Press release
Digital Lending Platform Global Market Set to Skyrocket to $34.6 Billion By 2032 with an Impressive CAGR 21.9% | Fiserv Inc., HES FinTech POS, Wipro Limited, DocuSign Inc., Temenos AG
Digital Lending Platform Global Market
The Business Research Company presents an extensive market research report on the Digital Lending Platform Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The digital lending platform market size has grown exponentially in recent years. It will grow from $13 billion in 2023 to $15.65 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. The growth in the historic period can be attributed to rise of fintech companies, mobile and internet penetration, data analytics and credit scoring, need for speed and convenience, economic inclusion initiatives, peer-to-peer lending growth.
The digital lending platform market size is expected to see exponential growth in the next few years. It will grow to $34.6 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%. The growth in the forecast period can be attributed to open banking initiatives, rise of decentralized finance, focus on customer experience, continued regulatory support, global economic recovery. Major trends in the forecast period include cross-border lending, digitization in financial services, mobile-first approaches, blockchain technology for security, customer-centric approaches, partnerships with fintech startups.
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Key Market Players:
Major companies operating in the digital lending platform market report are Nucleus Software Exports Limited, Fiserv Inc., Fidelity National Information Services Inc. (FIS), One97 Communications Ltd., HES FinTech POS, Wipro Limited, DocuSign Inc., Finastra Limited, Pegasystems Inc., Black Knight Inc., LendingTree LLC, Temenos AG, Ellie Mae Inc., ICE Mortgage Technology Inc., Tavant Technologies Inc., EdgeVerve Systems Limited, BlendLabs Inc., Teylor AG, Intellect Design Arena Ltd., Mambu GmbH, Newgen Software Technologies Ltd., Sigma Infosolutions Ltd., Auxmoney GmbH, Roostify Inc., DocuTech Corporation, Built Technologies lnc., Decimal Technologies Pvt Ltd., CU Direct Corporation, Swiss Fintech AG, Upstart Network Inc., ZestFinance Inc.
Market Drivers:
The surge in the use of smartphones is expected to propel the growth of the digital lending platform market going forward. The smartphone is a mobile device that has a touchscreen interface, an operating system capable of running downloaded apps, and internet access. Due to the surge in the use of smartphones, users and borrowers are applying for instant loans using digital lending. For instance, according to DataReportal, a Singapore-based online reference library, in 2022, the number of smartphones in use is rising at a 5.1 percent annual rate, with an average of 1 million smartphones coming into use every day. Therefore, the surge in the use of smartphones is driving the growth of the digital lending platform market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/digital-lending-platform-global-market-report
The digital lending platform market covered in this report is segmented -
1) By Type: Loan Origination, Decision Automation, Collections And Recovery, Risk And Compliance Management, Other Types
2) By Component: Software, Service
3) By Deployment Model: On-Premise, Cloud
4) By Industry Vertical: Banks, Insurance Companies, Credit Unions, Savings And Loan Associations, Peer-To-Peer Lending, Other Industry Verticals
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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