According to the Peer-to-Peer (P2P) marketplace market analysis by Future Market Insights (FMI), the global market demand is anticipated to grow at a CAGR of 15.5% during the forecast period from 2022 to 2032, pushing the market size to US$ 1.2 Billion in 2022 and US$ 5.1 Billion by 2032.
As per FMI, increasing penetration of internet-connected services and digitization across the BFSI sector is expected to boost the market over the forecast period. These platforms enable faster peer-to-peer Fintech processes and real-time transaction capacity.
Countries such as China and India have large young population, with social media enhancing their digital lives. The vast number of unbanked and underbanked population around the world has fueled the adoption of digital financial services accessible via smartphones, which encourages the use of peer-to-peer marketplaces.
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Consumers are preferring m-commerce, and most governments have implemented measures to encourage the growth of the digital economy and digital infrastructure. Consumers’ social contacts, financial services, digital entertainment, everyday living services, and shopping habits are undergoing changes as a result of digital payment. Such factors are expected to boost sales in the peer-to-peer marketplace market in the forthcoming years.
The constant need for loans and debts is translating into opportunities for growth for market players. Since India is becoming one of the world’s fastest-growing economies, internet businesses are investing more in research and development to create online platforms that are authorized by the Reserve Bank of India (RBI).
Such rules are required to protect the interests of both lenders and borrowers. Blockchain technology is proving to be a game-changer in terms of reducing the risk of fraud and loan default. This technology also aids in the enhancement of Fintech platform security. Hence, adoption of Peer-to-Peer (P2P) marketplace is expected to grow at a significant rate.
Key Takeaways:
-By platform type, FinTech P2P marketplaces segment is expected to grow at a CAGR of 18.2% in the global demand for Peer-to-Peer (P2P) marketplace during the forecast period 2022-2032.
-By business model, the Business-to-Consumer (B2C) segment is anticipated to increase at a CAGR of 19.0% between 2022 & 2032.
-By industry, the adoption of Peer-to-Peer (P2P) marketplace solution in BFSI segment is anticipated to increase at a CAGR of 17.7% between 2022 & 2032.
-North America is expected to lead the market followed by Europe in 2022. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2022 & 2032.
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Competitive Landscape
The Peer-to-Peer (P2P) marketplace market is very competitive due to the presence of small and medium vendors offering Peer-to-Peer (P2P) marketplace solution globally. To increase their share in Peer-to-Peer (P2P) marketplace market, leading competitors are investing in product innovation and collaboration strategies.
For instance:
-In November 2021, Miralkl announced to develop a digital marketplace to further the company’s reputation as a digitally-led omnichannel retailer. By allowing merchants to sell their products on bloomingdales.com and macys.com, the new marketplace will extend the company’s inventory in existing categories and brands, as well as introduce a variety of new categories.
-In October 2021, Chetu announced its collaboration with PAX Technology, a payment solution provider, which has been added to the company’s global partner network to help PayFacs, ISOs/MSPs, PSPs, payment processors and payment gateway providers, develop distinctive payment experiences.
Peer-To-Peer (P2P) Marketplace Outlook By Category
By Platform Type:
eCommerce / Retail P2P Marketplaces
FinTech P2P Marketplaces
Rental P2P Marketplaces
Others
By Business Model:
Customer-to-Customer (C2C)
Business-to-Consumer (B2C)
Business-to-Business (B2B)
By Industry:
BFSI
Retail/eCommerce
Real Estate
Education
Travel & Hospitality
Others
By Region:
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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