Global Digital Lending Platforms Market To Generate $ 20.31
Portland, OR, December 08, 2020 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the digital lending platform market raised $ 5.58 billion in 2019 and is expected to generate $ 20.31 billion by 2027, demonstrating a 16.7% CAGR from 2020 to 2027. The report offers in-depth analysis of changing market dynamics, key winning strategies, major segments, product portfolio of major players and competitive landscape.
Growing focus of organizations on digitizing their financial services, shifting from traditional lending to digital lending, and increasing government initiatives for the adoption of a digital lending platform are driving the growth of the global lending market. digital lending platforms. However, increasing security and compliance issues are hampering the growth of the market. On the other hand, technological innovations and increasing demand for integrated cloud-based products create new opportunities in the years to come.
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- During the Covid-19 pandemic, the demand for digital lending platforms has increased dramatically to automate the lending process as it involves little or no contact process and eliminates the possibility of cross-contamination.
- Many banks and financial institutions that did not offer digital lending platforms have started to develop such platforms and are recovering from losses suffered due to the closure of offices and banks during the pandemic.
- Even during the post-containment period, many people and small businesses would need personalized loan products in an attempt to recover from the impacts of the Covid-19 pandemic. The demand for faster, more efficient, cost-effective and less contactless loan processes would increase.
The report provides detailed segmentation of the global digital lending platforms market on the basis of component, deployment model, type, industry vertical, and region.
By component, the software segment accounted for the highest market share in 2019, contributing nearly three quarters of the global digital lending platform market, and is expected to continue at its highest contribution during the forecast period. However, the service segment is expected to experience the fastest CAGR of 19.7% from 2020 to 2027.
By deployment model, the on-premise segment held the highest market share in 2019, contributing nearly thirds of the global digital lending platform market, and is expected to maintain its leadership status through 2027. However, the segment cloud is estimated to manifest the fastest CAGR of 18.1% during the forecast period.
By industry vertical, the banking segment contributed the largest market share in 2019, accounting for nearly a third of the total market share, and is expected to maintain its leading position throughout the forecast period. However, the peer-to-peer segment is expected to account for the largest CAGR of 20.1% during the forecast period.
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By region, North America contributed the highest market share in terms of revenue in 2019, holding over a third of the total market share, and will continue to garner the lion’s share throughout. of the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 18.0% from 2020 to 2027.
Leading players in the global digital lending platform market analyzed in research include Black Knight, Finastra, Ellie MAE, Fiserv, FIS Global, Nucleus Software, Intellect Design Arena, Temenos, Tavant Technologies and Wipro.
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