The global digital lending platform market size is expected to grow from USD 5.1 billion in 2018 to USD 12.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.7%

News provided by

Nov 19, 2018, 12:04 ET

NEW YORK, Nov. 19, 2018 /PRNewswire/ --

Growing adoption of digital technologies with an increasing use of smartphones for banking applications to drive the digital lending platform market

Read the full report: https://www.reportlinker.com/p05622758

The global digital lending platform market size is expected to grow from USD 5.1 billion in 2018 to USD 12.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.7% during the forecast period. Major growth factors for the market include proliferation of smartphones and mobile devices and organizations' continued focus on digitalization of financial services to enhance customer experience. However, lack of digital literacy among the under developed countries and increasing concerns over data security and privacy in the wake of sophisticated cyber-attacks may restrain the market growth.

Decision automation segment to grow at the highest CAGR during the forecast period
The decision automation segment is expected to grow at the highest CAGR in the digital lending platform market during the forecast period.Decision automation is a vital solution for digital lending users, such as banks, credit unions, and P2P lenders, as it helps in automating the decision process of approving or rejecting a loan application.

The growing digital banking sector and an increasing need for enhancing customer experience in the digital lending process could spur the demand for decision management solutions on a large scale.

Business process management segment to account for the largest market size during the forecast period
The business process management segment is expected to hold the largest market size during the forecast period.Business proces management solutions are important for digital lending organizations, as the solutions enhance the efficeiency of business processes by optimizing them through the use of software and services.

Lending organizations and financial institutions are moving toward solutions that can manage the growing complexities arising from the complex business processes. The demand for business process management solutions in the financial industry has surged, due to the complexity involved in integrating operations and these solutions could help solve complex operations.

North America to account for the largest market share, whereas Asia Pacific to grow at the highest CAGR
North America is estimated to hold the largest market size and dominate the global digital lending platform market in 2018.The major growth drivers for the region include advancements in digital technologies and organizations' increasing focus on digitalizing their financial services.

Large presence of vendors offering digital lending platforms will further contribute to the market growth in North America.Asia Pacific (APAC) offers growth opportunities for the major vendors offering digital lending solutions and services, as APAC organizations are adopting digital lending solutions owing to the complexity in handling the huge client base through legacy lending systems.

Moreover, the unprecedented growth of smartphone usage in APAC and the financial institutions' focus on monetizing the opportunity for digitalizing their lending services will also contribute to the growth of the APAC digital lending platform market.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from key organizations operating in the digital lending platform marketplace.
• By Company: Tier 1 – 20%, Tier 2 – 55%, and Tier 3 – 25%
• By Designation: C-level – 50%, Director level – 25%, and Others – 25%
• By Region: North America – 45%, Europe – 25%, APAC – 20%, MEA – 5%, Latin America-5%

Major vendors in the digital lending platform market include Tavant Technologies (US), Ellie Mae (US), Fiserv (US), RupeePower (India), Newgen Software (India), Intellect Design Arena (India), Finastra (UK), Nucleus Software Exports (Nucleus Software; India), Sigma Infosolutions (US), Finantix S.p.A (Finantix; Italy), Symitar Systems Inc (Symitar; US), Temenos Group (Temenos; Switzerland), Built Technologies (US), TurnKey Lender (Singapore), Argo (US), FIS Global (FIS; US), Pegasystems (US), Docutech (US), CU Direct Corporation (CU Direct; US), Mambu (Germany), Decimal Technologies Pvt. Ltd. (Decimal Technologies; India), Sageworks (US), Roostify (US), Juris Technologies (Malaysia), and HiEnd Systems (Belarus).

Research Coverage
The market study covers the digital lending platform market across segments.It aims at estimating the market size and the growth potential of this market, across segments, such as component, solutions, services, deployment mode, vertical, and region.

The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall digital lending platform market and the subsegments.It will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Read the full report: https://www.reportlinker.com/p05622758

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001