The new report by Expert Market Research titled, ‘Global Digital Lending Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis global digital lending market assessing the market based on type and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 5 Billion
• Forecast CAGR (2023-2028): 15.5%
• Forecast Market Size (2026): USD 11.9 Billion
The fast adoption of digitization in the sector has altered the lending landscape dramatically over the years. The advantages of digital lending solutions and services offered by solution providers are making it more and more likely that businesses will use them. All FinTech categories, including payment investments, lending, and general banking, have seen growth throughout the COVID-19 crisis.
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Despite having fewer consumers, lending platforms have seen considerable growth. This is mainly because many firms are relying on speedy loan approvals during these difficult times. Contactless transactions have also become more popular to limit the spread of the virus.
Industry Definition and Major Segments
A digital lending platform enables lenders and borrowers to lend money via a digital or electronic approach, which simplifies the loan process, improves the user experience, and reduces costs by reducing the amount of time spent on client verification.
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By type, the market is divided into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Consumer expectations and behaviour are changing as a result of the numerous benefits provided by the digitization of banking and financial services, which is a major driver driving the expansion of the industry under investigation. Customers may come from a number of different backgrounds, and they may seek the loan for a variety of different reasons, ranging from personal loans to SME financing and home loans, amongst many other things.
Due to the COVID-19 pandemic, small and medium-sized enterprises (SMEs) around the world encountered difficulties in raising financing to keep their companies running during the crisis. Strong growth is predicted for the APAC market. It is the government’s efforts to improve the region’s digital infrastructure that have pushed Digital Lending forward. Growth in APAC is predicted to be driven by rapid economic expansion, globalisation of technology, and greater smartphone use.
Key Market Players
The major players in the market are Funding Circle Limited, Prosper Funding LLC, On Deck Capital, Inc, LendingClub Corporation, Zopa Bank Limited and among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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