The unprecedented penetration of internet across the globe that is allowing borrowers to seek funds is propelling the global peer-to-peer lending (P2P) market. Technological advancements that are permitting users to have a smooth access to interfaces that offer quick updates is also augmenting this market. The research report published by Transparency Market Research states that the opportunity in the global P2P lending market was worth US$26.16 bn in 2015. Analysts predict that the market valuation will reach US$897.85 bn by 2024, as it expands at a significant CAGR of 48.2% from 2016 to 2024.
The growth of the global P2P market is mainly being driven by growing advancements in technology that is encouraging potential consumers and existing players to make quick decisions. The low cost of operations is also supporting the growth of this market in comparison to the growth rate of conventional money lending institutions.