Press release
Digital Lending Platform Market is projected to reach $20.31 billion by 2027, growing at a CAGR of 16.7% from 2020 to 2027
According to a recent report published by Report Ocean, titled, “Digital Lending Platform Market By Component, Deployment Model, Type and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020–2027”, the global digital lending platform market size was valued at $5.58 billion in 2019, and is projected to reach $20.31 billion by 2027, growing at a CAGR of 16.7% from 2020 to 2027.GET SAMPLE PAGES @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1387
The digital lending platform help banks to offer different financial services such as faster loan processing, high-quality services, and cost-efficient financial services to various customers across the globe. In addition, the use of digital lending platform helps financial service provide to improve their market share and to compete in a rapidly changing environment.
Furthermore, rapid growth of the digital lending platform market is attributed to continuous increase in digitalization initiatives among financial organizations and surge in government initiatives for digital lending in developing countries, such as India and China. However, surge in security & compliance concerns are expected to hinder the digital lending platform market growth. Conversely, technological advancements such as integration of AI in digital lending platforms and rapid penetration of cloud-based platforms are expected to present potential growth opportunities for the market in the near future.
The global digital lending platform market is segmented into component, deployment model, type, industry vertical, and region. The on-premise segment dominated the market in 2019 and is projected to maintain its dominance during the forecast period, owing to its superior capabilities, such as better management of servers, and high data security. Furthermore, the cloud-based segment is expected to grow at a significant CAGR during the forecast period. Adopting a cloud strategy offers end users several numbers of key benefits for businesses in the digital lending industry such as ease of implementation, low cost, and unlimited accessibility.
Region wise, the market was dominated by North America in 2019, and is expected to retain its position during the forecast period. This is attributed to increased presence of personal-focused lenders, SME-focused lenders, and student-focused lenders in the region and major players investing heavily for market development. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to rise in government initiatives for digital lending platform and surge in adoption of advanced technology such as AI & ML by banks ad FinTech firms in loan processing.
The COVID-19 outbreak has moderate impact on the growth of the digital lending platform market as the outbreak of the COVID-19 pandemic has enabled lending activities including past-due or non-collectible loans to become an implicit part of the financial sector. Hence, the need to implement new software for debt management in microfinance institutions (MFIs) has increased considerably. Furthermore, loan process automation has become an effective means to carry out more effective strategies for collection during this outbreak; thus creating significant opportunities for the market.
Key Findings of the Study
By component, the software segment generated the highest revenue in the digital lending platform market analysis in 2019.
On the basis of deployment model, the on-premise segment generated the highest revenue in the digital lending platform market trends in 2019.
Region wise, Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.
The report analyzes the profiles of major key players operating in the digital lending platform market share include Black Knight, Ellie MAE, Finastra, FIS Global, Fiserv, Intellect Design Arena, Nucleus Software, Tavant Technologies, Temenos, and Wipro. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the digital lending platform industry.
READ FULL REPORT @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1387
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