According to the global micro lending market research report by IMARC Group, the market reached a value of US$ 189.2 Billion in 2022, and it is projected to reach a value of US$ 353.9 Billion by 2028, exhibiting a CAGR of 10.75% during 2023-2028.
What are 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 Growth Prospects And Trends In The Micro Lending Industry?
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.
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Provider:
- Banks
- Micro Finance Institute (MFI)
- NBFC (Non-Banking Financial Institutions)
- Others
Breakup by End User:
- Small Enterprises
- Micro Enterprises
- Solo Entrepreneurs and Self-Employed
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who Are The Key Players Operating In The Industry?
The report covers the major market players including:
- American Express Company
- BlueVine Inc.
- Funding Circle
- Lendio Inc.
- Lendr
- Manappuram Finance Limited
- NerdWallet
- On Deck Capital (Enova International)
- and StreetShares Inc. (MeridianLink).
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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