Wilmington, Delaware, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Small Personal Loans Market by Type (P2P Marketplace Lending and Balance Sheet Lending), by Age (Less than 30 years, 30-50 years and More than 50 years), and Distribution Channel (Banks, Credit Unitions, Online Lenders and Peer-to-peer Lending): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the small personal loans market was valued at $31.3 billion in 2023, and is estimated to reach $158.7 billion by 2032, growing at a CAGR of 20.1% from 2024 to 2032.
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Prime determinants of growth
However, higher interest rates and data security and privacy concerns act as restraints for the small personal loans market. In addition, changes in demographic shift will provide ample opportunities for the market's development during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $31.3 billion |
| Market Size in 2032 | $158.7 billion |
| CAGR | 20.1% |
| No. of Pages in Report | 350 |
| Segments Covered | Type, Age, Distribution Channel, and Region. |
| Drivers |
|
| Opportunities |
|
| Restraint |
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The P2P marketplace lending segment is expected to grow faster throughout the forecast period.
Based on the type, the P2P marketplace lending segment held the highest market share in 2023. The increase in P2P lending can be attributed to several factors, including technological advancements, the appeal of potentially higher returns for investors, and more accessible loan options for borrowers compared to conventional banking routes.
The 30-50 segment is expected to grow faster throughout the forecast period.
Based on age, the 30-50 segment held the highest market share in 2023. Individuals in the 30-50 age range are often more financially stable, with established careers and higher disposable incomes, making them more likely to engage in lending, investment, and borrowing activities.
The banks segment is expected to grow faster throughout the forecast period.
Based on the distribution channel, the banks segment held the highest market share in 2023. Banks offer a comprehensive range of financial products and services, from savings and checking accounts to loans and investment services.
North America to maintain its dominance by 2032.
Based on region, North America held the highest market share in terms of revenue in 2023, and is expected to boost in terms of revenue throughout the forecast timeframe. Well-developed financial infrastructure is accelerating the adoption of the most recent technologies, including small personal loans in North America.
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Players: -
- American Express
- Avant, LLC
- Barclays PLC
- DBS Bank Ltd
- Goldman Sachs
- LendingClub Bank
- Prosper Funding LLC
- Social Finance, Inc.
- Truist Financial Corporation
- Wells Fargo
The report provides a detailed analysis of these key players in the global small personal loans market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Development:
- On March 2024, Achieve raised $200.63 million in funding in rated notes backed by achieve personal loans. This reflects the ongoing efforts that Achieve and its bank partners have taken to be responsive to both the evolving landscape in consumer lending and strong investor demand for differentiated loan assets.
- On July 2023, Jenius Bank launched a personal loan, its inaugural product. Jenius Bank intends to become a full-service bank for the U.S. market with additional offerings including a savings product and mobile app.
- On November 2022, Navi Technologies partnered with Piramal Capital and Housing Finance Ltd to offer digital personal loans. The partnership would allow the fintech startup to serve 11, 000+ pin codes across India.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the small personal loans market analysis from 2024 to 2032 to identify the prevailing small personal loans market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the small personal loans market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global small personal loans market size.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players and small personal loans market share.
- The report includes the analysis of the regional as well as global small personal loans market trends, key players, market segments, application areas, and small personal loans market growth strategies.
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Small Personal Loans Market Key Segments:
By Type
- P2P Marketplace Lending
- Balance Sheet Lending
By Age
- Less than 30 years
- 30–50 years
- More than 50 years
By Distribution Channel
- Banks
- Credit Unitions
- Online Lenders
- Peer-to-peer Lending
By Region
- North America (U.S., Canada)
- Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middwl East, Africa)
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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