Global Microloan Market Expected To Reach $ 343.84
Portland, OR, February 10, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the micro credit market was estimated at $ 134.35 billion in 2019 and is expected to reach $ 343.84 billion by 2027, registering a CAGR of 12.6% from 2020 to 2027. The report provides an in-depth analysis of the main investment pockets , most winning strategies, drivers and opportunities, market size and estimates, competitive scenario and changing market trends.
Increasing adoption of microloans in developing countries to improve lifestyles, shifting from traditional loans to microloans, and decreasing operating costs and low market risks are driving the growth of the global market for microloans. On the other hand, the high interest on small amounts and shorter repayment terms provided by micro-lenders limit growth to some extent. Nevertheless, the adoption of advanced technologies in the field of microfinance is expected to create lucrative opportunities in the near future.
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- The covid-19 epidemic has led to the closure of many micro and small businesses, thus affecting the global micro-credit market.
- Simultaneously, the global pandemic situation also hampered the cash flow of several business operations, which paved the way for lucrative opportunities for industry pioneers.
The global microcredit market is analyzed across service providers, end user, and region.
On a supplier basis, the banking segment contributed almost half of the total market share in 2019 and is expected to dominate the roost by the end of 2027. At the same time, the microfinance institutes segment ( IMF) would register the fastest CAGR of 14.0% throughout the forecast period.
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On an end-user basis, the small business segment accounted for almost two-fifths of total market revenue in 2019 and is expected to lead the trail by 2027. The sole proprietorship or freelance segment, in on the other hand, would have the fastest CAGR of 13.9% from 2020 to 2027.
Based on geography, Asia-Pacific generated the largest share in 2019, capturing around half of the global microcredit market. The same region would also have 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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Major market players analyzed in the Global Microcredit 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 strengthen their position in the industry.
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We have professional relationships with various companies, which helps us extract market data that helps us generate accurate research data tables and confirm the highest accuracy of our market forecasts. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of large companies in the field concerned. Our secondary data acquisition methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.