The global digital lending platform market size was valued USD 4.8 billion in 2020 and is anticipated to reach USD 26.09 billion by 2028, expanding at a CAGR of 24% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing penetration of smartphones and Internet.
Digital lending is the process of providing loans that are applied and managed through virtual channels. Banks & other loan suppliers are generally adopting & implementing this technology to robotize loan process throughout lockdown state of affairs across the globe. Virtual lending has authorized many financial service providers a way to offer services to the masses at a faster rate and at low-cost to people.
The COVID-19 pandemic has had a good impact on the digital lending platform market. Banks and credit unions added digital banking offerings to best meet the requirement of their buyers in the wake of the outbreak of the pandemic as well as the banks are using digital channels for lending loans under the Paycheck Protection Program.
Market Trends, Drivers, Restraints, and Opportunities
- Rapid digitization amidst the pandemic is anticipated drive the digital lending market.
- Growing awareness of digital lending and implementation of training and skillsets to manage advanced solutions are the main factors responsible for the automated digital lending processes across the globe.
- Underdeveloped nations in the world still use the legacy telecom infrastructure of the power of delivering low latency and high-capacity connectivity. Moreover, the redundancy to use the legacy system can hamper the market growth.
- Increasing adoption of ML, AI, and block chain is estimated to create lucrative opportunities for the market.
Scope of the Report
The report on the global digital lending platform market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Digital Lending Platform Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Services (Training & Education, Design & Implementation, Consulting, Support & Maintenance, Risk Assessment), Deployments (Cloud and On-premise), Solutions (Lending Analytics, Risk & Compliance Management, Business Process Management, Loan Origination, Loan Management, and Others), End-users (Insurance Companies, Banks, Savings &Loan Associations, Credit Unions, Peer-to-Peer Lending, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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FISFiserv, Inc.; Nucleus Software; Pegasystems Inc.; Roostify; Sigma Infosolutions; Tavant; Ellie Mae, Inc.; and Newgen Software
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Digital Lending Platform Market Segment Insights
Design & implementation segment is projected to expand at a significant CAGR
On the basis of services, the market is segregated into design & implementation, training & education, risk assessment, consulting, support & maintenance. The design & implementation segment is projected to expand at a considerable CAGR during the forecast period. Consultancy services let credit unions to design training programs for specific requirements. On the other hand, the risk assessment segment is anticipated to account for a major market share during the forecast period.
Cloud segment to account a major market share
Based on deployments, the market is segregated into on-premise and cloud. The cloud segment is estimated to hold a large market share during the forecast period due to increasing preference for cloud-based platforms. On the other hand, the on-premise segment to grow at a moderate rate in the projected timeline.
Loan management segment is expected to grow at a rapid pace
In terms of solutions, the global digital lending platform market is divided into business process management, lending analytics, loan management, loan origination, risk & compliance management, and others. The loan management segment is expected to grow at a rapid pace during the forecast period due to the rise of the business process management part across the globe.
Credit unions segment is expected to exhibit a high CAGR
On the basis of end-users, the market is segregated into banks, insurance companies, credit unions, savings &loan associations, peer-to-peer lending, others. The credit unions segment is expected to expand at a high CAGR during the forecast period. The e-signature feature can innovatively help in reducing the clearing time and allow credit unions in enhancing buyer experience. On the other hand, the insurance companies segment is anticipated to account for a major market share during the forecast period.
Asia Pacific is anticipated to constitute a key market share
In terms of regions, the global digital lending platform market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to constitute a key share of the market during the projected period due to increasing Internet penetration rate and rapid digitization in countries such as India, China, and Japan. A large mobile work force in the region is specifically prompting financial industry to enhance customer experience and digitalize their services.
Segments
Segments Covered in the Report
The Global Digital Lending Platform Market has been segmented on the basis of
Services
- Design & Implementation
- Training & Education
- Risk Assessment
- Consulting
- Support & Maintenance
Deployments
Solutions
- Business Process Management
- Lending Analytics
- Loan Management
- Loan Origination
- Risk & Compliance Management
- Others
End-users
- Banks
- Insurance Companies
- Credit Unions
- Savings &Loan Associations
- Peer-to-Peer Lending
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- FISFiserv, Inc.
- Nucleus Software
- Pegasystems Inc.
- Roostify
- Sigma Infosolutions
- Tavant
- Ellie Mae, Inc.
- Newgen Software
Competitive Landscape
Key players competing in the global digital lending platform market are FISFiserv, Inc.; Nucleus Software; Pegasystems Inc.; Roostify; Sigma Infosolutions; Tavant; Ellie Mae, Inc.; and Newgen Software.
In March 2019, Amount LLC partnered with TD Bank. The alliance is expected to leverage TD Bank’s loan offers.
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