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Marketplace Lending (Consumer) Market Worth $267.14 Billion By 2028

Published: Feb 04, 2022

Marketplace Lending (Consumer) Market Growth & Trends

The global marketplace lending (consumer) market size is estimated to reach USD 267.14 billion by 2028 and is expected to register a CAGR of 5.1% from 2021 to 2028, according to a new report by Million Insights. The growth of small and medium-sized enterprises, particularly in developing countries, is the crucial factor that drives the growth of the market. Minimum operating cost and less market risk for the lenders and the borrowers are the other significant factors driving the growth.

The compulsion of passing a credit check and internal checks to secure the loan is the key factor restraining the growth of the market. Most of the key players operating in the market are implementing the strategy of merger and acquisition. They focus on certain types of loans, such as personal, small business, and educational loans.

The COVID-19 pandemic positively impacted the growth of the market. The pandemic largely hampered the growth of the SMEs and has overall created a significant financial crisis. This has led to an increase in the request for all types of loans from the borrowers. Thus, the market for marketplace lending (consumer)is expected to witness steady growth over the forecast period.

The personal loans segment held a revenue share of more than 50% in 2020. Most people opt for a personal loan for a variety of their needs ranging from international travel to luxury goods. Several individuals are increasingly spending on discretionary expenses such as vehicle upgrades, electrical appliances, and house furnishings. For battling financial crises, a personal loan is always the foremost choice, leading to an increase in the demand among the borrowers.

Asia Pacific accounted for the largest revenue share of more than 80% in 2020.In 2020, China was the major market contributor. This is accredited to the large demand for funds from small companies and consumers in China. In addition, fast-developing Asian economies with huge but credit-worthy under banked populations and funding from regulators and government bodies toward inclusive financial development contribute to revenue generation.

The report Marketplace Lending (Consumer) Market Size, Share & Trends Analysis Report By Type (Personal Loans, Business Loans, Educational Loans), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), And Segment Forecasts, 2021 - 2028 is available now to Million Insights.

Marketplace Lending (Consumer) Market Report Highlights

  • The personal loans segment held the largest revenue share of over 50% in 2020. The increased expenses such as medical emergencies, daily expenditure, and big purchases created an upsurge in demand for personal loans
  • The educational loans segment is likely to register the highest CAGR of 5.6% from 2021 to 2028. Record rise in the demand in the year 2020 is expected to continue during the forecast period, leading to the growth of the segment
  • North America is projected to register the highest CAGR of 5.6% from 2021 to 2028. The increased collaboration between banks and marketplace lenders in the U.S. and the advancements in SMEs and growing startup businesses in Canada are expected to fuel the growth

Marketplace Lending (Consumer) Market Segmentation

Million Insights has segmented the global marketplace lending (consumer) market based on type and region:

Marketplace Lending (Consumer) Type Outlook (Revenue, USD Billion, 2017 - 2028)

  • Personal Loans
  • Business Loans
  • Educational Loans

Marketplace Lending (Consumer) Regional Outlook (Revenue, USD Billion, 2017 - 2028)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
  • Central & South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa

List of Key Players of the Marketplace Lending (Consumer) Market

  • LendingClub Corporation
  • Prosper Marketplace, Inc.
  • Funding Circle Holdings PLC
  • On Deck Capital, Inc.
  • Zopa Limited
  • Social Finance, Inc.
  • Upstart Network, Inc.
  • LendingTree LLC
  • CreditEase Corporation
  • Kabbage, Inc.