Wilmington, Delaware, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Personal Loans Market by Marital Status (Single, Married, and Others), by Type (Balance Sheet Lending and P2P Marketplace Lending), by Age (Less than 30, 30-50, and More than 50), and by Employment Status (Business and Salaried): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the personal loans industry is predicted to gain $719.31 billion by 2030, having witnessed a value of $47.79 billion in 2020, exhibiting a considerable CAGR of 31.7% from 2021 to 2030.
Prime Factors Influencing Market Growth:
The global personal loans market growth is attributed to low interest rates, high borrowing limits, and easy payments compared to multiple credit cards with varying interest rates. On the other hand, an increase in the number of bad debts incurred by individuals and the high amount of penalties limit market growth. Nonetheless, digitalizing business processes with the adoption and implementation of technologies like chatbots, big data analytics, IoT, and AI present new opportunities in the upcoming years.
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Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2021-2030 |
| Base Year | 2020 |
| Market Size in 2020 | $47.79 billion |
| Market Size in 2030 | $719.31 billion |
| CAGR | 31.7% |
| No. of Pages in Report | 300 |
| Segments Covered | Age, Marital Status, Employment Status, And Region. |
| Drivers | Numerous Benefits Provided by Personal Loans |
| Restraints | High Fees and Penalty Charges |
| Opportunities | Technological Advancements in the Field of Lending |
The P2P marketplace lending segment to lead the trail during the forecast period-
By type, the P2P marketplace lending segment held the major market share in 2020, accounting for nearly three-fourths of the global personal loans market revenue, and is expected to lead the trail during the forecast period. The same segment is expected to witness the fastest CAGR of 32.2% from 2021 to 2030. This is due to the fact that this kind of marketplace lending increases the profitability for the lender and decreases the interest rate for the borrower.
The salaried segment to retain its dominance throughout the forecast period-
By employment status, the salaried segment accounted for the largest market share in 2020, holding more than three-fourths of the global personal loans market revenue, and is expected to retain its dominance throughout the forecast period. This is because salaried individuals are typically offered lower interest rates than credit card holders, particularly if they have an excellent credit score. On the other hand, the business segment would exhibit the fastest CAGR of 34.2% from 2021 to 2030. This is attributed to the growth of the business class borrowers taking out personal loans to expand their businesses, acquire new equipment and machinery to boost the production of products and services, and conduct marketing and branding campaigns.
North America garnered the major market share in 2030-
By region, the market across North America held the major market share in 2020, garnering more than three-fourths of the global personal loans market revenue, and is expected to maintain its leadership status throughout the forecast period. This is due to the fact that the average loan duration in this region is less than 5 years and the average loan amount ranges from $1,000 to $100,000. Simultaneously, the market across the Asia-Pacific region would display the fastest CAGR of 39.9% from 2021 to 2030. This is due to several individuals' demands for personal loan products to enhance the quality of life in the region.
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Industry-Leading Players:
- Lending Club Bank
- Truist Financial Corporation
- American Express
- Social Finance, Inc.
- Avant, LLC
- Avant, LLC
- Goldman Sachs
- Avant, LLC
- Wells Fargo
- Prosper Funding LLC
- DBS Bank Ltd.
The report provides an overview of the leading players in the global personal loans market. They have adopted a variety of tactics to expand their presence in the market, such as mergers & acquisitions, novel technological advancements, product launches, and partnerships. The report provides insights into the business performance of each market player, the operating segments they are active in, the product portfolio they have developed, and the trends they confront.
Key Benefits for Stakeholders
- The study provides in-depth analysis of the global personal loans market share along with current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the global personal loans market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the personal loans market.
- An extensive analysis of the key segments of the industry helps to understand the personal loans market trends.
- The quantitative analysis of the global personal loans market forecast from 2021 to 2030 is provided to determine the market potential.
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Personal Loans Market Report Highlights
Aspects Details
By Type
- P2P MARKETPLACE LENDING
- BALANCE SHEET LENDING
By AGE
- LESS THAN 30
- 30–50
- MORE THAN 50
By MARITAL STATUS
- MARRIED
- SINGLE
- OTHERS
By EMPLOYMENT STATUS
- SALARIED
- Male
- Female
- Others
- BUSINESS
By Region
- NORTH AMERICA (US, Canada)
- EUROPE (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)
- ASIA-PACIFIC (China, India, Japan, Singapore, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
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