Global Alternative Finance Market Overview And Statistic For 2024-2033
Alternative Finance Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Alternative Finance Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, August 28, 2024 /EINPresswire.com/ -- The global alternative finance market is experiencing significant expansion, growing from $216.08 billion in 2023 to $260.65 billion in 2024, at a compound annual growth rate (CAGR) of 20.6%. This impressive growth is fueled by the rise of online platforms and social media, increasing adoption of peer-to-peer lending, the widespread use of cryptocurrency and blockchain, and the growing focus on sustainability and green finance. The market is expected to reach $559.92 billion by 2028, growing at a CAGR of 21.1%.
Growing Number of Small and Medium-Sized Businesses (SMBs) Driving Market Expansion
The increasing number of small and medium-sized businesses (SMBs) is a key driver of growth in the alternative finance market. SMBs, which are characterized by their size in terms of employees, annual revenue, or assets, are benefitting from alternative finance solutions due to crowdfunding, peer-to-peer lending, tax benefits, and business development programs. According to the Department for Business and Trade, the number of SMBs in the UK grew from 5.50 million in 2022 to 5.54 million in 2023. Alternative finance provides diverse and accessible funding options, addressing the limitations of traditional financing methods and supporting the growth of SMBs.
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Key Players and Market Trends
Major players in the alternative finance market, including PayPal Holdings Inc., Rocket Mortgage, Coinbase Global Inc., and Social Finance Inc., are at the forefront of developing innovative technologies. Companies are focusing on creating alternative financing platforms that offer diverse financial services such as crowdfunding, peer-to-peer lending, and invoice financing. For example, in July 2021, Copernicus Group launched its alternative financing platform, Copernicus Credit, which provides innovative financial services and connects users with potential investors or lenders through a streamlined process.
Technological Advancements and Innovations
The alternative finance market is characterized by several major trends, including technological advancements and the utilization of AI and data analytics. The rise of blockchain-based lending platforms, the adoption of internet-of-things technologies, and the growing application of artificial intelligence are transforming the market. These innovations are enhancing the efficiency and accessibility of alternative finance solutions, supporting the growth of technology-driven lenders and decentralized finance.
Segments:
•By Type: Peer-To-Peer Lending, Crowdfunding, Invoice Trading, Other Types
•By Business Model: Traditional Lending, Alternate Marketplace Lending
•By End User: Enterprise, Individuals
Geographical Insights: North America Leading the Market
North America was the largest region in the alternative finance market in 2023 and is expected to maintain its leadership position due to its advanced financial infrastructure and high adoption rates of alternative finance solutions. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
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Alternative Finance Global Market Report 2024 from TBRC covers the following information:
•Market size data for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Alternative Finance Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on alternative finance market size1, alternative finance market drivers and trends, alternative finance market major players, competitors' revenues, market positioning, and market growth across geographies. The alternative finance market report2 helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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