The global micro lending 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 CAGR of 11.20% during 2022-2027.
Covid-19 Impact: 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.
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Industry Definition and Application:
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.
Micro lending Market Trends and Drivers:
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.
| Fire Hydrants Market Report Scope | |
| Report Coverage | Details |
| Market size value in 2021 | US$ 167.33 Billion |
| Market forecast in 2027 | US$ 331.16 Billion |
| Growth Rate | CAGR of 11.20%from 2022 to 2027 |
| Base year for estimation | 2021 |
| Historical data | 2016-2021 |
| Forecast period | 2022-2027 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Provider And End User |
| Regional scope | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Key companies profiled | 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). |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Report Segmentation:
The report has been segmented the market into following categories
:Breakup by Provider:
Breakup by End User:
By Geography:
List of Major Key Players: 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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