Vancouver, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The size of the worldwide digital lending market reached USD 12.35 billion in the year 2022. According to the most recent analysis conducted by Emergen Research, the market is projected to maintain a consistent revenue Compound Annual Growth Rate (CAGR) of 13.8% throughout the forecast period. This growth can be attributed to several influential factors.
The proliferation of Internet connectivity and smartphone adoption is significantly contributing to the expansion of the digital lending landscape. Simultaneously, governmental protective measures and initiatives are fostering an environment of security and trust, which in turn bolsters market growth.
Moreover, the enhanced customer experiences offered by digital lending platforms are playing a pivotal role in attracting a larger user base. These platforms are capitalizing on advanced technologies such as Machine Learning (ML), Artificial Intelligence (AI), and blockchain. These technological integrations not only streamline lending processes but also elevate the overall efficiency and reliability of digital lending services.
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Digital lending offers a range of benefits, including simplified customer information gathering, optimized loan disbursement procedures, heightened operational efficiency, expedited decision-making processes, and greater uniformity in lending operations. The recent emergence of the Unified Payment Interface (UPI) has significantly boosted the adoption of digital lending by virtue of its cashless transaction capabilities across peer-to-peer, interbank, and merchant platforms. UPI facilitates instant payments and fund transfers, safeguarding customer personal data, providing cashback and rewards incentives, and enabling seamless monetary transactions across multiple accounts at any given time.
The integration of pre-approved credit limits via UPI is poised to bridge the gap between traditional banking and digital lending alternatives, benefiting both established banks and non-bank financial entities. Governments are proactively championing the inclusion of UPI in various economic processes, extending its utility to previously underserved sectors of the economy. A notable example of this is the Indian government's announcement on April 6, 2023, regarding pre-approved credit lines accessible to banks through UPI. This strategic initiative fosters innovation and amplifies the influence of UPI by granting borrowers direct access to digital credit lines from banks via the UPI framework. This innovation not only simplifies UPI transactions but also minimizes the need for multiple cards, streamlining the user experience and contributing to the market's revenue growth.
However, several challenges impede the market's revenue expansion. Complex and convoluted loan origination processes, coupled with a lack of personalization and regulatory frameworks, stand as significant inhibiting factors. Additionally, concerns related to risk management and regulatory compliance pose further obstacles to revenue growth. The proliferation of digital lending applications supported by non-financial entities or unregulated organizations has raised apprehensions about potential mis-selling, unscrupulous business practices, data security, and cyber threats. Furthermore, the absence of consistent alignment between ongoing digital lending advancements and technological progress presents a notable challenge to users, often due to the substantial resource investments required for these endeavors.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 12.35 Billion |
| CAGR (2023–2032) | 13.8% |
| Revenue Forecast To 2032 | USD 44.84 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Component, deployment, application, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Tavant, FIS, Fiserv, Inc., Newgen Software Technologies Limited, Pegasystems Inc., Nucleus Software Exports Ltd., Roostify, Inc., Sigma Infosolutions, Temenos, and Intellect Design Arena Ltd. |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global digital lending market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective digital lending solutions. Some major players included in the global digital lending market report are:
- Tavant
- FIS
- Fiserv, Inc.
- Newgen Software Technologies Limited
- Pegasystems Inc.
- Nucleus Software Exports Ltd.
- Roostify, Inc.
- Sigma Infosolutions
- Temenos
- Intellect Design Arena Ltd
Strategic Development
- On 16 July 2021, Newgen Software announced the launch of NewgenONE to handle complex information, simplify the most complicated company processes, and increase customer interaction based on shifting demands.
- On 29 June, 2021, Tien Phong Commercial Joint Stock Bank (TPBank), one of the top banks in Vietnam announced that FinnOne Neo would power its consumer finance division. TPFico provided instant digital loans whenever and wherever needed based on the cutting-edge digital lending platform FinnOne Neo.
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Some Key Highlights From the Report
- The solutions segment accounted for largest revenue share in the global digital lending market in 2022. This is because digital lending solutions offer increased profits, improved efficiency, flexibility, security, and consistency, easy information sharing across banking working systems for analysis, and smooth monitoring of lending and other critical banking processes. In addition, increasing number of medium and small enterprises in the market globally is rising demand for the development of digital lending solutions. Moreover, rising technological advancements such as Artificial Intelligence (AI) and Machine Learning (ML), is also expected to drive revenue growth of this segment. For instance, on 14 December 2021, Temenos, a banking software vendor, announced a partnership with KAF, a well-diversified financial services conglomerate in Malaysia, to establish a digital lending company utilizing Temenos Banking Cloud.
- The cloud segment is expected to register steadily fast revenue growth rate in the global digital lending market during the forecast period. This is due to improved information management and client experience, enhanced scalability, lower expenditures, and better ecosystem integration. The data integrity component of cloud storage platforms enables the prevention of unauthorized data breaches. Some of these platforms also facilitate the user with notification of mismatch between current state of data and last states of protected state of data by the comparison and analysis of major differences arising in these platforms.
- The banks segment is expected to account for significantly large revenue share in the global digital lending market during the forecast period. This is because banks offer personalized features similar to physical banking services and facilities, greater convenience, control, security, and financial literacy awareness. The latest trend of integrating digital lending services with neo banking is transforming the traditional banking scenario due to increased financial inclusion of unbanked and underserved population, low maintenance costs, simpler account creation, and faster service delivery. As a result, prominent corporations are following suit and establishing neo-banking platforms and solutions. For instance, on 17 November 2021, Freecharge, an Axis Bank-owned payments provider announced the launch of its neo-banking platform.
- The North America market accounted for largest revenue share in the global digital lending market in 2022. This is attributed to rapid technological advancements and their adoption in various major lending organizations and enhanced digital security upgrades due to rise in businesses and cybercrime events. Moreover, different portfolio and platform launches in different regions is also expected to drive market revenue growth during the forecast period. For instance, on 21 November 2022, Propel Holdings, a FinTech company that provides people with access to credit in the U.S. announced the launch of an online credit service Fora Credit for underserved Canadian consumers in Alberta and Ontario and would be extended to more provinces in Canada in the upcoming months.
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Emergen Research has segmented the global digital lending market on the basis of component, deployment, application, and region:
- Component Outlook (Revenue, USD Billion; 2019-2032)
-
- Solutions
- Services
- Deployment Outlook (Revenue, USD Billion; 2019-2032)
-
- On- Premises
- Cloud
- Application Outlook (Revenue, USD Billion; 2019-2032)
-
- Banks
- Insurance Companies
- Savings and Loan Associations
- Credit Unions
- Peer-to-Peer Lending
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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