Digital Lending Market worth $20.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 7, 2021 /PRNewswire/ -- According to a research report "Digital Lending Market by Offering (Solutions (Digital Lending Platforms and Point Solutions) and Services), Deployment Mode (Cloud and On-premises), End User (Banks, Credit Unions, and NBFCs), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Digital Lending Market size to grow from USD 10.7 billion in 2021 to USD 20.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period.
The Digital Lending Market is majory driven by the need for better customer experience. Banking and financial organizations are moving to advanced digital lending processes that are flexible and scalable to meet the challenges of technologies, regulations, and customer demand. A digital lending platform provides a comprehensive and omnichannel credit management solution to meet the ever-changing needs of credit hunters and banking and financial institutions.
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By Offering, the Solutions segment to hold the larger market size during the forecast period
The Solutions segment of the Digital Lending Market is projected to hold the larger market size in 2021. The solutions segment of the Digital Lending Market is further classified into digital lending platforms and point solutions. Various solutions are offered in the digital lending platforms, right from loan origination to loan closing. The point solutions help banks and financial institutions to address a single section of the entire loan processing life cycle.
By Point Solutions, the P2P Lending Software segment to grow at the highest CAGR during the forecast period
Under the Point Solutions segment, the Peer-to-peer (P2P) Lending Software sub-segment is expected to grow at the highest CAGR during the forecast period. It is a form of online lending that enables individuals or businesses seeking loans to apply and get loans online directly from other individual investors without the need for any middlemen. It helps This helps lenders to make an informed decision before giving out unsecured loans, while also helps borrowers to compare and evaluate their choices.
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By Region, North America to account for the largest market size during the forecast period
North America holds a strong position in the global Digital Lending Market, due to the presence of most of the top Digital Lending vendors such as Fiserv, ICE Mortgage, FIS, Pega, and Sigma Infosolutions. The region offers the most innovative and fastest services available in the world through its network infrastructure. North America has also witnessed the earliest adoption of cloud and mobile technologies, which has been a significant booster for adopting digital lending solutions to improve customer experience and reduce processing time.
The Major players of the Digital Lending Market include Fiserv (US), ICE Mortgage Technology (US), FIS (US), Newgen Software (India), Nucleus Software (India), Temenos (Switzerland), Pega (US), Sigma Infosolutions (US), Intellect Design Arena (India), and Tavant (US).
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