Growing Digitalization in Banking Sector Coupled with Increasing Smartphone Penetration Is Expected to Propel the Growth of The Global Digital Lending Platform at A CAGR of 22.4% During the Forecast Period, 2019-2026
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Global digital lending platform market is estimated to reach $3.9 billion in 2019 with a CAGR of 22.4% from 2019 to 2026.
The increasing shift from traditional lending to digital lending, growing government initiatives towards digitalization, and changing customer requirements in the banking sector are some factors expected to fuel the market growth.
Growing digitalization in banking sector coupled with increasing smartphone penetration is expected to propel the growth of the global digital lending platform at a CAGR of 22.4% during the forecast period, 2019-2026
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The increasing shift from traditional lending to digital lending, growing government initiatives towards digitalization, and changing customer requirements in the banking sector are some factors expected to fuel the market growth. The rising number of partnerships and acquisitions between multinational companies and banking organizations is expected to boost the growth of the market. For instance, in August 2019, a digital personal loan product was launched by HSBC for the U.S. Consumers. In addition, HSBC utilized Amount LLC’s platform to support this product. Similarly, in August 2018, Google partnered with ICICI Bank Ltd., HDFC Bank Ltd., Federal Bank Ltd., and Kotak Mahindra Bank Ltd for granting consumer loans online in India. The growing investments in the fintech sector are also expected to boost the market growth in the near future. For instance, in 2017, Naspers PayU invested nearly $110 million in Kreditech, a Germany based company. The investment was aimed to assist the company in entering the Indian financing sector.
However, privacy concerns and data theft issues associated with digital lending platforms are expected to hamper the growth of the market. In addition, high dependency on traditional lending methods and digital illiteracy in underdeveloped countries, are anticipated to hinder the market growth.
The global digital lending market has been segmented into solution, service, deployment mode, and end-user. Solution has been segmented into business process management, lending analytics, loan management, loan origination, risk & compliance management, and others. Based on service, the global market has been segmented into training & education, design & implementation, risk assessment, consulting, and support & maintenance. Further, the deployment mode segment has been classified into the cloud and on-premise. In addition, based on end-user, the global market has been segmented into banks, insurance companies, credit unions, savings and loan associations, peer-to-peer lending, and others.
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Based on geography, the global digital lending platform market has been divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been further divided into the U.S., Canada, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific region has been segmented into India, South Korea, China, Japan, and Rest of Asia-Pacific. Further, the South America region has been classified into Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and the Rest of Middle East. North America is the leading region in the global digital lending platform market and is expected to continue its trend throughout the forecast period. Strong presence of prominent companies and high adoption of technology contribute to market growth in North America. Moreover, the Asia Pacific region is anticipated to register significant growth during the assessment period owing to the growing digitalization in the banking sector.
Prominent players operating in the digital lending platform industry include Nucleus Software, Pegasystems Inc., Newgen Software Inc., Ellie Mae Inc., FIS global, Fiserv, Inc., Sigma Infosolutions, Roostify, Tavant, Amount LLC, and Wizni, Inc. Product launches, product updates, mergers, and acquisitions are some of the key strategies adopted by the key market players. For instance, in October 2019, Ellie Mae, Inc. launched Ellie Mae Marketplace. Likewise, in March 2019, Ellie Mae Inc. entered into a partnership with Tavant. The partnership was aimed to improve the quality and efficiency of the loan origination process and provide a smooth experience for lenders and consumers. Similarly, in February 2018, Newgen Software Inc. announced the release of Commercial Loan Origination Solution (CLOS). The CLOS was designed for large and mid-sized banks.