Marketplace Lending (Consumer) - Austria

Austria

Highlights

The total transaction value in the MarketMarketplace Lending (Consumer) market market in Austria is projected to reach US$59.41m in 2024.
When compared globally, the United States leads with a transaction value of US$28bn in 2024.
The Key Market Indicators offer a comprehensive view of the social and economic landscape of Austria, providing valuable insights into market-specific trends.
These indicators, combined with data from statistical offices, trade associations, and companies, form the basis for the Statista market models.
Austria's consumer marketplace lending sector is experiencing a surge in alternative capital raising options, diversifying investment opportunities for individuals in the region.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Marketplace lending (consumer) in Austria has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Austrian consumers are increasingly turning to marketplace lending platforms for their borrowing needs. This shift in preference can be attributed to several factors. Firstly, consumers are attracted to the convenience and speed of online lending platforms, which offer a streamlined application process and quick access to funds. Secondly, marketplace lending platforms often provide more flexible lending options compared to traditional banks, allowing borrowers to tailor their loans to their specific needs. Lastly, the transparency and competitive interest rates offered by these platforms have also contributed to their popularity among Austrian consumers.

Trends in the market: One notable trend in the Austrian marketplace lending market is the rise of peer-to-peer (P2P) lending platforms. These platforms connect borrowers directly with individual lenders, bypassing traditional financial intermediaries. This trend has gained traction due to the increasing demand for alternative investment options and the potential for higher returns compared to traditional savings accounts. P2P lending platforms also offer borrowers more competitive interest rates and greater access to credit, especially for individuals with limited credit history or who have been rejected by traditional banks. Another trend in the marketplace lending market is the emergence of specialized lending platforms catering to specific consumer needs. These platforms focus on niche markets such as student loans, small business loans, or medical financing. By targeting specific customer segments, these platforms can better understand the unique needs and preferences of their borrowers, providing tailored loan products and personalized customer service. This trend reflects the growing demand for customized financial solutions in Austria.

Local special circumstances: Austria's marketplace lending market is influenced by several local special circumstances. Firstly, the country's strong regulatory framework ensures consumer protection and fosters trust in marketplace lending platforms. This has contributed to the growth of the market, as consumers feel more confident in using these platforms. Secondly, Austria's high internet penetration rate and tech-savvy population have facilitated the adoption of online lending platforms. The country's well-developed digital infrastructure and widespread access to the internet have made it easier for consumers to access and use marketplace lending services.

Underlying macroeconomic factors: The growth of marketplace lending in Austria is also influenced by underlying macroeconomic factors. Low interest rates in the country have driven borrowers to seek alternative sources of credit, as traditional banks offer less attractive borrowing terms. Additionally, the increasing cost of living and rising household debt levels have created a demand for affordable and flexible lending options. Marketplace lending platforms have filled this gap by offering competitive interest rates and more accessible credit. In conclusion, the marketplace lending (consumer) market in Austria has experienced significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Austrian consumers are increasingly turning to online lending platforms for their borrowing needs, attracted by convenience, flexibility, and competitive interest rates. The rise of P2P lending platforms and specialized lending platforms further reflects the evolving demands of Austrian borrowers. The country's strong regulatory framework, high internet penetration rate, low interest rates, and increasing cost of living have also contributed to the growth of the marketplace lending market in Austria.

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.