CHICAGO, October 7, 2021 / PRNewswire / – According to a research report “Digital loan Market by offering (solutions (digital lending platforms and point solutions) and services), mode of deployment (cloud and on-premise), end-user (banks, credit unions and NBFCs) and region – Global forecasts until 2026 ” , published by MarketsandMarkets â¢, the size of the global digital lending market to scale from $ 10.7 billion in 2021 to $ 20.5 billion by 2026, at a compound annual growth rate (CAGR) of 13.8% over the forecast period.
The digital loan market is primarily driven by the need for a better customer experience. Banking and financial organizations are moving towards advanced, flexible and scalable digital lending processes to meet the challenges of technology, regulations and customer demand. A digital lending platform provides a comprehensive, omnichannel credit management solution to meet the ever-changing needs of credit hunters and banking and financial institutions.
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By offering, Solutions segment will hold the largest market size during the forecast period
Solutions segment of the digital lending market is expected to hold the largest market size in 2021. The solutions segment of the digital lending market is further classified into digital lending platforms and point solutions. Various solutions are offered in digital lending platforms, from loan origination to loan closing. Point solutions help banks and financial institutions deal with a single section of the entire loan processing lifecycle.
By Point Solutions, P2P Lending Software Segment Is Expected To Grow At The Highest CAGR During The Forecast Period
In the point solutions segment, the peer-to-peer (P2P) lending software sub-segment is expected to grow at the highest CAGR during the forecast period. This is a form of online loan that allows individuals or businesses looking for loans to apply for and obtain loans online directly from other individual investors without the need for intermediaries. This helps lenders make an informed decision before granting unsecured loans, while helping borrowers compare and assess their choices.
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By region, North America to represent the largest market size during the forecast period
North America occupies a strong position in the global digital loan market, due to the presence of most of the major digital loan providers such as Fiserv, ICE Mortgage, FIS, Pega and Sigma Infosolutions. The region offers the most innovative and fastest services available in the world thanks to its network infrastructure. North America has also witnessed the early adoption of cloud and mobile technologies, which has significantly driven the adoption of digital lending solutions to improve customer experience and reduce processing time.
The main players in the Digital loan market include Fiserv (US), ICE Mortgage Technology (US), FIS (United States), Newgen software (India), Nucleus Software (India), Temenos (Switzerland), Pega (United States), Sigma Infosolutions (United States), Intellect Design Arena (India) and Tavant (United States).
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SOURCE Markets and Markets