Global Digital Lending Platform Market Report 2022: Surging Use of Smartphones is Expected to Propel Growth
Global Digital Lending Platform Market
Dublin, March 13, 2023 (GLOBE NEWSWIRE) -- The "Digital Lending Platform Global Market Report 2022: Ukraine-Russia War Impact" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global digital lending platform market.
The global digital lending platform market is expected to grow from $ 8.91 billion in 2021 to $ 10.55 billion in 2022 at a compound annual growth rate (CAGR) of 18.4%. The digital lending platform market is expected to reach $ 20.34 billion in 2026 at a CAGR of 17.8%.
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Major players in the digital lending platform market are ICE Mortgage Technology Inc, Fiserv Inc, Nucleus Software Exports Limited, Newgen Software Technologies Ltd, Intellect Design Arena Ltd, Temenos AG, Pegasystems Inc, Sigma Infosolutions Ltd, Finastra Limited, Roostify Inc, CU Direct Corporation, DocuTech Corporation, Decimal Technologies Pvt Ltd, Mambu GmbH, Built Technologies, Wipro Limited, Auxmoney GmbH, Accenture, HES FinTech, Swiss Fintech AG, Teylor AG, and DocuSign Inc.
The digital lending platform market consists of sales of digital lending platforms by entities (organizations, sole traders, and partnerships) that allow borrowers and lenders to lend money in a digital way. A digital lending platform refers to a technology-based platform that allows financial institutions to improve business productivity by providing loans through web platforms or mobile apps to generate revenue per loan application. These are used to optimize loan processes, enable fast decision-making, improve regulatory compliance to improve business efficiency, and simplify financial services.
The main types of digital lending platform markets are loan origination, decision automation, collections and recovery, risk and compliance management, and others. The loan origination market consists of sales of digital lending platforms by entities (organizations, sole traders, and partnerships) that are used for the purpose of easy loan application services to borrowers, automation, and financial analysis to banks, and reducing time.
Loan origination refers to the process of the step-by-step loan application. The components are solution and service and their deployment model are on-premise and cloud. The various industry verticals include banks, insurance companies, credit unions, savings and loan associations, peer-to-peer lending, and others.
North America was the largest growing region in the digital lending platform market in 2021. 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 and Africa.
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.
In July 2022, M2P Fintech, an India-based API Platform for banking and payments products acquired Finflux for an undisclosed amount. With this acquisition, M2P Fintech aimed to roll out support for lending products and improve workflow automation. Finflux is an India-based cloud lending platform.
The countries covered in the digital lending platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
No. of Pages
2022 - 2026
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2026
Compound Annual Growth Rate
Key Topics Covered:
1. Executive Summary
2. Digital Lending Platform Market Characteristics
3. Digital Lending Platform Market Trends And Strategies
4. Digital Lending Platform Market - Macro Economic Scenario
4.1. COVID-19 Impact On Digital Lending Platform Market
4.2. Ukraine-Russia War Impact On Digital Lending Platform Market
4.3. Impact Of High Inflation On Digital Lending Platform Market
5. Digital Lending Platform Market Size And Growth
5.1. Global Digital Lending Platform Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Digital Lending Platform Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Digital Lending Platform Market Segmentation
6.1. Global Digital Lending Platform Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Collections And Recovery
Risk And Compliance Management
6.2. Global Digital Lending Platform Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.3. Global Digital Lending Platform Market, Segmentation By Deployment Model, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.4. Global Digital Lending Platform Market, Segmentation By Industry Vertical, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Savings And Loan Associations
Other Industry Verticals
7. Digital Lending Platform Market Regional And Country Analysis
7.1. Global Digital Lending Platform Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Digital Lending Platform Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
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