The global micro lendingmarket size reached US$ 189.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 353.9 Billion by 2028, exhibiting a growth rate (CAGR) of 10.75% during 2023-2028.
Micro lending is a form of financing that provides small sums to self-employed entrepreneurs in small businesses or startups to help them efficiently manage their business. A borrower usually uses microloans if they have poor credit scores, do not have access to local financial institutions, or require a loan smaller than banks offer. Banks, microfinance Institutes (MFIs), and non-banking financial institutions (NBFCs) are some common providers of microloans. A finance fee or interest rate is charged for the sanction of credit or the extension of existing credit. Micro lending assists individuals’ economic growth, promotes financial liberation, and supports entrepreneurs.
Micro Lending Market Trends:
High economic growth for micro, small, and medium-sized enterprises, especially in developing nations, is one of the key factors creating a positive outlook for the market. Micro lending creates significant opportunities for small enterprises and self-employed entrepreneurs to expand their business as it operates on low risk. In line with this, the growing potential of entrepreneurs to bring in more business and start from zero level with less capital support is favoring the market growth. Apart from this, significant growth in the banking, financial services, and insurance (BFSI) industry and increasing digitization are providing an impetus to the market growth. Additionally, the consequent enhancement in the security and functioning of the institutions, along with increasing connectivity that facilitates easy and hassle-free repayment of loans and avoids cash-related risks, are propelling the market growth. Moreover, the rising penetration of smartphones to access financial services through mobile credit and e-wallets are positively influencing the market growth. Other factors, including the widespread adoption of micro-lending for improving lifestyle and the implementation of various government initiatives encouraging micro lending as part of economic development, are supporting the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global micro lendingmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on provider and end user.
Breakup by Provider:
Micro Finance Institute (MFI)
NBFC (Non-Banking Financial Institutions)
Breakup by End User:
Solo Entrepreneurs and Self-Employed
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being American Express Company, BlueVine Inc., Funding Circle, Lendio Inc., Lendr, Manappuram Finance Limited, NerdWallet, On Deck Capital (Enova International) and StreetShares Inc. (MeridianLink).
Base Year of the Analysis
Provider, End User, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
American Express Company, BlueVine Inc., Funding Circle, Lendio Inc., Lendr, Manappuram Finance Limited, NerdWallet, On Deck Capital (Enova International) and StreetShares Inc. (MeridianLink).
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Key Questions Answered in This Report
The global micro lending market was valued at US$ 189.2 Billion in 2022.
We expect the global micro lending market to exhibit a CAGR of 10.75% during 2023-2028.
The rising demand for micro lending among small enterprises to expand their business, as it operates on low risk, is primarily driving the global micro lending market.
The sudden outbreak of the COVID-19 pandemic has led to the growing utilization of micro lending to promote financial liberation and support entrepreneurs during the remote working scenario.
Based on the provider, the global micro lending market has been segregated into banks, Micro Finance Institute (MFI), NBFC (Non-Banking Financial Institutions), and others. Among these, banks currently hold the largest market share.
Based on the end user, the global micro lending market can be bifurcated into small enterprises, micro enterprises, and solo entrepreneurs and self-employed. Currently, small enterprises exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global micro lending market include American Express Company, BlueVine Inc., Funding Circle, Lendio Inc., Lendr, Manappuram Finance Limited, NerdWallet, On Deck Capital (Enova International), and StreetShares Inc. (MeridianLink).
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