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Digital Lending Platform Market Report 2024 - Digital Lending Market Trends, Growth, And Insights
Digital Lending Platform Market
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Digital Lending Platform Market 2024 Key Insights:
• 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%.
• Smartphone Boom Fuels Soaring Growth In Digital Lending Platforms
• Innovative Technology Advancement In Digital Lending Platform Market With Roostify Document Intelligence
• North America was the largest growing region in the digital lending platform market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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