The rapid shift from traditional lending to digital lending and the rise in government initiatives toward digital lending drive the growth of the market.
PORTLAND, OREGON, UNITED STATES, September 16, 2020 /EINPresswire.com/ — Increase in need of reduced loan management time among borrowers and lenders and rapid shift from traditional lending to digital lending, and rise in government initiatives toward digital lending drive the growth of the global digital lending platform market. The market across Asia-Pacific is expected to manifest the fastest CAGR of 21.2% during the study period. However, the risk & compliance management segment is projected to manifest the fastest CAGR of 22.6% during the forecast period.
The global digital lending platform market accounts for $4.79 billion in 2018 and is projected to garner $19.88 billion by 2026, registering a CAGR of 19.6% during the forecast period.
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India is expected to exhibit the fastest growth during the forecast period, owing to a significant increase in digital lending, supported by enabling policy of e-KYC and the formalization and acceptance of the Indian credit rating system.
The global digital lending platform market is segmented on the basis of component, type, deployment model, end-user, and geography. Based on the component, the market is categorized into software and services. The service segment is estimated to portray the highest CAGR of 22.7% during the study period. However, the solution segment dominated the market in 2018, contributing to nearly three-fourths of the market.
The global digital lending platform market report includes an in-depth analysis of the market players such as Ellie MAE, FIS Global, Black Knight, Intellect Design Arena, Finastra, Tavant Technologies, Fiserv, Temenos, Nucleus Software, and Wipro.
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The global digital lending platform market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is expected to manifest the fastest CAGR of 21.2% during the study period. However, the market across North America dominated the market in 2018, accounting for more than one-third of the market.
On the basis of type, the market is categorized into loan origination, decision automation, collections and recovery, risk and compliance management, and others. The loan origination segment dominated the market in 2018, accounting for one-third of the market, due to an increase in the need for automated loan solutions to meet the ever-increasing customer demand. However, the risk & compliance management segment is projected to manifest the fastest CAGR of 22.6% during the forecast period.
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Based on the deployment model, the market is bifurcated into on-premise and cloud. Moreover, on the basis of end-users, the market is segmented into ba3nks, insurance companies, credit unions, savings and loan associations, peer-to-peer lending, and others.
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Source: EIN Presswire