BANGALORE from India, March 18, 2021 / PRNewswire / – The Digital Lending Platforms Market is segmented by component (software and service), deployment model (on-premises and cloud), type (decision automation, collections and collections, loan processing, risk and compliance management, and others) and vertical (banks , insurance companies, credit unions, savings and credit associations, peer-to-peer loans and others). The report covers the analysis of global opportunities and industry forecast from 2021 to 2027. It is posted on Evaluate reports in the Bank and finance Category.
The global digital lending platform market size has been estimated to be $ 5.58 billion in 2019 and should reach $ 20.31 billion by 2027, with a CAGR of 16.7% from 2020 to 2027.
The major factors driving the growth in digital lending platforms market size are:
- Increase in digitization initiatives among financial organizations and increase in government initiatives for digital lending in developing countries, such as India and China.
- Technological advancements, such as the integration of AI into digital lending platforms and the increasing penetration of cloud-based platforms.
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TRENDS AFFECTING THE GROWTH SIZE OF THE DIGITAL LENDING PLATFORMS MARKET SIZE
An increased focus of organizations on digitizing their financial services is expected to drive the growth in the market size of digital lending platforms. In the lending landscape, digitization has helped organizations and their clients make better loan management decisions as well as speed up the application and disbursement process. As a result, the growth of the digital lending platforms market is being fueled by the increased focus of organizations on digitizing their financial services to improve business performance and results.
Additionally, the digitization of loans has helped businesses and their clients make better loan management decisions and speed up the application and disbursement process in the loan landscape. The adoption of digital lending platforms among financial institutions also lowers operating costs through seamless transactions between all lenders and borrower interactions. Such advantages are expected to fuel the growing size of the digital lending market.
The introduction of advanced technologies such as biometric authentication, electronic mandates, electronic signatures, AI, ML, blockchain and advanced analytics to mitigate the risk of fraud and NPA (non-performing assets) is expected propel the digital lending platform market. Cut.
Other major factors that are increasing the growth in the market size of digital lending platforms are the increasing internet penetration and the proliferation of smartphones.
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DIGITAL LENDING PLATFORMS MARKET SHARE ANALYSIS
By type, due to the need to automate the entire loan process, which includes loan collection, processing and appraisal, the loan creation segment is expected to gain significant share during the period. forecast. However, due to increased investment in risk management and compliance segment by various FinTech companies to reduce different types of risks, it is expected to grow at the fastest rate during the forecast period.
By component, the software segment will dominate the market throughout the forecast period. This is attributed to the increasing use of software solutions by financial institutions to deliver their services over digital channels.
North America dominated the digital lending platform market in 2019 and is expected to continue to do so during the forecast period. This is due to an increase in the number of people-oriented, SME and student-focused lenders in the region, as well as major players investing heavily in business growth.
However, the Asia Pacific The region is said to have the highest CAGR of 18.0% between 2020 and 2027. This rapid growth in the region is attributed to the increase in government initiatives for digital lending platforms and the rise in technology adoption. such as AI and ML by banks and FinTech companies in loan processing.
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KEY SEGMENTS OF THE DIGITAL LENDING PLATFORM MARKET
Valates Reports segmented the global digital lending platform market based on component, classification type, application, vertical and region ( North America, Asia Pacific, Europe, Middle East, etc).
By deployment model
- Origin of the loan
- Decision automation
- Collection and recovery
- Risk and compliance management
By business sector
- Insurance companies
- Credit unions
- Savings and loan associations
- Peer-to-peer loan
Key market players
- Black Knight
- Ellie MAE
- World FIS
- Intellectual design arena
- Nucleus software
- Tavant Technologies
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