ALBANY, New York, May 10, 2016 /PRNewswire/ --
According to a new market report published by Transparency Market Research entitled, "Peer-to-Peer Lending Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024," the global peer-to-peer lending market was pegged at US$ 26.16 Bn in 2015 and is expected to reach US$ 897.85 Bn by 2024, expanding at a CAGR of 48.2% from 2016 to 2024.
In 2015, North America was leading the peer-to-peer lending market, capturing a 43.8% revenue share. The North America's peer-to-peer lending market is predominantly driven and dominated by the U.S., which has demonstrated significant growth in the past four to five years. Conversely, these years witnessed tightened banking norms as a result of the financial crisis. Eventually, borrowers looked for unconventional sources of loans, which proved to be the demand driver for peer-to-peer lending. Other factors, such as declining consumer loyalty toward traditional financing institutions, growing comfort with online platforms, and a favorable regulatory environment, have fostered the peer-to-peer lending market.
The peer-to-peer business not only provides credit to individuals, small businesses, and start-ups, but also provides more diverse and transparent ways for consumers to invest or borrow money. The global financial crisis has subsequently resulted in the emergence of peer-to-peer lending, especially in countries such as the U.S., the U.K., and Europe.
The report includes analysis of the global peer-to-peer lending market based on parameters such as the end-users, business models, and geographies. By end-users, the global peer-to-peer lending market is segmented into consumer credit, small business, student loans, and real estate. Of these, the small business segment saw highest revenue share, to emerge as the largest market with around 38% of the global peer-to-peer lending market. Apparently, the segment is expected to expand at a CAGR of 48.8% from 2016 to 2024, retaining its leading market position.
In terms of business models, the traditional P2P model and marketplace lending model were identified as prominent segments in the industry, with the marketplace lending model being the most preferred choice of the borrowers and investors worldwide. The segment is expected to capture a revenue share of around 74% of the global peer-to-peer lending market in 2024. As a large share of customers borrowing and investing in the peer-to-peer lending business come from North America, the region accounted for highest revenue share in 2015, valued at 44% of global market revenue. However, Asia Pacific is expected to witness the fastest growth during the forecast period, with a greater number of small and medium businesses seeking alternate finance options. Countries such as China, Australia, India, and Japan, which are seen as trending markets for small and medium-sized start-up business, are expected to drive the growth of peer-to-peer lending in this region.
Currently, most of the players are active in North America and looking for expansion opportunities to tap into the emerging markets of Europe and Asia Pacific. Some of the prominent players identified in this industry include LendingClub Corporation, Prosper Marketplace, Inc., CommonBond Inc., Upstart Network Inc., Funding Circle Limited, CircleBack Lending, Inc., Peerform, Social Finance Inc., Pave, Inc., and Daric Inc.
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The global peer-to-peer lending market is segmented as follows.
Global Peer-to-Peer Lending Market Analysis, By End-User, 2014 - 2024 (US$ Bn)
- Consumer Credit
- Small Business
- Student Loans
- Real Estate
Global Peer-to-Peer Lending Market Analysis, By Business Model, 2014 - 2024 (US$ Bn)
- Traditional P2P Model
- Marketplace Lending Model
In addition, the report provides cross-sectional analysis of the peer-to-peer lending market with respect to the following geographical segments along with select country market estimates:
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
- Middle East and Africa (MEA)
- Latin America
Other Research Reports by Transparency Market Research:
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- Healthcare BI Platform Market: http://www.transparencymarketresearch.com/healthcare-business-intelligence.html
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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SOURCE Transparency Market Research