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Marketplace Lending (Consumer) - Turkmenistan

Turkmenistan

The total transaction value in the MarketMarketplace Lending (Consumer) market market in Turkmenistan is projected to reach US$0.0 in 2024.
When compared globally, it is evident that the highest transaction value is attained the United States (US$26,720m in 2024).
Key Market Indicators offer an insight into the social and economic landscape of the country, shedding light on market-specific trends.
These indicators, in conjunction with data from statistical offices, trade associations, and companies, form the basis for the Statista market models.
Turkmenistan's consumer marketplace lending sector in capital raising shows a growing preference for online platforms over traditional banking channels.

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

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Analyst Opinion

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

Customer preferences: In Turkmenistan, consumers are increasingly turning to marketplace lending as a convenient and accessible way to borrow money. The traditional banking sector in the country is relatively underdeveloped, with limited access to credit for many individuals. As a result, marketplace lending platforms have emerged as a popular alternative for borrowers, offering quick and easy access to funds.

Trends in the market: One of the key trends in the marketplace lending market in Turkmenistan is the increasing adoption of mobile technology. With a high mobile penetration rate, consumers are able to access marketplace lending platforms directly from their smartphones, making the borrowing process even more convenient. This trend is driving the growth of marketplace lending in the country, as it appeals to a younger and tech-savvy population. Another trend in the market is the emergence of peer-to-peer lending platforms. These platforms connect individual borrowers with individual lenders, cutting out the middleman and reducing costs for both parties. This model has gained popularity in Turkmenistan, as it allows borrowers to access loans at lower interest rates compared to traditional banks.

Local special circumstances: Turkmenistan has a relatively small population and a developing economy. This presents both opportunities and challenges for the marketplace lending market. On one hand, the small population size means that there is a limited pool of borrowers, which could potentially restrict the growth of marketplace lending platforms. On the other hand, the developing economy means that there is a growing need for credit, especially among small businesses and individuals who may not have access to traditional banking services.

Underlying macroeconomic factors: The development of the marketplace lending market in Turkmenistan is also influenced by underlying macroeconomic factors. The country has a stable economic environment, with steady GDP growth and low inflation. This provides a favorable backdrop for marketplace lending platforms to operate and attract borrowers. In conclusion, the Marketplace Lending (Consumer) market in Turkmenistan is growing and evolving rapidly. Customer preferences for convenience and accessibility are driving the adoption of marketplace lending platforms, while trends such as mobile technology and peer-to-peer lending are shaping the market. Local special circumstances, such as the small population size and developing economy, present both opportunities and challenges for marketplace lending in Turkmenistan. Overall, the underlying macroeconomic factors provide a favorable environment for the growth of the marketplace lending market 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.