Digital Lending Platform Market Size To Be Valued At $15.3 Billion By 2026 Owing To Rising Emphasis On Digitalization Of Financial Processes To Increase Business Productivity | Million Insights

FELTON, Calif., Feb. 8, 2021 /PRNewswire/ -- The global digital lending platform market is projected to account for USD 15.3 billion by the end of forecasted year 2026, according to new report by Million Insights, registering CAGR of 20.7% over the forecast period, from 2019 to 2026. Digitalization is the most common strategy adopted by financial institutions to enhance their customer services and to expand their core processing competencies. In financial institutions, digitalization in financing services helps them in the disbursement process, as well as in taking better decisions regarding loan management. The growing emphasis of financial institutions on digitalization to increase business productivity for better outcomes is projected to witness a positive impact on market growth.

Favourable government initiatives to promote the digital lending platform among businesses is anticipated to fuel the market growth during the forecast period. For example, in 2018, the Government of India introduced this platform for small, medium, and micros businesses in India. Digital lending platform allows these businesses to apply up to 10 million loan within 59 minutes. In addition, regulators by various economies including Hong Kong, U.K. Singapore, Australia, and U.S. have formed sandboxes to support innovation in financial services. Such initiatives adopted by regulators across several nations are expected to boost the growth of digital lending platform market over the forecast period.

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Advent of new technologies such as Artificial Intelligence (AI), block chain, robotic process automation, and Machine Learning (ML) is helping the financial institutions to make loan processing transparent without paperwork and helps to secure customer's personal information. The technological advancement in digital lending platform has reshaped the businesses in the financial sector along with streamlining their operations. Further, it has improved the quality of services among end-use industries such as insurance companies, credit unions, and banks. For example, AI-based digital lending platform has capabilities to minimalize loan processing time and operating cost, thereby, expected to drive the market growth in the next seven years.

Further key findings from the report suggest:

• Among solutions, the lending analytics segment is projected to grow at the highest CAGR of over 21.0% over the forecast period. This growth is attributed to growing adoption of several technologies such as artificial intelligence, machine learning, and IoT.
• The risk management segment is anticipated to exhibit with fastest CAGR of more than 23.0% during the forecast period. This is due to rising demand to proactively respond to several cyber-attacks and growing need to bring back all financial activities to normal state.
• The cloud segment is projected to grow with higher CAGR from 2019 to 2026, as it reduces the up-front costs among new entrants in this industry.
• Peer-to-peer category is projected to emerge as the highest growth segment over the next few years due to growing number of digital savvy consumers coupled with emergence of paperless financial services for retail propositions.
• In 2018, North America dominated the global digital lending platform market owing to the presence of a large number of tech giants coupled with robust infrastructure for this industry.
• FIS; Sigma Infosolutions; Newgen Software; Pegasystems Inc.; Roostify; Nucleus Software; Ellie Mae, Inc.; Wizni, and Tavan are key players operating in the market.

Browse 120 page research report with TOC on "Global Digital Lending Platform Market" at: https://www.millioninsights.com/industry-reports/global-digital-lending-platform-market

Million Insights has segmented the global digital lending platform market on the basis of solution, service, deployment, end use, and region:

• Digital Lending Platform Solution Outlook (Revenue, USD Billion, 2015 - 2026)
• Business Process Management
• Lending Analytics
• Loan Management
• Loan Origination
• Risk & Compliance Management
• Others
• Digital Lending Platform Service Outlook (Revenue, USD Billion, 2015 - 2026)
• Design & Implementation
• Training & Education
• Risk Assessment
• Consulting
• Support & Maintenance
• Digital Lending Platform Deployment Outlook (Revenue, USD Billion, 2015 - 2026)
•  On-premise
•  Cloud
• Digital Lending Platform End-use Outlook (Revenue, USD Billion, 2015 - 2026)
•   Banks
•   Insurance Companies
•   Credit Unions
•   Savings & Loan Associations
•   Peer-to-Peer Lending
•   Others
• Digital Lending Platform Regional Outlook (Revenue, USD Billion, 2015 - 2026)
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Middle East & Africa

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