Digital Lending Platform market size will reach USD 20.31 billion at a CAGR of 16.7% by 2027
Bangalore, India, March 18, 2021 / PRNewswire / – The Digital Loan Platform Market is by component (software and service), delivery model (on-premise and cloud), type (decision automation, collections and recovery, loan processing, risk and compliance management and others) and industries (banks, insurance companies, credit unions, savings and credit unions , Peer-to-peer lending and others). The report includes global opportunity analysis and industry projections from 2021 to 2027. It is published on Rated reports by doing Banking and finance Category.
The global digital lending platform market size has been increasing to. estimated $ 5.58 billion in 2019 and is expected to reach USD 20.31 billion by 2027 with an annual growth rate of 16.7% from 2020 to 2027.
Main drivers for the growth in digital lending platform market size are:
- Increase in digitization initiatives in financial organizations and increase in government initiatives for digital lending in developing countries, such as India and China.
- Technological advances, such as the integration of AI into digital credit platforms and the increasing penetration of cloud-based platforms.
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TRENDS THAT AFFECT THE GROWTH OF THE DIGITAL LOAN PLATFORM MARKET SIZE
An increasing focus by companies on digitizing their financial services is expected to drive growth in the digital lending platform market. In the credit landscape, digitization has helped organizations and their customers make better credit management decisions and enable a faster application and payout process. As a result, the growth of the digital lending platform market is being driven by the increasing focus of businesses on digitizing their financial services to improve business performance and results.
In addition, the digitization of lending has helped companies and their customers make better credit management decisions and a faster application and disbursement process in the credit landscape. The introduction of digital lending platforms at financial institutions also lowers operating costs by operating seamlessly across all interactions between lenders and borrowers. Such benefits are expected to fuel the growth of the digital loan market.
The introduction of advanced technologies such as biometric authentication, e-mandates, e-signature, AI, ML, blockchain, and advanced analytics to mitigate fraud and non-performing assets (NPAs) risks is expected to boost the digital lending platform market in size.
Other important factors driving the growth in digital lending platform market size are the increase in internet penetration and the proliferation of smartphones.
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MARKET SHARE ANALYSIS OF THE DIGITAL LOAN PLATFORM
Due to the need to automate the entire lending process, which includes loan collection, processing and evaluation, the lending segment is expected to gain a significant share of the lending type over the forecast period. However, due to increasing investments in the risk and compliance management segment of various FinTech companies to reduce various types of risk, it is expected to grow the fastest in the forecast period.
In terms of components, the software segment will dominate the market throughout the forecast period. This is attributed to the increasing use of software solutions by financial institutions to provide their services via digital channels.
North America dominated the digital lending platform market in 2019 and is expected to continue to do so in the forecast period. This is due to an increase in the number of lenders focusing on individuals, SMEs and students in the area, as well as large players investing heavily in business growth.
However, it is Asia Pacific The region would have the highest CAGR of 18.0% over the 2020-2027 period. This rapid growth in the region is attributed to the surge in government initiatives for digital lending platforms and the surge in the adoption of advanced technologies like AI and ML by banks and FinTech firms in loan processing.
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DIGITAL CREDIT PLATFORM MARKET SEGMENTS
Values Reports has the global market for digital lending platforms based on component, classification type, application, industry and region ( North America, Asia Pacific, Europe, middle East, etc.).
By deployment model
- Decision automation
- Collections and restoration
- Risk and Compliance Management
- Insurance companies
- Credit unions
- Savings and credit associations
- Peer-to-Peer Lending
Important market participants
- Black Knight
- Ellie MAE
- FIS Global
- Intellect design arena
- Nucleus software
- Tavant technologies
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