Micro lending Market Scope
The Microlending market is expected to witness high demand in the forecasted period due to a surge in government favorable regulations. Microlending is the process of granting "micro" or small loans known as microloans to those with financial need. These loans are generally used by entrepreneurs with a business idea or those who need extra cash to expand their business. The increase in adoption of microlending in developing nations for improving lifestyle and lesser operating & low market risk of micro lending significantly boosts the growth of the global micro-lending market.
According to AMA, the Global Micro lending market is expected to see growth rate of 88.0%The major players of the market are introducing new technology to upsurge their market share and to provide customers with an enhanced experience, which is expected to provide future opportunities for the market. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Micro lending market throughout the predicted period.
Accion International (United States), BlueVine, Inc.(United States), Fundera, Inc. (United States), Funding Circle (United Kingdom), Kabbage, Inc. (United States), Kiva (United States), Lendio (United States) and LENDR (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are OnDeck (United States) and StreetShares, Inc. (United States).
Segmentation Overview
The study have segmented the market of Global Micro lending market and Region with country level break-up.
On the basis of geography, the market of Micro lending has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Influencing Trend:
The increase in microlenders help various emerging countries for reducing poverty and also improves the standard of living of the poor people
Market Growth Drivers:
The surge in government initiatives for microlending in various countries and The increased connectivity in the developing nations and technological innovations in various African and the Middle East countries
Challenges:
The Stringent Government Regulations associated with Micro lending
Restraints:
The concern related to the privacy
Opportunities:
The surge in adoption of digital technology among the micro-financial sector to create new channels for the people and to upsurge their revenue and The large penetration of advanced technology in micro finance sector such as mobile banking, ATMs, POS, and others in developing nations
Market Leaders and their Expansionary Development Strategies
In October 2020, StreetShares, a mission-driven financial technology company, announced today they have secured a USD10 million round of funding from Motley Fool Ventures, Ally Ventures (the strategic investment arm of Ally Financial), and individual fintech angel investors.
In January 2020, StreetShares Platform added over 20 new clients in Q3-4'19. The majority were added after StreetShares demonstrated its new product lineup at Finovate Fall 2019 in New York, NY. Clients include most banks and credit unions seeking to expand their small business offering in the growing micro-lending space; loans and lines of credit up to USD 250,000.
Key Target Audience
Government Regulatory Bodies, Government Research Organization, Private Research Organizations and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.