Major players in the digital lending platform market are ICE Mortgage Technology Inc., Fiserv Inc., Nucleus Software Exports Limited, Newgen Software Technologies Ltd., Intellect Design Arena Ltd., Temenos AG, Pegasystems Inc., Sigma Infosolutions Ltd., Finastra Limited, Roostify Inc., CU Direct Corporation, DocuTech Corporation, Decimal Technologies Pvt Ltd., Mambu GmbH, Built Technologies, Wipro Limited, Auxmoney GmbH, Accenture, HES FinTech, Swiss Fintech AG, Teylor AG, and DocuSign Inc.,
The global digital lending platform market grew from $10.74 billion in 2022 to $12.95 billion in 2023 at a compound annual growth rate (CAGR) of 20.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The digital lending platform market is expected to grow to $27.03 billion in 2027 at a CAGR of 20.2%.
The digital lending platform market includes revenues earned by entities by commercial loans, consumer loans, commercial finance, and a 24/7 loan marketplace.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
A digital lending platform refers to a technology-based platform that allows financial institutions to improve business productivity by providing loans through web platforms or mobile apps to generate revenue per loan application.These are used to optimize loan processes, enable fast decision-making, improve regulatory compliance to improve business efficiency, and simplify financial services.
The digital lending platform allow borrowers and lenders to lend money in a digital way.
North America was the largest growing region in the digital lending platform market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the digital lending platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of digital lending platform markets are loan origination, decision automation, collections and recovery, risk and compliance management, and others.The loan origination market consists of sales of digital lending platforms by entities (organizations, sole traders, and partnerships) that are used for the purpose of easy loan application services to borrowers, automation, and financial analysis to banks, and reducing time.
Loan origination refers to the process of the step-by-step loan application.The components are solution and service, and their deployment model are on-premise and cloud.
The various industry verticals include banks, insurance companies, credit unions, savings and loan associations, peer-to-peer lending, and others.
The surge in the use of smartphones is expected to propel the growth of the digital lending platform market going forward.The smartphone is a mobile device that has a touchscreen interface, an operating system capable of running downloaded apps, and internet access.
Due to the surge in the use of smartphones, users and borrowers are applying for instant loans using digital lending. For instance, according to DataReportal, a Singapore-based online reference library, in 2022, the number of smartphones in use is rising at a 5.1 percent annual rate, with an average of 1 million smartphones coming into use every day. Therefore, the surge in the use of smartphones is driving the growth of the digital lending platform market.
Technological advancements are the key trends gaining popularity in the digital lending platform market.Major market players are concentrating their efforts 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 Application Programming Interface on the home lending platform that provides process automation and easy document management for classification, validation, and extract data from loan-related documents. It can notify users with automatic feedback when they upload incorrect documents.
In July 2022, M2P Fintech, an India-based API Platform for banking and payments products acquired Finflux for an undisclosed amount.With this acquisition, M2P Fintech aimed to roll out support for lending products and improve workflow automation.
Finflux is an India-based cloud lending platform.
The countries covered in the digital lending platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The digital lending platform market research report is one of a series of new reports that provides digital lending platform market statistics, including digital lending platform industry global market size, regional shares, competitors with a digital lending platform market share, detailed digital lending platform market segments, market trends and opportunities, and any further data you may need to thrive in the digital lending platform industry. This digital lending platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.