Newark, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 200 billion in 2022 global fintech lending market will reach USD 1862.64 billion in 2032. Fintech lending is the term for when technology is utilised to help lenders evaluate borrowers or other pertinent credentials. Fintech lenders use technology to assess applications. Fintech financing streamlines time-consuming procedures, boosts operational effectiveness, and enhances communication amongst pertinent parties. It helps companies increase client pleasure while also ensuring the company's financial stability. By successfully detecting dishonesty, it enhances the security architecture and, as a result, lowers the probability of the borrower becoming insolvent. Fintech financing streamlines the loan application, approval, and repayment processes by utilising digital tools and technology. These web- and app-based services give impoverished communities, businesses, homeowners, and students quick and simple access to financing options.
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Key Insight of the Global Fintech lending Market
North America will dominate the market during the forecast period.
Automation and digitization in the finance sector can be adopted more quickly because to the region's well-established IT and telecom infrastructure. The market is growing as a result of developments in big data, artificial intelligence, machine learning, and mobile technology. The market will expand as a result of rising consumer demand for fintech lending services due to its ease and rising knowledge of fintech lending.
In 2022, the business lending segment dominated the market with the largest market share of 54% and market revenue of USD 108 billion.
The offering segment is divided into business lending and consumer lending. In 2022, the business lending segment dominated the market with the largest market share of 54% and market revenue of USD 108 billion.
In 2022, the artificial intelligence and machine learning segment dominated the market with the largest market share of 47% and market revenue of USD 94 billion.
The technology segment is divided into artificial intelligence and machine learning, blockchain, mobile technology, big data analytics and others. In 2022, the artificial intelligence and machine learning segment dominated the market with the largest market share of 47% and market revenue of USD 94 billion.
In 2022, the marketplace lending segment dominated the market with the largest market share of 45% and market revenue of USD 90 billion.
The business model segment is divided into peer-to-peer lending, direct lending, marketplace lending, crowdfunding, hybrid models and others. In 2022, the marketplace lending segment dominated the market with the largest market share of 45% and market revenue of USD 90 billion.
Report Attribute Details
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 1862.64 Billion |
| Market size value in 2022 | USD 200 Billion |
| Expected CAGR Growth | 25% from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 - 2032 |
| Top Market Players | Tavant, Social Finance Inc., RateSetter, OnDeck, Funding Circle, Fundbox, Braviant Holdings, Avant LLC, LendingClub Bank, Kabbage Funding |
| Segments Covered | Offering, Technology, Business Model, Regions |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Market Dynamics
Driver: The increasing demand for simple and fast financing solutions and services.
The demand for financing from private market participants, government agencies, individual consumers, and retail investors has increased due to the rising urbanisation and industrialization. Customers are using the funds to purchase cars, homes, and other luxuries and necessities. In contrast, both public and private market participants are calling for the development of infrastructure and the expansion of businesses. Lending procedures must be simple, uncomplicated, and convenient in order to support the need for financing. Fintech lending is the perfect answer since it uses technology to simplify the loan application and disbursement process for both consumers and lenders. In order to give lenders, the best possible information to make educated lending decisions, it updates assessment systems and tracks trends. Fintech financing makes accessibility, speed, and convenience possible, as well as personalised service. It powers financial inclusion, which boosts economic growth.
Restraints: The rise in cyberattack incidents.
The fintech sector is reliant on linked smart devices and technology. Cyberattacks have increased as a result of inadequate security architecture that should have protected lenders and customers as well as provided appropriate, safe, and secure routes for transactions. Due to its financial nature, the industry is extremely susceptible to many cyber-threats. This covers identity theft, fraudulent purchases, and other online assaults of a similar nature. As a result, the growing frequency of cyberattacks and threats may impede the market's expansion.
Opportunities: Technological developments in big data, ML, and AI.
The BFSI sector is one where the application of blockchain, big data, machine learning, and artificial intelligence is expanding. By incorporating these technologies into BFSI solutions and services, organisations may increase their productivity, efficiency, and customer happiness. Through the improvement and enhancement of products, software, and services available in the market, technological advancements allow the fintech lending market to expand and flourish over the course of the projected period. Growing digital literacy contributes to the market's expansion as well.
Challenges: The lack of standard regulating practices.
The emergence of fintech in global economies has led to the development of regulatory policies by banks and government agencies. Various governments have developed various policies. The market's ability to expand may be hampered by inconsistent rules that lack standardisation. Financial services are a vital component of today's global economy, but their cross-border operability is hampered by the absence of universal regulatory norms.
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Some of the major players operating in the global fintech lending market are:
• Tavant
• Social Finance Inc.
• RateSetter
• OnDeck
• Funding Circle
• Fundbox
• Braviant Holdings
• Avant LLC
• LendingClub Bank
• Kabbage Funding
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Key Segments covered in the market:
By Offering
• Business Lending
• Consumer Lending
By Technology
• Artificial Intelligence and Machine Learning
• Blockchain
• Mobile Technology
• Big Data Analytics
• Others
By Business Model
• Peer-To-Peer Lending
• Direct Lending
• Marketplace Lending
• Crowdfunding
• Hybrid Models
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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