A lead analyst at AMR highlighted the personal loans market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period, due to increase in demand for personal loans products by individuals to improve their standards of living.
Allied Market Research published a research report on the personal loans market. The findings of the report states that the global market for personal loans generated $47.79 billion in 2020, and is projected to reach $719.31 billion by 2030, witnessing a CAGR of 31.7% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
The report provides insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Low-interest rates & high borrowing limits and ease in management of payments as compared to several credit cards with different interest rates fuel the growth of the global personal loans market. On the other hand, surge in number of bad debts among individuals and high amount of penalties impede the market growth. However, digitalized business operations with adoption & implementation of technologies such as chatbots, big data analytics, internet of things (IoT), and artificial intelligence (AI) are expected to create lucrative opportunities in the coming years.
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The report provides a detailed scenario of the impact of the Covid-19 pandemic on the personal loans market globally. The outbreak of the pandemic led to an acute financial crisis, massive unemployment, and salary reduction among individuals. This, in turn, gave way to a steep decrease in demand for personal loans. In addition, the repayment and EMIs were also delayed by individuals, especially during the initial phase. Moreover, government authorities such as the Federal Reserve System in the U.S. reduced the interest rates near zero during the pandemic to encourage borrowers to avail of loans. At the same time, the global situation is also being ameliorated and the market is anticipated to revive soon.
Due to job insecurity & economic uncertainty, which is faltering consumer confidence; the COVID-19 pandemic has drastically reduced demand for personal loans combined with a contraction in the supply of credit across several lenders in the market.” said Pramod Borasi, Research Analyst, BFSI at Allied Market Research.
The report offers detailed segmentation of the global personal loans market based on type, age, marital status, employment status, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
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On the basis of type, the P2P marketplace segment held the highest share in 2020, contributing to nearly three-fourths of the global personal loans market, and is projected to retain its dominance during the forecast period. The same segment is also expected to cite the fastest CAGR of 32.2% from 2021 to 2030.
On the basis of employment status, the salaried segment accounted for the major share in 2020, holding more than three-fourths of the global personal loans market, and is expected to rule the roost, in terms of revenue, during the forecast period. The business segment, however, is anticipated to portray the fastest CAGR of 34.2% from 2021 to 2030.
On the basis of region, North America accounted for more than three-fourths of the global personal loans market, and is anticipated to continue its leadership status by 2030. The region across Asia-Pacific, on the other hand, is expected to showcase the fastest CAGR of 39.9% during the forecast period.
The leading market players analyzed in the global personal loans market report include Avant, LLC, Barclays PLC, DBS Bank Ltd, Goldman Sachs, Wells Fargo, Prosper Funding LLC, Social Finance, Inc., American Express, Truist Financial Corporation, and LendingClub Bank.
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