Portland, OR, Feb. 10, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global micro lending market was estimated at $134.35 billion in 2019 and is expected to hit $343.84 billion by 2027, registering a CAGR of 12.6% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.
Increase in adoption of micro lending in developing nations for improving lifestyle, shift from traditional lending to micro lending, and lesser operating cost and low market risks drive the growth of the global micro lending market. On the other hand, high interest on small amount and shorter repayment time provided by micro lenders restrain the growth to some extent. Nevertheless, adoption of advance technology in micro financing is projected to create lucrative opportunities in the near future.
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Covid-19 scenario-
- The outbreak of covid-19 led to shutdown of many micro and small businesses, thereby affecting the global micro lending market.
- Simultaneously, the worldwide pandemic situation also hampered the cash flow of several business operations, which in turn paved the way for lucrative opportunities for the frontrunners in the industry.
The global micro lending market is analyzed across service providers, end user, and region.
Based on providers, the banks segment contributed to nearly half of the total market share in 2019, and is anticipated to rule the roost by the end of 2027. At the same time, the Micro Finance Institute (MFI) segment would register the fastest CAGR of 14.0% throughout the forecast period.
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Based on end user, the small enterprises segment accounted for nearly two-fifths of the total market revenue in 2019, and is expected to lead the trail by 2027. The solo entrepreneurs or self-employed segment, on the other hand, would exhibit the fastest CAGR of 13.9% from 2020 to 2027.
Based on geography, Asia-Pacific generated the major share in 2019, garnering around half of the global micro lending market. The same region would also showcase the fastest CAGR of 13.0% by 2027. The other three regions studied in the report include North America, Europe, and LAMEA.
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The key market players analyzed in the global micro lending market report include Accion International, BlueVine, Inc., Fundera, Inc., Funding Circle, Kabbage, Inc., Kiva, Lendio, LENDR, OnDeck, and StreetShares, Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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