WASHINGTON, July 13, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent analysis of the Global Alternative Lending Platform Market finds that the increasing digitization, technological advancement, a growing number of small- and medium-sized enterprises, and high usage of blockchain & artificial intelligence technology to make quick lending decisions & provide faster loan disbursement are anticipated to be the major drivers for the market and drive the of the Alternative Lending Platform Market during the forecast period.
The Global Alternative Lending Platform Market revenue is expected to reach a value USD 730 Billion in the year 2028.
The Global Market revenue was valued at USD 541.7 Billion in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period; states Vantage Market Research, in a report, titled " Alternative Lending Platform Market Size, Share & Trends Analysis Report by Deployment (Cloud, On-premise), by End Use (Credit Unions, Peer-to-Peer Lending, Insurance Companies, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Alternative Lending Platform market is predicted to grow at a CAGR of roughly 5.1% during the forecast period.
- The Alternative Lending Platform market was estimated to be worth roughly USD 541.7 Billion in 2021 and is expected to reach USD 730 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Alternative Lending Platform market.
Market Dynamics:
Drivers:
Reduction of Operating Costs and Market Risk
Unlike traditional banking systems, alternative lending services are easy to use. Alternative Funding is an internet-based platform that uses Bit coin and social impact bonds to raise funds. Consequently, alternative financial data is transparent to consumers, which drives the growth of alternative financial products. In addition, alternative financing helps reduce operational costs by reducing infrastructure costs, Bray membership staffing, and maintaining financial services. Furthermore, alternative lending provides an excellent plan to ensure the borrower's repayment process and reduces the company's market risk. Therefore, lower operating costs and risk will drive global market growth over the forecast period.
Increasing Adoption of Internet of Things and Blockchain-based Alternative Lending Platforms
Alternative financial companies are increasingly adopting and implementing the Internet of Things (IoT) and blockchain-based technologies. These technologies help add advanced features such as easy accessibility and transparency to alternative funding platforms, further driving the Alternative Lending Platform Market growth. For example, digital products and solutions company Tavant Technologies has developed a blockchain-based digital solution that takes full advantage of data-driven processes in generating alternative funding lifecycles. Therefore, the increasing adoption of the Internet of Things and blockchain-based alternative lending platforms are expected to drive market growth for global industries in the coming years.
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Segmentation of the Global Alternative Lending Platform Market:
- Deployment
- Cloud
- On-premise
- End Use
- Credit Unions
- Peer-to-Peer Lending
- Insurance Companies
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the effect of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Alternative Lending Platform Market industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Alternative Lending Platform Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Alternative Lending Platform Market Size, Share & Trends Analysis Report by Deployment (Cloud, On-premise), by End Use (Credit Unions, Peer-to-Peer Lending, Insurance Companies, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Regional Analysis:
North America Anticipated Potential Market Growth
North America dominated the Alternative Lending Platform Market growth, recording the highest CAGR during the forecast period. According to the Global Entrepreneurship Monitor, U.S. start-ups make up more than 17.4% of the country's total population. Thus, it represents an excellent opportunity for cloud lending in the region. Moreover, this region's collaboration between banks and market lenders is rapidly increasing. These factors are expected to drive the growth of the Alternative Lending Platform Market during the projected period in this region.
List of Prominent Players in the Alternative Lending Platform Market:
- Lending Club Corporation
- Prosper Marketplace Inc.
- Funding Circle Holdings PLC
- On Deck Capital Inc.
- Our Crowd Management Limited
- Social Finance Inc.
- GoFundMe Inc.
- LendingTree LLC
- Credit Ease Corporation
- Kickstarter PBC
Recent Developments:
May 2022: GoFundMe announced the acquisition of non-profit funding site Classy. Classy has been reported to continue and operate as a wholly-owned subsidiary of GoFundMe. The investment aims to create new opportunities to serve the nearly $ 500 billion philanthropic market as GoFundMe strives to be the most helpful place on the planet.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Alternative Lending Platform Market?
- How will the Alternative Lending Platform Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Alternative Lending Platform Market?
- What is the Alternative Lending Platform market drivers and restrictions?
- What will be the CAGR and size of the Alternative Lending Platform Market throughout the forecast period?
This market, titled "Alternative Lending Platform Market" will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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