Press release
Sunshine State's Digital Lending Market: Projected to Reach $13.89 Billion by 2027
florida-digital-lending-market
โก๏ธ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ & ๐๐๐ : https://www.alliedmarketresearch.com/request-sample/A11092
Increase in need & adoption of digital lending solutions in the state and considerable shift from traditional lending to digital lending drive the growth of the Florida digital lending market. However, high interest on small amounts & shorter repayment time provided by lenders hinders the market growth. On the other hand, adoption of advanced technologies in lending services creates new opportunities in the coming years.
Covid-19 Scenario:
Firms offering lending or credit solutions in the state have been utilizing automated processes & reducing cyber security risks through the implementation of AI-driven KYC software.
There has been a considerable increase in usage and adoption of online & digitalized financial services in the state. This led to the growth of the market.
In addition, state governments have been introducing new regulations for banks and FinTech organizations to offer loans during the pandemic.
The report offers a detailed segmentation of the Florida digital lending market based on loan type, provider type, loan amount, and end user.
Based on loan type, the personal loans segment contributed to the highest market share in 2019, accounting for nearly half of the total market share, and is projected to maintain its lead position during the forecast period. However, the SME-focused loans segment is expected to grow at the highest CAGR of 22.5% from 2020 to 2027.
โก๏ธ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/A11092
Based on provider type, the FinTech institutions segment accounted for the highest share in 2019, holding more than two-fifths of the Florida digital lending market, and is expected to continue its leadership status throughout the forecast period. Moreover, this segment is projected to witness the highest CAGR of 18.7% from 2020 to 2027. The research also analyzes the segments including banks, credit unions, and others.
Based on end user, the individuals segment accounted for the highest market share in terms of revenue, contributing to more than two-thirds of the total share in 2019, and is expected to maintain its dominance in terms of revenue by 2027. However, the SMEs segment is projected to witness the fastest CAGR of 21.0% during the forecast period.
โก๏ธ๐๐ฎ๐ฒ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ญ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ๐๐ ๐๐ซ๐ข๐๐ @ https://www.alliedmarketresearch.com/checkout-final/216a69285918507d19e816a58569c029?utm_source=AMR&utm_medium=research&utm_campaign=P19623
Leading players of the Florida digital lending market analyzed in the research include Ally Financial Inc., Florida Credit Union, Credible, VyStar Credit Union, Navy Federal Credit Union, LendingPoint LLC, Suncoast Credit Union, Social Finance, Inc., TD Bank, N.A., and WELLS FARGO
โก๏ธ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ญ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ๐๐ ๐๐ซ๐ข๐๐ ๐๐ง ๐ ๐ฅ๐๐ฌ๐ก ๐๐๐ฅ๐
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