New York, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital Lending Platform Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06371426/?utm_source=GNW
The global digital lending platform market is expected to grow from $ 8.91 billion in 2021 to $ 10.55 billion in 2022 at a compound annual growth rate (CAGR) of 18.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The digital lending platform market is expected to reach $ 20.34 billion in 2026 at a CAGR of 17.8%.
The digital lending platform market consists of sales of digital lending platforms by entities (organizations, sole traders, and partnerships) that allow borrowers and lenders to lend money in a digital way.A digital lending platform refers to a technology-based platform that allows financial institutions to improve business productivity by providing loans through web platforms or mobile apps to generate revenue per loan application.
These are used to optimize loan processes, enable fast decision-making, improve regulatory compliance to improve business efficiency, and simplify financial services.
The main types of digital lending platform markets are loan origination, decision automation, collections and recovery, risk and compliance management, and others.The loan origination market consists of sales of digital lending platforms by entities (organizations, sole traders, and partnerships) that are used for the purpose of easy loan application services to borrowers, automation, and financial analysis to banks, and reducing time.
Loan origination refers to the process of the step-by-step loan application.The components are solution and service and their deployment model are on-premise and cloud.
The various industry verticals include banks, insurance companies, credit unions, savings and loan associations, peer-to-peer lending, and others.
North America was the largest growing region in the digital lending platform market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the digital lending platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The surge in the use of smartphones is expected to propel the growth of the digital lending platform market going forward.The smartphone is a mobile device that has a touchscreen interface, an operating system capable of running downloaded apps, and internet access.
Due to the surge in the use of smartphones, users and borrowers are applying for instant loans using digital lending. For instance, according to DataReportal, a Singapore-based online reference library, in 2022, the number of smartphones in use is rising at a 5.1 percent annual rate, with an average of 1 million smartphones coming into use every day. Therefore, the surge in the use of smartphones is driving the growth of the digital lending platform market.
Technological advancements are the key trends gaining popularity in the digital lending platform market.Major market players are concentrating their efforts on creating innovative technologies to enable automation across business processes.
For instance, in October 2021, Roostify Inc., a US-based digital home lending platform launched Roostify Document Intelligence (RDI), an AI-powered Application Programming Interface on the home lending platform that provides process automation and easy document management for classification, validation, and extract data from loan-related documents. It can notify users with automatic feedback when they upload incorrect documents.
In July 2022, M2P Fintech, an India-based API Platform for banking and payments products acquired Finflux for an undisclosed amount.With this acquisition, M2P Fintech aimed to roll out support for lending products and improve workflow automation.
Finflux is an India-based cloud lending platform.
The countries covered in the digital lending platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The digital lending platform market research report is one of a series of new reports that provides digital lending platform market statistics, including digital lending platform industry global market size, regional shares, competitors with a digital lending platform market share, detailed digital lending platform market segments, market trends and opportunities, and any further data you may need to thrive in the digital lending platform industry. This digital lending platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06371426/?utm_source=GNW
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.
__________________________
