Digital Lending Platform Market Revenue To Reach $ 20 Billion By 2027: Global Market Insights Inc.
SELBYVILLE, Del., May 19, 2021 / PRNewswire / – According to the latest report “Digital lending platform market by component (solution, service), deployment model (on-premise, cloud), business model (customer-centric, people-centric), product (personal loan, car loan, SME Finance Loan, Mortgage), Application (Banks and NBFCs, Credit Unions, Fintech Companies, P2P Lenders), Regional Outlook, Price Trends, Competitive Market Share, and Forecast 2027 “, by Global Market Insights Inc., on market valuation of the digital lending platform will cross $ 20 billion by 2027. The growing importance of financial institutions on digitization to increase business productivity for better results is expected to positively impact the growth of the market.
The growing demand for the digital lending platform is mainly driven by the emergence of cutting-edge technologies, such as AI and blockchain, which are helping market players innovate new business models for delivering loans to multiple individuals and businesses. The data-driven AI-powered digital lending platform is expected to speed up the online lending process. The growing need to generate actionable insights to reduce operational costs, identify potential failures, improve customer engagement and better decision making is driving the deployment of AI technology in the platform of digital loan.
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The risk assessment segment in the digital lending platforms market is poised to show a growth rate of 20% by 2027 as it provides a basis for risk assessment and risk control decisions, in addition to improving the risk assessment decisions of digital lenders.
The on-premise segment captured 70% of the market share in 2020 due to the growing needs of financial institutions to streamline resources, improve operational productivity and control using the organization’s intranet, and reduce the minimum total cost of ownership assigned or no subscription fees.
The market for digital lending platforms for customer-driven business models is estimated to grow at the fastest CAGR through 2027, driven by changing customer preferences, growing need to retain customers, customers and the growing demand for flexible loan repayments. The increase in the number of online channels and increasingly tech-savvy customers have provided opportunities for digital lending platform. Additionally, changing customer preferences and the growing number of millennial customers are expected to drive demand for customer-centric business models.
The auto lending segment in the digital lending platform market accounted for a significant revenue share in 2020 due to the growing demand from auto dealers to increase their auto sales. Integration of advanced analytics and AI with the digital lending platform for auto loans helps consumers automate credit decisions, reduce underwriting costs, and accelerate loan approval and disbursement .
The credit union segment is expected to grow exponentially during the forecast period. Growing demand for frictionless, hassle-free loan processing and a customer-centric approach from a credit union is driving the market demand. Financial institutions are responding to the growing need to streamline data entry, form management, customer communication, credit allocation and loan closing using the digital lending platform.
From Europe The digital lending platforms market is expected to observe exponential growth during the forecast period 4G LTE network penetration across the Europe The region allows financial institutions to turn to digital platforms to meet the financial needs of clients. The increasing penetration of smartphones is also enabling the use of different loan applications to access paperless loan services. The growing adoption of the digital lending platform in the region urges companies to develop solutions to meet customer needs.
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The main players operating in the market are FIS, Finanstra, Fiserv, Elli Mae, etc. Companies focus on developing innovative products through collaboration or partnership to gain competitive advantage in the market.
Table of contents (ToC) of the report:
Chapter 3 Digital Lending Platform Market Overview
3.2 Industry segmentation
3.3 Impact of the COVID-19 epidemic
3.3.1 Global Outlook
3.3.2 Impact by region
3.3.3 Impact on the industry value chain
3.3.4 Impact on the competitive landscape
3.4 Ecosystem Analysis of the Digital Lending Platform
3.4.1 Digital lending platform provider
3.4.2 Digital lending service provider
3.4.3 Cloud service providers
3.4.4 System integrators
3.4.6 End users
3.5 Technological and innovation landscape
3.6 Patent analysis
3.7 Investment portfolio
3.8 Regulatory landscape
3.9 Digital lending platform vs traditional lending
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.2 Pitfalls and challenges of the industry
3.11 Analysis of growth potential
3.12 Porter’s analysis
3.13 PESTEL analysis
See the full table of contents at https://www.gminsights.com/toc/detail/digital-lending-platform-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services, offering syndicated and personalized research reports as well as growing consulting services. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid strategic decision making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Digital lending platform market growth forecast at 20% through 2027: GMI
The main players in the digital lending platform market are FIS, Finanstra, Fiserv, Elli Mae.
SOURCE Global Market Insights, Inc.