Micro Lending Market Size, Share, Growth, Industry Demand & Forecast 2023-2028

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IMARC Group, a leading market research company, has recently releases report titled “Micro Lending Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global micro lending market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the Micro Lending Market?

The global micro lending market size reached US$ 189.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 353.9 Billion by 2028, exhibiting a growth rate (CAGR) of 10.75% during 2023-2028.

What are Micro Lending?

Micro lending represents a form of financing that offers small sums to self-employed entrepreneurs in small businesses or startups to help them efficiently manage their businesses. The borrower generally utilizes microloans if they do not have access to local financial institutions, have poor credit scores, or require a loan smaller than banks offer. Microfinance institutes (MFIs), banks, and non-banking financial institutions (NBFCs) are some common providers of microloans. An interest rate or finance fee is charged for the sanction of credit or the extension of existing credit. Micro lending aids the economic growth of individuals, promotes financial liberation, and supports entrepreneurs.

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What Are The Growth Prospects And Trends In The Micro Lending Industry?

The increasing potential of entrepreneurs to bring in more business and start from zero level with less capital support is primarily driving the micro lending market.Additionally, high economic growth for micro, small, and medium-sized enterprises, the growing digitization, and the expanding banking, financial services, and insurance (BFSI) industry are further catalyzing the market growth.

Besides this, continuous improvements in the security and functioning of the institutions and numerous advancements in connectivity that facilitate easy and hassle-free repayment of loans and avoid cash-related risks are acting as significant growth-inducing factors. Moreover, the widespread adoption of micro-lending by self-employed entrepreneurs to expand their business and improve their lifestyle as it operates on low risk is also positively influencing the global market. Apart from this, the rising penetration of smartphones to access financial services via mobile credit and e-wallets is anticipated to fuel the micro lending market over the forecasted period.

What Is Included In Market Segmentation?

The report has segmented the market into the following categories:

Breakup by Provider:

  • Banks
  • Micro Finance Institute (MFI)
  • NBFC (Non-Banking Financial Institutions)
  • Others

Breakup by End User:

  • Small Enterprises
  • Micro Enterprises
  • Solo Entrepreneurs and Self-Employed

Regional Insights:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

Who Are The Key Players Operating In The Industry?

The report covers the major market players including: 

  • American Express Company
  • BlueVine Inc.
  • Funding Circle
  • Lendio Inc.
  • Lendr
  • Manappuram Finance Limited
  • NerdWallet
  • On Deck Capital (Enova International)
  • and StreetShares Inc. (MeridianLink).

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