New York , Feb. 27, 2024 (GLOBE NEWSWIRE) -- The global digital lending platform market size is predicted to expand at 27% CAGR between 2024 and 2036. The market is projected to garner a revenue of USD 201 billion by the end of 2036, up from a revenue of USD 9 billion in the year 2023. The market's growth is credited to the development of advanced technologies such as network analytics, the cloud, and the Internet of Things (IoT). In 2021, nearly 32 billion IoT devices are available in the financial services sector to stream data to BI, analytical apps, and machine learning.
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Further, adopting blockchain technology in digital loan lending platforms helps to forward documents faster than other conventional methods. The regulator, auditors, and other lending providers can easily track the transactions, and verify the identity through blockchain. More than 35% of U.S. workers reported using blockchain technology in their businesses as per the 2023 survey.
Digital Lending Platform Market: Key Takeaways
- Market in North America region to propel the highest growth.
- The Business Process segment to garner the highest growth
- Market in Asia Pacific region to grow at the highest rate
Increasing Use of Smartphone Penetration is Estimated to Propel the Growth of the Digital Lending Platform Industry
The quick and easy ability of digital lending via e-signatures and simple access propels market growth in the coming years. The rising adoption of smartphones and internet penetration across the globe is also one of the reasons for market progression during the forecast period. The less paperwork and fewer issues or errors by these digital lending platforms along with the fast sanctioning of loans is driving the market growth. More than half of the population worldwide which is about 4 billion people have a smartphone as of 2023.
Digital Lending Platform Industry: Regional Overview
The global digital lending platform market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
The presence of Many Digital Lending Providers and Advanced Financial Support is Fueling the Market Growth in the North American region
The North American region market is estimated to secure a market share of 34% during the forecast period owing to the incidence of many digital lending companies and the presence of cutting-edge technologies. The rising demand for end-to-end and digital solutions in the region is promoting advancements in the digitalized technology of the region. Also, financial organizations are promoting digital services to improve customer support and services. According to the 2021 reports, over 84% of financial services are making digital transformations and over 70% trust that it improves the business output.
Growing Number of People Using Digital Lending Platforms for Personal Loans is Propagating the Market Expansion in Asia Pacific Region
The Asia Pacific region market is projected to register the second-largest market share in the coming years. The presence of numerous middle-class families and the increasing number of students who work part-time jobs are taking loans from digital platforms which is predicted to rise the market size. In India, as of 2023 over 75% of digital loans are borrowed by the younger population aged less than 40 years. Further, the development of new regulations to advance the innovations and digital financial services of the region is proliferating the market size.
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Digital Lending Platform Market Segmentation by Solution
- Business Process Management
- Lending Analytics
- Loan Management
- Loan Origination
- Risk & Compliance Management
The business process management segment is outlined to hold a market share of 32% during the forecast period. The market segment's growth is accredited to the less operating costs and maintenance of the business. The added benefits of the such as increased customer satisfaction and employee efficiency, lessened paper use, and reduced errors proliferating the market segment growth. The live chat services improve customer satisfaction by over 90% forming the best support system for the firms.
Digital Lending Platform Market Segmentation by Service
- Design & Implementation
- Training & Education
- Risk Assessment, Consulting
- Support & Maintenance
The design and implementation segment of the digital lending platform is envisaged to register a market share of 33% during the coming years. The framework and implementation of a strategy are needed for the seamless working of any organization that is amplifying market segment growth. Besides, an agenda helps the organizations to conduct the business activities in an effective way delivering the best lending solutions and maintenance of the organization. Over 85% of the organizations that follow a framework of sales process are ranked highest in performance globally as of 2024.
Digital Lending Platform Market Segmentation by Deployment
- On-Premise
- Cloud
Digital Lending Platform Market Segmentation by End-User
- Banks
- Insurance Companies
- Credit Unions
- Savings & Loan Associations
- Peer-To-Peer Lending
A few of the well-known market leaders in the global digital lending platform market that are profiled by Research Nester are the Reserve Bank of India (RBI), Funding Circle Limited, Biz2X, Razorpay Software Private Limited, Paytm, Fiserv, Inc., Newgen Software, Nucleus Software, Pegasystems Inc., and Tavant.
Recent Development in the Market
- The Reserve Bank of India (RBI) declared the plan to introduce a new pilot project for digital lending to promote frictionless credit for the public tech platform. The platform is developed by the Reserve Bank Innovation Hub (RBIH) only central bank subsidiary.
- Biz2X, a subsidiary of Biz2Credit associated with TruBoard, is a significant company in asset performance management that runs on the Maadhyam platform. The partnership was to focus on addressing the rising issue of Non-Performing Assets (NPAs) in small business and retail loans. The company acts as a substitute for monetary inclusivity for SMEs that authorizes Maadhyam customers to manage folders and reduce NPAs.
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