Micro Lending Market Anticipated To Expand At A CAGR 13.4% From 2022 To 2030Posted by Neha Bora on October 13th, 2023 San Francisco, 13 Oct 2023: The Report Micro Lending Market Size, Share & Trends Analysis Report By Service Provider (Banks, Micro Finance Institutes (MFIs)), By End-user (Solo Entrepreneurs & Individuals, Micro, Small & Medium Enterprises), By Region, And Segment Forecasts, 2022 - 2030 The global micro lending market size is expected to reach USD 86.82 billion by 2030, growing at a CAGR of 13.4% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growth is anticipated to be driven by several advantages offered by micro lending to the loan providers, such as the easy accessibility to offer loans within and aboard the country and earning more interest rates compared to the traditional fixed deposit and other investments. Furthermore, the growing demand for micro lending by individuals through peer-to-peer lending platforms is another major factor driving the market’s growth. Furthermore, the initiatives undertaken by the government to offer support to various financial enterprises and grants to NGOs bode well for the growth of the micro lending industry. For instance, the Indian government, through Pradhan Mantri Mudra Yojana, offers refinancing support to MFIs and banks for lending to micro units requiring loans up to 10 lakhs (USD 15,661). In addition, the increasing potential of entrepreneurs to start a business with small capital support is another factor expected to drive growth over the forecast period. The technological advancements and implementation of several technologies such as Artificial Intelligence (AI) to reduce the expenses of companies related to microloan applications are anticipated to drive the growth of the market. Furthermore, the growing digitalization, increasing adoption of smartphones, and use of e-wallets have enabled borrowers to repay loans with ease. Hence, such digital trends in the market are expected to create growth opportunities for the industry over the forecast period. The global COVID-19 pandemic adversely impacted market growth in 2021. However, micro lending platforms have enabled SMEs and other business owners to grow significantly by leveraging micro-loans to increase the capital of the businesses to survive the pandemic. Furthermore, the growing tendency of companies to gain small loans, aided by several government initiatives, is expected to create new growth opportunities for the industry over the forecast period. Access Research Report of Micro Lending Market @ https://www.grandviewresearch.com/industry-analysis/micro-lending-market-report Micro Lending Market Report Highlights
Micro Lending Market Report Scope
List of Key Players of Micro Lending Market
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