Global Peer to Peer (P2P) Lending Market to Grow at 22.4% During 2024-2032, Impelled by Increasing Digitization

December 13, 2021 | Technology & Media

The latest report by IMARC Group, titled “Peer to Peer (P2P) Lending Market Report by Loan Type (Consumer Lending, Business Lending), Business Model (Marketplace Lending, Traditional Lending), End User (Consumer (Individual/Households), Small Businesses, Large Businesses, Real Estate, and Others), and Region 2024-2032,” finds that the global peer to peer (P2P) lending market size reached US$ 188.1 Billion in 2023. Peer to peer (P2P) lending is the process of providing loan to an individual or business without the involvement of any bank or financial institution. It lends money through online services that connect borrowers directly to lenders or investors, who lend money to qualified applicants. P2P lending aims to increase the returns for the lenders and to reduce the rate of interest for borrowers. It offers cost-effective services to borrowers compared to traditional financial institutes while also assisting in quick and convenient loans at competitive interest rates and low fees. In P2P lending,the individual website sets the rates and terms, which enables the transaction. Consequently, the system promotes prompt, paperless, high return, and flexible ways of borrowing and lending money.

Global Peer to Peer (P2P) Lending Market Trends: 

The market is primarily driven by increasing digitization in the banking industry. Besides this, the emerging small and medium enterprises (SMEs), especially across developing countries, are also facilitating the market growth. These organizations require an alternative financing option that provides minimal charging fees and convenient repayment options. In addition to this, P2P lending platforms also do away with the cost of establishing physical branches, maintenance and staff, thereby increasing their demand across organizations. Moreover, governments across various countries are undertakinginitiatives to support P2P lending by offering specific frameworks. Furthermore, the introduction of blockchain technology and smart contracts, which offer transparent and reliable lending and borrowing facilities and safeguard the privacy of the customers, are also acting as major growth-inducing factors. Looking forward, the market is expected to grow at a CAGR of 22.4% during the forecast period (2024-2032).

Market Summary: 

  • Based on the loan type, the market has been segmented into consumer and business lending.
  • On the basis of the business model, the market has been classified into marketplace and traditional lending.
  • The market has been categorized based on the end user into consumer (individual/households), small business, large business, real estate, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined, with some of the key players being Avant LLC, CommonBond Inc., Funding Circle Limited, LendingClub Corporation, Lendingtree Inc. (InterActiveCorp and Inc.), On Deck Capital Inc., Prosper Marketplace Inc., Retail Money Market Limited, Social Finance Inc., Upstart Network Inc. and Zopa Limited.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
  • Loan Type
  • Business Model
  • End User
  • Region
Loan Types Covered Consumer Lending, Business Lending
Business Models Covered Marketplace Lending, Traditional Lending
End Users Covered Consumer (Individual/Households), Small Businesses, Large Businesses, Real Estate, Others
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Avant Inc., Commonbond Inc., Funding Circle Ltd., LendingClub Corporation, Lendingtree Inc. (InterActiveCorp and Inc.), On Deck Capital Inc., Prosper Marketplace Inc., Retail Money Market Ltd., Social Finance Inc., Upstart Network Inc. and Zopa Limited, etc.

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
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Global Peer to Peer (P2P) Lending Market to Grow at 22.4% During 2024-2032, Impelled by Increasing Digitization
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