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Strategic Partnerships Driving Innovation In Lending Technology Industry Trends Gaining Momentum in the Global Digitization In Lending Market
Digitization In Lending Market
Digitization In Lending Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The scale of the digitization in the lending market has experienced massive growth in the past few years. The industry is projected to expand from a value of $15.26 billion in 2024 to a staggering $19.1 billion in 2025. This escalation represents a compound annual growth rate (CAGR) of 25.2%. Multiple factors contribute to this substantial increase in the historic period-expanded internet availability, the move toward paperless transactions, the advent of virtual loan marketplaces, rising demand for swift loan approvals and disbursements, and the emergence of mobile banking apps.
Digitization In Lending Market Size Forecast: What's the Projected Valuation by 2029?
Anticipated to experience significant expansion in the coming years, the digitization in lending market size is projected to reach $46.29 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 24.8%. This projected growth within the forecast period is largely due to the burgeoning demand for digital lending solutions, the development of peer-to-peer lending platforms, the increase in online marketplaces, and the utilization of blockchain technology for secure transactions. Key trends in the forecast period include advancements in digital identity verification solutions, incorporation of voice and chatbot technologies, progress in robo-advisors and automated financial planning tools, expansion of decentralized finance (defi) platforms, the emergence of subscription-based lending models, and the advent of decentralized identity solutions.
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What Are the Drivers Transforming the Digitization In Lending Market?
The surge in the trend towards online banking and payments is projected to boost the digitization in the lending market's growth. Digital lending involves banking through a digital platform, which eradicates all paper-based transactions like demand drafts, pay-in slips, and checks. These digital platforms offer unrivaled convenience, enabling customers to use banking services and complete transactions at any time, from any location via their mobile devices or computers. This digitization offers companies digital banking solutions, allowing them to deliver online banking services to their customers. As per a report from Finder.com, an independent comparison website based in Australia, in July 2023, it was estimated that 93% of Brits had used online banking services in 2022. Additionally, about 5.3 million Brits (10%) plan to open a digital-only bank account in 2023. The report also predicted that by 2028, the count of digital-only bank account users is expected to reach 22.6 million (43%). This continuing trend towards digital banking and payments is fueling the expansion of the digitization in the lending market.
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What Long-Term Trends Will Define the Future of the Digitization In Lending Market?
Leading firms in the digitization of the lending market are endeavoring to create strategic alliances to improve their technological proficiencies, optimize processes, and provide groundbreaking lending solutions. Strategic alliances are organized arrangements between two or more entities to cooperate on specific business targets while preserving their independent operations. To illustrate, Epic River, an American web platform offering innovative banking concepts, collaborated with Finastra's LaserPro loan documentation system in March 2024 to refine loan closing processes for community banks and credit unions. The alliance with Finastra facilitates the automatic relay of borrower information from Epic River to LaserPro, reducing manual input and guaranteeing precision. Moreover, this collaboration addresses the demand for adaptability and advancement in financial institutions by cutting down on mistakes and holdups in loan processing. Finastra is a financial software organization based in the UK.
Which Segments in the Digitization In Lending Market Offer the Most Profit Potential?
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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Which Firms Dominate the Digitization In Lending Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in the Digitization In Lending Market?
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.
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