Press release
Evolving Market Trends In The Digitization In Lending Industry: Strategic Partnerships Driving Innovation In Lending Technology
Digitization In Lending
What Is the Expected Digitization In Lending Market Size During the Forecast Period?
The digitization in lending market will grow from $15.26 billion in 2024 to $19.1 billion in 2025 at a CAGR of 25.2%. The growth is fueled by increased internet access, the shift to paperless transactions, the rise of online loan marketplaces, demand for instant approvals, and the rise of mobile banking apps.
The digitization in lending market is forecast to grow substantially, reaching $46.29 billion by 2029, at a CAGR of 24.8%. Key drivers include the rising demand for digital lending solutions, the expansion of peer-to-peer lending platforms, growth of online marketplaces, and the adoption of blockchain technology for secure transactions. Major trends include the development of digital identity verification, the use of voice and chatbot technologies, the evolution of robo-advisors, the growth of decentralized finance (DeFi) platforms, and decentralized identity solutions.
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What Are the High-Growth Segments in the Digitization In Lending Market?
The digitization in lending market covered in this report is segmented -
1) By Type: Online, Offline
2) By Loan Amount: Small Loans, Medium Loans, Large Loans
3) By Deployment: Smartphone, Computer
4) By Application: Business Loan, Personal Loan, Mortgage Loan, Auto Loan
Subsegments:
1) By Online: Peer-To-Peer Lending (P2P), Digital Bank Loans, Online Personal Loans, Online Business Loans, Online Mortgage Lending
2) By Offline: Traditional Bank Lending, Credit Unions And Community Lenders, In-Branch Loan Services, Microfinance Institutions (MFIs)
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What Key Drivers Are Expected to Influence Future Digitization In Lending Market Growth?
The growing adoption of digital banking and payments is expected to drive the expansion of the digitization in lending market in the future. Digital lending refers to banking conducted through digital platforms, eliminating paper-based transactions such as checks, pay-in slips, and demand drafts. These digital platforms offer unmatched convenience, enabling customers to access banking services and conduct transactions from anywhere at any time using their mobile devices or computers. Digital banking solutions help companies provide online services to their customers. For example, in July 2023, a Finder.com report revealed that approximately 93% of people in the UK used online banking in 2022. Additionally, 5.3 million more Brits (10%) plan to switch to digital-only bank accounts in 2023, and by 2028, digital-only accounts are projected to reach 22.6 million (43%). As a result, the transition toward digital banking is fueling the growth of the digitization in lending market.
Which Companies Hold the Largest Share Across Different Digitization In Lending Market Segments?
Major companies operating in the digitization in lending market are Goldman Sachs Bank, SoFi Technologies Inc., Affirm Holdings Inc., LendingClub, LoanDepot, Upstart Holdings, Lendio, Zopa Bank Ltd., Prosper Marketplace Inc., Avant LLC, Kabbage, Funding Circle, Credible Labs Inc., OnDeck Capital, Marlette Funding LLC, Rapid Finance, BlueVine, CommonBond, Payoff Inc., LightStream, StreetShares Inc., Circleback Lending Inc., Peerform
What Digitization In Lending Market Trends Are Gaining Traction Across Different Segments?
In the digitization of the lending market, companies are forming strategic partnerships to streamline operations and offer innovative lending solutions. For example, in March 2024, Epic River, a US-based web platform, integrated with Finastra's LaserPro loan documentation system. This partnership automates the transfer of borrower data, reducing manual entry errors and improving loan processing speed and accuracy for community banks and credit unions.
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What Are the Emerging Geographies for The Digitization In Lending Market Growth?
North America was the largest region in the digitization in lending market in 2023. The regions covered in the digitization in lending market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Digitization In Lending Market?
2. What is the CAGR expected in the Digitization In Lending Market?
3. What Are the Key Innovations Transforming the Digitization In Lending Industry?
4. Which Region Is Leading the Digitization In Lending Market?
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