Market Size of Micro Lending Industry
| Study Period | 2020-2029 |
| Market Size (2024) | USD 213.58 Billion |
| Market Size (2029) | USD 353.14 Billion |
| CAGR (2024 - 2029) | 10.58 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Micro Lending Market Analysis
The Micro Lending Market size is estimated at USD 213.58 billion in 2024, and is expected to reach USD 353.14 billion by 2029, growing at a CAGR of 10.58% during the forecast period (2024-2029).
Microlending is growing due to the rapid adoption of digital technology. The industry is expected to benefit significantly from better connectivity in developing countries and technical progress in several countries in the Middle East & Africa. The extensive integration of sophisticated technology across developing nations, such as mobile banking, ATMs, POS systems, and others, is paving the way for future market opportunities in the industry. For example, the Government of India uses the Adhar payment bridge system to provide microloans and various other services to citizens nationwide.
The expansion of the micro-lending industry is also positively impacted by the increased ability of entrepreneurs to start new businesses with less financial support. However, the industry is expected to benefit financially from introducing advanced technologies in microfinance.
The market's growth is expected to be driven by technological innovations and various technologies, such as AI, to reduce the costs of companies associated with microloan applications. The increasing digitalization and the growing use of smartphones and electronic wallets have made it easier for borrowers to repay loans. These digital trends are expected to create new growth opportunities for the market over the next few years.
