The digital lending platform market is surging, increasing from $13 billion in 2023 to $15.65 billion in 2024, representing a CAGR of 20.4%. The rise of fintech and demand for convenience are key growth drivers. By 2028, the market is expected to expand to $34.6 billion, achieving a CAGR of 21.9%. Major trends include open banking initiatives and cross-border lending opportunities.
Major Driver In The Digital Lending Platform Market
The surge in smartphone usage is anticipated to drive the digital lending platform market's growth. A smartphone, defined by its touchscreen interface, operating system for running apps, and internet access, facilitates users and borrowers in applying for instant loans through digital lending. According to DataReportal, the number of smartphones in use is increasing at a 5.1% annual rate in 2022, with an average of 1 million smartphones added daily. Consequently, the surge in smartphone usage acts as a catalyst for the digital lending platform market's expansion. The market size for 2023 is influenced by this trend, as well as the subsequent projections for 2024 and 2028.
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Digital Lending Platform Market Competitive Landscape
Nucleus Software Exports Limited, Accenture plc, Fiserv Inc., Fidelity National Information Services Inc. (FIS), One97 Communications Ltd., HES FinTech POS, Wipro Limited, DocuSign Inc., Finastra Limited, Pegasystems Inc., Black Knight Inc., LendingTree LLC, Temenos AG, Ellie Mae Inc., ICE Mortgage Technology Inc., Tavant Technologies Inc., EdgeVerve Systems Limited, BlendLabs Inc., Teylor AG, Intellect Design Arena Ltd., Mambu GmbH, Newgen Software Technologies Ltd., Sigma Infosolutions Ltd., Auxmoney GmbH, Roostify Inc., DocuTech Corporation, Built Technologies lnc., Decimal Technologies Pvt Ltd., CU Direct Corporation, Swiss Fintech AG, Upstart Network Inc., ZestFinance Inc.
Key Digital Lending Platform Market Trend
Technological advancements are a key trend in the digital lending platform market. Major players are working 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 API that automates document management for classification, validation, and data extraction from loan-related documents. It also provides automatic feedback when incorrect documents are uploaded.
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Digital Lending Platform Market Segmentation
The digital lending platform market covered in this report is segmented –
1) By Type: Loan Origination, Decision Automation, Collections And Recovery, Risk And Compliance Management, Other Types
2) By Component: Software, Service
3) By Deployment Model: On-Premise, Cloud
4) By Industry Vertical: Banks, Insurance Companies, Credit Unions, Savings And Loan Associations, Peer-To-Peer Lending, Other Industry Verticals
By Geography:The regions covered in the digital lending platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest growing region in the digital lending platform market in 2023.
The Digital Lending Platform Global Market Report 2024 furnishes information about the global digital lending platform market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
