Market Insights Financial Capital Raising Digital Capital Raising

Marketplace Lending (Consumer) - Iraq

Iraq

The total transaction value in the MarketMarketplace Lending (Consumer) market market in Iraq is projected to reach US$0.0 in 2024.
When compared globally, the United States leads with a transaction value of US$26,720m in 2024.
Key Market Indicators offer a snapshot of the social and economic landscape of Iraq and offer valuable insights into specific market trends.
These indicators, combined with data from statistical offices, trade associations, and companies, form the basis for the Statista market models.
Iraq's marketplace lending sector is gaining traction among consumers seeking alternative capital raising options in the evolving financial landscape.

Key regions: United Kingdom, United States, China, Brazil, Australia

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Analyst Opinion

The Marketplace Lending (Consumer) market in Iraq is experiencing significant growth and development.

Customer preferences: In Iraq, there is a growing demand for marketplace lending services among consumers. This can be attributed to several factors. Firstly, many Iraqis have limited access to traditional banking services, making marketplace lending an attractive alternative for obtaining credit. Additionally, the convenience and ease of accessing loans through online platforms has resonated with Iraqi consumers, who are increasingly embracing digital solutions for their financial needs.

Trends in the market: One of the key trends in the marketplace lending market in Iraq is the emergence of peer-to-peer lending platforms. These platforms connect borrowers directly with lenders, cutting out the middleman and reducing the cost of borrowing. This trend is driven by the desire for greater transparency and efficiency in the lending process. Peer-to-peer lending platforms also offer borrowers a wider range of loan options and more competitive interest rates. Another trend in the market is the increasing use of mobile technology for marketplace lending in Iraq. With a high mobile penetration rate and a growing number of Iraqis accessing the internet through their smartphones, mobile lending platforms have gained popularity. These platforms allow borrowers to apply for loans and manage their repayments conveniently through their mobile devices. This trend is expected to continue as mobile technology becomes even more prevalent in the country.

Local special circumstances: Iraq has a large population of young people who are increasingly tech-savvy and open to embracing new financial technologies. This demographic is a key driver of the marketplace lending market in the country. Additionally, the ongoing economic challenges in Iraq, including high unemployment rates and limited access to traditional banking services, have created a fertile ground for the growth of marketplace lending.

Underlying macroeconomic factors: The marketplace lending market in Iraq is also influenced by broader macroeconomic factors. The country has been experiencing a period of economic recovery, following years of conflict and instability. This has led to increased consumer confidence and a greater willingness to borrow. Additionally, the government's efforts to promote financial inclusion and improve access to credit have created a favorable environment for marketplace lending to thrive. In conclusion, the Marketplace Lending (Consumer) market in Iraq is experiencing significant growth and development due to customer preferences for convenient and accessible lending options, the emergence of peer-to-peer lending platforms, the increasing use of mobile technology, the demographics of the population, and underlying macroeconomic factors. This trend is expected to continue as marketplace lending becomes an increasingly popular and mainstream form of borrowing in the country.

Methodology

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.