Press release
Digital Lending Platform Market Set to Reach $34.6 Billion by 2028: Explosive Growth Driven by Smartphone Adoption
Digital Lending Platform Market Report
Digital Lending Platform Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $34.6 billion In 2028 At A CAGR Of 21.9%:
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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Digital Lending Platform Market Major Segments
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
Key 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.
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Prominent Trend - Innovative Technology Advancement In Digital Lending Platform Market With Roostify Document Intelligence
Technological advancements are the key trends gaining popularity in the digital lending platform market. Major market players are concentrating their efforts on creating innovative technologies to enable automation across business processes. For instance, in October 2021, Roostify Inc., a US-based digital home lending platform launched Roostify Document Intelligence (RDI), an AI-powered Application Programming Interface on the home lending platform that provides process automation and easy document management for classification, validation, and extract data from loan-related documents. It can notify users with automatic feedback when they upload incorrect documents.
Digital Lending Platform 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.
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Largest And Fastest Growing Region In The Market
North America was the largest growing region in the digital lending platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital lending platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Digital Lending Platform Market Report Structure
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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