Dublin, Jan. 06, 2025 (GLOBE NEWSWIRE) — The “Microfinance Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The microfinance industry has demonstrated substantial growth, with expectations to increase from $193.85 billion in 2023 to an estimated $215.51 billion in 2024, flourishing at a compound annual growth rate (CAGR) of 11.2%. This vital financial sector continues to evolve, driven by advancements in digital technology and a commitment to sustainable, responsive lending practices. The development of online lending platforms has significantly contributed to this upward trajectory, making microloans more accessible to a broader audience.
Future Projections and Market Dynamics
Market analysts project a continued robust growth pattern for the microfinance sector, anticipating a market size of $330.98 billion by 2028, progressing at a CAGR of 11.3%. This soaring growth reflects a dynamic market environment shaped by regulatory evolutions, increased environmental awareness, rising social responsibility in investments, and a heightened demand for microfinance services. With a focus on financial inclusion, the sector is on the brink of embracing cloud-based solutions, biometric authentication, microinsurance advancements, and digital integration for seamless operations.
Supporting SME Expansion Through Microfinance
The proliferating numbers of small to medium-sized enterprises (SMEs)—a sector characterized by modest scales of revenue, assets, and workforce—are poised to significantly benefit from the expansion of the microfinance market. The success of SMEs is tied to increased entrepreneurial initiatives and technology that lowers market entry barriers. Microfinance institutions provide crucial support with small loans and financial services that aid capital acquisition and effective cash flow management. Recent increases in the establishment of SMEs highlight the indispensable role of microfinance in business growth and sustainability.
Strategic Moves and Technological Innovations Among Key Players
Key industry players are responding to market trends with innovative technology-based solutions to enhance accessibility, streamline financial services delivery, and reinforce financial inclusion for underserved demographics. The deployment of digital microfinance platforms is transforming how financial products such as loans, savings accounts, and insurance are provided, embodying a novel trend of leveraging technology for economic empowerment. Strategic acquisitions and expansions are taking place, with prominent financial institutions investing in growth opportunities to enhance service offerings and market positioning.
Regional Insights
In 2023, Asia-Pacific emerged as the leading region in the microfinance market, with forecasts indicating it will maintain its position as the fastest-growing region in the subsequent years. The report includes comprehensive analyses for regions encompassing Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. Nations like Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, the USA, Canada, Italy, and Spain are extensively examined in the context of their microfinance market contributions.
Overview of Microfinance Services
Microfinance is a pivotal sector offering loans, savings, insurance, and other financial products to individuals and small businesses, primarily serving low-income groups who might not have access to conventional banking services. The sector provides various types of services, such as group and individual microcredit, leasing, micro-investment funds, and savings accounts, all of which are instrumental for growing small enterprises and empowering entrepreneurs.
Valuation and Scope of the Market
The valuation of the microfinance market is based on revenue earned from providing financial services that include loans, insurance, payment services, and financial education. Market analysis reflects the value gleaned from goods and services traded between entities or sold directly to end consumers. The financial figures are indicative of sales in the market under study, exclusive of revenues from resales or other product integrations.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $215.51 Billion |
| Forecasted Market Value (USD) by 2028 | $330.98 Billion |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
Some of the major companies profiled in this Microfinance market report include:
- Bank Rakyat Indonesia (BRI)
- Oliver Wyman Group
- Bandhan Bank Limited
- LendingClub Corporation
- ASA International Group PLC
- Accion International
- Annapurna Finance Private Limited
- PRASAC Microfinance Institution Ltd.
- Prosper Marketplace Inc
- Madura Microfinance Ltd.
- Compartamos Banco
- Pro Mujer International
- Oikocredit International
- Ujjivan Financial Services
- Fundación Génesis Empresarial (FGE)
- Kiva Microfunds
- Gojo & Company Inc.
- FINCA International
- Fonkoze Financial Services S.A.
- Cashpor Micro Credit
- Opportunity International
- BSS Microfinance Limited
- Asirvad Microfinance Limited
For more information about this report visit https://www.researchandmarkets.com/r/96fun6
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- Microfinance Market Report 2024
