IMARC Group has recently released a new research study “Micro Lending Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Micro Lending Market Industry?
The global Micro Lending Market Market size reached US$ 167.33 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 331.16 Billion by 2027, exhibiting a growth rate (CAGR) of 11.20% during 2022-2027.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
What is a Micro Lending ?
Micro lending represents a form of financing that offers small sums to self-employed entrepreneurs in small businesses or startups to help them efficiently manage their businesses. The borrower generally utilizes microloans if they do not have access to local financial institutions, have poor credit scores, or require a loan smaller than banks offer.
Microfinance institutes (MFIs), banks, and non-banking financial institutions (NBFCs) are some common providers of microloans. An interest rate or finance fee is charged for the sanction of credit or the extension of existing credit. Micro lending aids the economic growth of individuals, promotes financial liberation, and supports entrepreneurs.
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What are the major market drivers in the Micro Lending Market ?
The increasing potential of entrepreneurs to bring in more business and start from zero level with less capital support is primarily driving the micro lending market.
Additionally, high economic growth for micro, small, and medium-sized enterprises, the growing digitization, and the expanding banking, financial services, and insurance (BFSI) industry are further catalyzing the market growth.
Besides this, continuous improvements in the security and functioning of the institutions and numerous advancements in connectivity that facilitate easy and hassle-free repayment of loans and avoid cash-related risks are acting as significant growth-inducing factors.
Moreover, the widespread adoption of micro-lending by self-employed entrepreneurs to expand their business and improve their lifestyle as it operates on low risk is also positively influencing the global market.
Apart from this, the rising penetration of smartphones to access financial services via mobile credit and e-wallets is anticipated to fuel the micro lending market over the forecasted period.
Who are the leading players in the Micro Leading Market
The major players in the market are American Express Company, BlueVine Inc., Funding Circle, Lendio Inc., Lendr, Manappuram Finance Limited, NerdWallet, On Deck Capital (Enova International) and Street Shares Inc. (Meridian Link).
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Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Provider:
o Banks
o Micro Finance Institute (MFI)
o NBFC (Non-Banking Financial Institutions)
o Others
Breakup by End User:
o Small Enterprises
o Micro Enterprises
o Solo Entrepreneurs and Self-Employed
· By Geography:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom,
Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia,
Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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