023, the valuation topped US$ 458.91 billion, recording a CAGR of 6%. Based on end user, the consumer credit segment is expected to accumulate 40% in 2024. By business model, the traditional segment is predicted to acquire 80% in 2024. The China market is projected to showcase a significant growth rate of 80% over the forecast period. The United States market is anticipated to pace at a CAGR of 70% during the next ten years. The Australia and New Zealand market is expected to witness a 20% CAGR over the assessment period. Competitive Strategies The market is observing intense competition, propelled by global presence of many small as well as medium vendors providing diverse solutions. The players in the global market are concentrating on adopting alternative distribution channels like online sales to increase their presence across the world. Market players are focusing on investments in strategic partnerships and product innovation to enhance their market share. These initiatives are expected to elevate the competitiveness of their offerings and increase collaborative efforts within the industry. Request for Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-14675 Latest Developments in the Peer-to-peer Lending Market In March 2024, a grouping of peer-to-peer (P2P) lending platforms in India asked their members Faircent, Lendbox, and Liquiloans to put instant withdrawal products on halt after March 2024. Other P2P startups providing this service have also been asked the same. Fable Fintech, which is a banking infrastructure firm, made public its strategic partnership with XeOPAR in May 2022. The company is set in its ways to gain maximum from the Fable Growth Suite (Retail) by founding its first P2P remittances corridor to reach India from the United Kingdom. LendingClub, recognized for peer-to-peer lending, obtained Radius Bancorp, Inc., as well as its digital bank subsidiary in January 2021. The acquisition is made to increase the company’s revenue. CRED, a well-known contender in the peer-to-peer market, rolled out CRED Mint, a peer-to-peer lending platform, in August 2021. The platform can be used for cred-card repayment and it permits members to gain interest on money by lending to high-earning consumers. Enlisted Below are Some Top Market Players Prosper Marketplace, Inc. LendingClub Corporation CommonBond Inc. Funding Circle Limited Upstart Network Inc. Others Market Segmentation of Peer-to-peer Lending By End User: Consumer Credit Small Business Student Loans Real Estate Based on the Business Model: Traditional Marketplace Different Regional Markets are as follows: North America Europe Asia Pacific Middle East and Africa | |
| Target State: All States Target City : All Cities Last Update : May 16, 2024 2:02 PM Number of Views: 55 | Item Owner : Sudip Saha is the managing director and co-founder at Future Market Insights Contact Email: (None) Contact Phone: (None) |
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2024-06-01 (0.489 sec)