The global digital lending platform market size was valued at $ 5.58 billion in 2019 and is expected to reach $ 20.31 billion by 2027, with a CAGR of 16.7% from 2020 to 2027.
The digital lending platform helps banks to deliver different financial services, such as faster loan processing, high-quality services, and cost-effective financial services to various clients across the world. In addition, using a digital lending platform helps financial services improve their market share and compete in a rapidly changing environment.
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Furthermore, the rapid growth of the digital lending platforms market is attributed to the continued increase in digitization initiatives among financial organizations and the rise of government initiatives for digital lending in developing countries, such as the India and China. However, increasing security and compliance concerns are expected to hamper the growth of the digital lending platform market. Conversely, technological advancements such as the integration of AI into digital lending platforms and the rapid penetration of cloud-based platforms are expected to present potential growth opportunities for the market in the future. close.
The global digital lending platform market is segmented by component, deployment model, type, vertical industry, and region. The on-premises segment dominated the market in 2019 and is expected to maintain its dominance during the forecast period, due to its superior capabilities, such as better server management and high data security. Furthermore, the cloud based segment is expected to grow at a significant CAGR during the forecast period. Adopting a cloud strategy offers end users several key benefits for businesses in the digital lending industry, such as ease of implementation, low cost, and unlimited accessibility.
Regionally, the market was dominated by North America in 2019 and is expected to maintain its position during the forecast period. This is attributed to the increased presence of people-focused lenders, SME-focused lenders and student-focused lenders in the region and major players investing heavily for market development. However, Asia-Pacific is expected to experience a significant growth rate during the forecast period, owing to the increase in government initiatives for the digital lending platform and the adoption of advanced technologies such as AI and ML by banks and FinTech companies in loan processing.
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The COVID-19 outbreak is having a moderate impact on the growth of the digital lending platform market, as the COVID-19 outbreak has allowed lending activities, including delinquent or uncollectible loans, to become a implicit part of the financial sector. As a result, the need to implement new debt management software in microfinance institutions (MFIs) has increased dramatically. In addition, the automation of the loan process has become an effective way to implement more effective collection strategies during this epidemic; thus creating significant opportunities for the market.
Main conclusions of the study
By component, the software segment generated the highest digital lending platform market analysis revenue in 2019.
Based on the deployment model, the on-premise segment generated the highest revenue from digital lending platforms market trends in 2019.
As for the region, Asia-Pacific is expected to show substantial growth during the forecast period.
The report analyzes the profiles of the major key players operating in the digital lending platforms market share including Black Knight, Ellie MAE, Finastra, FIS Global, Fiserv, Intellect Design Arena, Nucleus Software, Tavant Technologies, Temenos and Wipro. These key players have adopted various strategies, such as product portfolio expansion, mergers and acquisitions, agreements, geographic expansion and collaborations, to increase their market penetration and strengthen their presence in the platform industry. digital loan.
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