Global Microfinance Market to Reach $271.4 Billion by 2024
SAN FRANCISCO, Aug. 11, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Microfinance – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 5; Released: May 2021
Executive Pool: 11472
Companies: 93 – Players covered include 51Give (China); Al Amana Microfinance; Al-Barakah Microfinance Bank; Annapurna Finance (P) Ltd; Asirvad Microfinance Pvt. Ltd.; Banco do Nordeste do Brasil S.A.; Bandhan Financial Services Pvt. Ltd.; Bank Rakyat Indonesia; BRAC; BSS Microfinance Ltd.; Grameen Foundation; Jamii Bora Bank; Kiva and Others.
Coverage: All major geographies and key segments
Segments: Institution Type (Banks, Non-Banks)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Microfinance Market to Reach $271.4 Billion by 2024
Microfinance focuses on provisioning of microloans to low-income and unemployed people who do not have access to traditional financial services. Microfinance encompasses a broad range of services including loans, savings, payment and insurance to help the unbanked population in achieving growth and becoming self-sufficient. Following the implementation of the Sustainable Development Goals (SDGs) in 2016, the microfinance industry has been focusing efforts on promoting access not just to credit, but also to agriculture, health, housing, education, energy, and education. Amid the COVID-19 crisis, the global market for Microfinance is projected to reach US$271.4 Billion by 2024, registering a compounded annual growth rate (CAGR) of 15.1% over the analysis period. Asia-Pacific represents the largest regional market for Microfinance, accounting for an estimated 42.8% share of the global total. The market is projected to reach US$144.4 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 17.5% over the analysis period.
The global microfinance market forecast to witness a strong growth rate in the upcoming years due to increasing number of microenterprises, government efforts to promote microfinance, and lower interest rates. Market growth is being positively influenced by the pivotal role played by microenterprises in driving economic development. Some of the major factors supporting the market expansion are growth of SMEs and lower-income groups, including women across rural areas, their potential to maintain household and social living along with government initiatives to promote fair competition and improve the national payment system. While efforts to serve socially marginalized individuals with quality financial services is driving growth, enhanced risk management, increasing focus on micro-insurance and initiative to raise consumer awareness are creating new growth avenues. Asia-Pacific region represents a key regional market, and growth is influence by factors such as rapid industrialization, strong demand for goods & services, and rising consumer awareness. In addition, the emergence of various Islamic financial services and banks coupled with the issuance of Sukuk is expected to further augment the market growth in the coming years. More
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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: ZA@StrategyR.com
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