Peer-to-Peer Lending Market : Industry Outlook, Growth Prospects and Key Opportunities
The unprecedented penetration of internet across the globe that is allowing borrowers to seek funds is propelling the global peer-to-peer lending (P2P) market. Technological advancements that are permitting users to have a smooth access to interfaces that offer quick updates is also augmenting this market. The research report published by Transparency Market Research states that the opportunity in the global P2P lending market was worth US$26.16 bn in 2015. Analysts predict that the market valuation will reach US$897.85 bn by 2024, as it expands at a significant CAGR of 48.2% from 2016 to 2024. The growth of the global P2P market is mainly being driven by growing advancements in technology that is encouraging potential consumers and existing players to make quick decisions. The low cost of operations is also supporting the growth of this market in comparison to the growth rate of conventional money lending institutions. Obtain Report Details @ http://www.transparencymarketresearch.com/peer-to-peer-lending-market.html The long-drawn process of securing loans has paved the way for global P2P lending market as it ironed out the creases of seeking funds in more ways than one. This is the single most important factor lure small businesses towards opting for P2P systems of borrowing and lending. The strict regulatory framework, complicated compliance structure, and the hefty overheads have all made small business owners, entrepreneurs, and startups lean towards P2P market. As new businesses emerge, they are likely to drive the global P2P lending market to a brighter future in the coming years. As of 2015, North America held a dominant position in the P2P market, accounting for over 43% share in the overall market. The reducing interest in conventional banking, increasing dependency on online platforms, and recent history of financial crisis in this region has prompted P2P lending market to take lead cater to the unmet financial demands of the population. Meanwhile, the P2P lending market is estimated to show rapid progress in Asia Pacific.