New York, NY, March 29, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Digitization in Lending Market by Loan Type (Personal Loans, Auto Loans, and Business Loans); by Deployment (On Computer and On Smart Phone): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016– 2025”.
According to the report, the global digitization in lending market was valued at around USD 1,790 billion in the year 2016 and it is expected to reach approximately USD 83,460 billion by 2025. The global digitization in lending market is expected to exhibit a CAGR of more than 53% between 2017 and 2025.
The growing adoption of digitalization is the main factor that is driving the market. Through digitIzation, the lending system has changed completely. Digital lending is advancement in the lending and borrowing process which is carried out on the online or digital platform without making use of paperwork. It has saved up a lot of time and has increased data security. The traditional processes were chaotic as loads of documents were collected and piled up but now with the help of digital lending, it is just a click away as everything is online.
Browse through 37 Tables & 19 Figures spread over 110 Pages and in-depth TOC on "Global Digitization in Lending Market Size, Share, Trends, Growth Analysis and Forecast 2016 – 2025”.
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Market Report Highlights:
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By loan type, the global digitization in lending market is divided into a personal loan, auto loan, and business loan. Business loan segment leads the global market; it contributed a major market share of more than 50% in 2016. It is anticipated that this segment will retain its dominance in the forecasted period. The major factor that is driving this segment is the rising number of small-scale businesses across the world. Auto loan segment is also expected to witness a rapid growth over the forecasted period owing to growing vehicle penetration across the regions. The private and the captive auto financers are focusing on improving their lending platforms so that they have a good relationship with both the automobile dealers and purchasers.
Browse the full "Digitization in Lending Market by Loan Type (Personal Loans, Auto Loans, and Business Loans); by Deployment (On Computer and On Smart Phone)-Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016– 2025" report at https://www.zionmarketresearch.com/report/digitization-in-lending-market
According to the analysts and insight shared by industry experts, small- and medium-sized businesses are expected to open up many opportunities for the digitization in lending market.
Europe dominated the digitization in lending market. In 2016, Europe held the market share of over 39%. The strong presence of the banking sectors in countries such as the U.K. and France drives the growth of the market. Moreover, the market in China is expected to register the highest CAGR growth of 54.2% from the period 2017 to 2025. The growth of the market in China is due to its distinctive technology ecosystem and rise in the tech-savvy population.
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The major market players in the digitization in lending market are Rise Credit, FirstCash, Inc., Speedy Cash, LendUp, Elevate, NetCredit, Avant, Inc., Opportunity Financial, LLC., Prosper Marketplace, Inc., The Business Backer LLC., Headway Capital Partners LLP, Blue Vine, Lendio, RapidAdvance, Amigo Loans Ltd, Lendico, Trigg, Lending Stream, 118118Money, Simplic, Wonga Group, Check'n Go Inc., OnDeck, Kabbage, Inc., and Fundation Group LLC, among others.
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The global digitization in lending market is segmented on the basis of the loan type, deployment, and the geographical regions.
Global Digitization in Lending Market: Loan Type Segment Analysis
Global Digitization in Lending Market: Deployment Analysis
Global Digitization in Lending Market: Regional Segment Analysis
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