Press release
Digital Lending Platform Global Market Report 2024 - By Demand, Size, Share, Trends, Forecast To 2033
Digital Lending Platform
The Business Research Company offers in-depth market insights through Digital Lending Platform Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Smartphone Boom Fuels Soaring Growth In Digital Lending Platforms
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.
Competitive Landscape:
Major companies operating in the digital lending platform market report are Nucleus Software Exports Limited, Accenture* plc, 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.
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Top Trend - The Introduction Of Public Tech Platforms For Seamless Credit Transactions
Major companies operating in the digital lending platform market are developing innovative technology, such as public tech platforms, to better serve customers. The Public Tech Platform is a digital platform aimed at facilitating frictionless credit transactions. For instance, in August 2023, the Reserve Bank of India, an India-based central bank, launched a Public Tech Platform that seeks to facilitate credit through the seamless flow of required digital information to lenders. This platform would enable integration with various services such as Aadhaar e-KYC, land records from state governments that have joined the system, satellite data, PAN validation, Aadhaar e-signing, and house/property search data. All participants in the financial sector will be able to easily connect and operate in a ""plug and play"" manner with the end-to-end digital platform's open architecture, open Application Programming Interfaces (APIs), and open standards. It would bring about efficiency in the lending process in terms of cost reduction, quicker disbursement, and scalability.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Digital Lending Platform Market Characteristics
3. Digital Lending Platform Market Trends And Strategies
4. Digital Lending Platform Market - Macro Economic Scenario
5. Digital Lending Platform Market Size And Growth
…..
27. Digital Lending Platform Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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