The Business Research Company's Global Microlending Market Forecast To Reach $345.4 Billion By 2028 With 12.6% Annual Growth
The microlending market has expanded quickly in recent years. It is projected to increase from $190.29 billion in 2023 to $214.96 billion in 2024, reflecting a compound annual growth rate (CAGR) of 13.0%. Factors contributing to growth during the historical period include financial inclusion initiatives, support for entrepreneurship and small businesses, poverty alleviation programs, community development efforts, and women's empowerment initiatives.
What Is the Anticipated Growth Rate and Market Size of the Global Microlending Market?
The microlending market is anticipated to experience significant growth in the coming years. It is expected to reach $345.4 billion by 2028, with a compound annual growth rate (CAGR) of 12.6%. Factors driving growth during the forecast period include the adoption of digital financial services, the rise of impact investing and social finance, the emergence of fintech solutions, climate-smart lending practices, and government support programs.
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What Is The Primary Growth Driver Of The Microlending Market?
The increasing demand for microlending among end-users, particularly micro-enterprises and small businesses, is expected to drive the growth of the microlending market in the future. Small and medium enterprises are defined as organizations with personnel and revenue below specific thresholds. Microlending supports the growth of these enterprises by providing small-dollar loans, enabling them to thrive in their business endeavors.
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Which Market Leaders Are Behind the Growth of the Microlending Market?
Key players in the microlending market include Larsen and Toubro Ltd., ICICI Bank Ltd., Bajaj Finserv Ltd., HDB Financial Services Ltd., Bandhan Bank Ltd., LendingClub Corporation, Faulu Microfinance Bank Limited, MicroVest LLC, BlueVine Inc., Kiva Microfunds, Panamax Inc., Lendio Inc., Fusion Micro Finance Ltd., Accion International, Equitas Small Finance Bank Ltd., ESAF Small Finance Bank, Fincare Small Finance Bank Ltd., Ujjivan Small Finance Bank Ltd., Oakam Ltd., On Deck Capital Inc., Small Industries Development Bank of India, One Acre Fund,
What Key Trends Are Impacting The Size Of The Microlending Market?
Leading companies in the microlending market are pursuing a strategic partnership approach to assist microbusinesses and microfinance institutions. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve shared benefits and success.
How Is The Global Microlending Market Segmented?
1) By Provider: Banks, Micro Finance Institute (MFI), NBFC (Non-Banking Financial Institutions), Other Provider
2) By End-User: Small Enterprises, Micro Enterprises, Solo entrepreneurs And self-employed
Regional Insights: Asia-Pacific Paving the Way in the Microlending Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition Of The Microlending Market?
Microlending refers to microfinance that provides small loans to support enterprises in their business expansion. The main benefit of microlending is that it enables borrowers to obtain loans without needing sufficient assets to serve as collateral or without the desire to risk their existing assets.
The Microlending Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Microlending Market Report: Trends, Opportunities, Strategies, and More
The Microlending Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into microlending market size, microlending market drivers and trends, microlending competitors' revenues, and microlending market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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The Business Research Company
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