Digital Lending Market
Digital Lending Market Size, Share & Trends Analysis Report by Offering (Solutions, Services), by Deployment Mode (Cloud, On-premises), by End User (Banks, Credit Unions, NBFCs), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
|Forecast Years for Digital Lending Market:||2022 - 2028|
|Historical Years for Digital Lending Market:||2016 - 2021|
|Revenue 2021 for Digital Lending Market:||USD 10.5 Billion|
|Revenue 2028 for Digital Lending:||USD 22.4 Billion|
|Revenue CAGR (2022 - 2028) for Digital Lending Market :||13.5%|
|Fastest Growing Region (2022 - 2028) for Digital Lending Market:||Asia Pacific|
|Largest Region (2021) for Digital Lending Market:||North America|
Global Digital Lending Market
Digital Lending Market- By Offering, Development Mode, End User and Region.
The Global Digital Lending Market is valued at USD 10.5 Billion in the year 2021 and is anticipated to reach a value of USD 22.4 Billion by the year 2028. The Global Market is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 13.5% over the forecast period.
The Digital Lending platform is gaining traction among banks due to its ease of use and increasing profitability. It also makes it easier for borrowers to apply for loans and gives them with transparency, which saves them a lot of time. This automated feature of the online lending platform enables lenders and borrowers to provide funding solutions with better precision, reducing stress and increasing the chances of loan approval. These benefits are projected to propel the Digital Lending platform market forward. Analytics are used in Digital Lending to focus on some of the most crucial aspects of end-to-end loan management. It improves customer experience by increasing customer on boarding efficiency and speed.
The growing popularity of Digital Lending platforms necessitate the transmission of sensitive and personal financial information via the internet. This data transfer has generated concerns about data security among organizations that use digital financing. Simultaneously, Digital Lending companies must adhere to data protection regulations enacted by regulatory organizations in order to secure client data from data breaches. AI, machine learning, and block chain are just a few of the cutting-edge technologies that are projected to enhance Digital Lending platforms and offer up new revenue streams. Integrating these technologies allows for a simple, quick, and transparent loan-funding procedure. Now a days loan applications are processed in seconds using AI and machine learning algorithms, making the approval process truly scalable. Furthermore, by eliminating intermediaries or middlemen from the lending process, a block chain-based lending platform enables a direct interaction between lenders and borrowers.
The Digital Lending Market is segmented on the basis of Offering, Development Mode and End User. On the basis of Offering, the market is segmented into Solutions and Services. On the basis of development type the market is segmented onto Cloud and on- premises. On the basis of End User, the market is segmented into Banks, Credit Unions and NBFCs.
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Based on Offering:
On the basis of Offering, the market is segmented into Solutions and Services. In 2020, the market was led by the Service sector. During the forecast period, the Services section of the Digital Lending Market is predicted to increase at a faster rate. Consulting, installation, and support and maintenance services are the three types of services available on the market. These services help businesses choose the best solution, integrate it with their existing infrastructure, provide maintenance and support, and troubleshoot issues over time.
Based on End User:
On the basis of End User, the market is segmented into Banks, Credit Unions and NBFCs. The global market for Digital Lending chargers is led by Bank, which is likely to maintain its lead during the forecast period. In 2021, the banks' segment led the market, accounting for more than 30.0 percent of global revenue. The segment's growth is projected to be fueled by banks' increasing focus on digitising their financial services. Governments in both developed and developing nations are encouraging banks to implement Digital Lending platforms and improve customer experience through strict rules and beneficial initiatives. Banks can use Digital Lending platforms to ensure that their loan processes are transparent.
North America is projected to acquire the largest market share during the year 2021
North America is projected to acquire the largest market share during the year 2021 with a share of 39.50%. The presence of major Digital Lending providers throughout North American countries is projected to fuel regional industry expansion. The region has also been a pioneer in adopting cutting-edge technologies. As a result, in North America, demand for digital, end-to-end financial solutions has always been high. Financial institutions in the region are being prompted to digitise their services and improve customer experience due to the region's big mobile workforce. As a result, as part of their efforts to achieve a significant competitive edge, financial institutions in the region are attempting to separate themselves from their competitors by launching unique digital solutions.
Key players operating in the Global Digital Lending Market include- Fiserv (US), ICE Mortgage Technology (US), FIS (US), Newgen Software (India), Nucleus Software (India), Temenos (Switzerland), Pega (US), Sigma Infosolutions (India), Intellect Design Arena (US), Tavant (US), Docutech (US), Cu Direct (US), Abrigo (US), Wizni (US), Built Technologies (US), Turnkey Lenders (US), Finastra (UK), RupeePower (India), Roostify (US), JurisTech (Malaysia), Decimal Technologies (India), HES Fintech (Belarus), ARGO (US), Symitar (US), EdgeVerv (India), TCS (India), Wipro (India), SAP (Germany), Oracle (US), BNY Mellon (US), Black Knight (US) and others.
Segmentation of the Global Digital Lending Market:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Questions
the global demand for Digital Lending
in terms of revenue?
The global Digital Lending valued at USD 10.5 Billion in 2020 and is expected to reach USD 22.4 Billion in 2028 growing at a CAGR of 13.5%
are the prominent players
in the market?
The prominent players in the market are Fiserv (US), ICE Mortgage Technology (US), FIS (US), Newgen Software (India), Nucleus Software (India), Temenos (Switzerland), Pega (US), Sigma Infosolutions (India), Intellect Design Arena (US), Tavant (US), Docutech (US), Cu Direct (US), Abrigo (US), Wizni (US), Built Technologies (US), Turnkey Lenders (US), Finastra (UK), RupeePower (India), Roostify (US), JurisTech (Malaysia), Decimal Technologies (India), HES Fintech (Belarus), ARGO (US), Symitar (US), EdgeVerv (India), TCS (India), Wipro (India), SAP (Germany), Oracle (US), BNY Mellon (US), Black Knight (US).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 13.5% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Digital Lending include
- Proliferation of smartphones and growth in digitalization
region accounted for the
largest share in the market?
North America was the leading regional segment of the Digital Lending in 2020.