Peer-to-Peer Lending Market Demand, Research Insights by 2031

The global peer-to-peer lending market is expected to exceed the value of US$ 1.3 Bn by the end of 2031.

Since the peer-to-peer lending market is positioned to grow at an explosive CAGR throughout the assessment tenure, tech giants should capitalize on untapped potential in this sector. Constant need for loans and debts for educational purposes, business capital, and housing rent is translating into revenue opportunities for market stakeholders. Since India is emerging as one of the fastest growing developing economies, tech companies are increasing R&D to develop online platforms that are regulated by the RBI (Reserve Bank of India). Such regulations are necessary in order to protect the interest of lenders and borrowers.

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The Blockchain technology is emerging as a game-changer to reduce the risk of frauds and default cases of loans. This technology also helps to improve the security of lending platforms.

Use of Peer-to-Peer Lending Platforms Allows Easy Navigation Through COVID-19 Uncertainties
Since financial situations have had been squeezed for many during the COVID-19 crisis, stakeholders in the peer-to-peer lending market are taking advantage of this opportunity to support small businesses, students, and government institutions. Since an increasing number of people are becoming well-versed with smartphones, peer-to-peer (P2P) lending is being publicized as a Fintech alternative to mainstream banking.

Peer-to-peer lending platforms have played an instrumental role amid the ongoing pandemic by connecting lenders and borrowers via the web. These platforms were able to cut financial intermediation costs, which helped to enable higher deposit rates and lower borrowing rates. In a time when interest rates have been falling, P2P lenders have become increasingly popular with yield-hungry investors.

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Companies in the peer-to-peer lending market are increasing the availability of credit-card repayment platforms that enable members to earn interest on money by lending to other high profile customers. Mergers & acquisitions (M&As) are growing prominent to increase the number of consumer lending operations. This type of modern lending is being used to meet customer demand to strengthen the position of the BFSI sector in the U.K.

Increasing penetration of Internet connected services and rising digitalization within banks by offering higher speed of peer-to-peer lending process & real-time transaction capability are likely to generate significant opportunities for the market during the forecast period.

Tectonic shifts in new digital technologies are contributing to the expansion of the peer-to-peer lending market. These technologies have allowed peer-to-peer lending platforms to link investors directly to individuals or businesses looking for monetary help and equity financing. Such trends are accelerating the speed of business transactions. However, risks such as the lack of diversification, losing money to bad debts, and losing money to fraudulent entities are affecting market growth.

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In order to address challenges of peer-to-peer lending, tech companies are working actively with governments, regulatory authorities, and the BFSI sector to introduce standardization of processes in the market. They are forming focus groups to understand the need of both lenders and borrowers.

The growing preference for online transactions is contributing to the growth of the peer-to-peer lending market. Many peer-to-peer companies, which provide loans to students have developed their own loan analyzing prediction software models that facilitate easy loans by predicting the borrower's financial capacity and personal propensity to repay.

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The digital shift has facilitated new lenders and borrowers to make faster financing decisions and engage with customers more aggressively. There is a growing need for customization in peer-to-peer lending platforms to meet personalized needs of lenders and borrowers.

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