Digital Lending Market Statistics, Size, Trends, Share, Competitive Landscape

The global Digital Lending Market size to grow from USD 10.7 billion in 2021 to USD 20.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period, according to a new report by MarketsandMarkets™. Surge in digital lending during the pandemic and rising need of credit by MSMEs is driving the Digital Lending market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=70396306

The emergence of altenative lending is expected to provide multiple fold growth opportunities in the digital lending. Alternative lending, also known as marketplace lending, peer-to-peer lending and P2P lending, takes place through online platforms that use technology to bring together borrowers and lenders. This led to the rise of many alternative lending platform providers, especially during the pandemic.

Under the Services segment, the Implementation sub-segment is expected to record the largest market size in 2021. System implementation involves deoloyment and integration of various components required to manage the entire lending process. These services provided by vendors include a detailed design plan layout, provision of customized business solutions suiting the organizations, and assistance by trained professionals in enabling the smooth installation of solutions for remote access by end-users.

Among the Solutions segment, the Digital Lending platforms sub-segment is expected to have the highest growth during the forecast period. Digital lending platforms offer customized digital lending solutions at different levels of lending processes based on the requirements of the end-users. These solutions make the entire loan process easy to manage, resulting in greater customer acquisition.

Under End User segment, the Banks sub-segment is estimated to hold the largest market share in 2021. Banks provide financial services to organizations and individuals. With advancements in technologies, banks are forced to implement digital lending facilities to meet the expectations from customers. With the help of digital lending, banks can achieve smarter decision making, improved customer experience, better risk assessment, and greater cost savings.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=70396306

Top Trends in Global Digital Lending Market

Online lending solutions have been rapidly adopted by the digital lending market. Borrowers could submit loan applications, get loan approvals, and access funds digitally using these platforms, typically in just a few minutes.
Platforms for peer-to-peer lending kept gaining in popularity. P2P lending made it possible for businesses or individuals to lend directly to one another, doing away with the necessity for conventional intermediaries like banks. It provided investors with enticing returns on their investments while offering borrowers low interest rates.
To evaluate borrowers' creditworthiness, digital lending platforms used different data sources in addition to traditional credit scores. To create more inclusive loan selections, this includes analysing data from social media, internet buying habits, utility payments, and other non-traditional sources.
Digital lending platforms have incorporated AI and ML technology to automate a variety of procedures, including credit underwriting, fraud detection, and customised loan recommendations. These innovations enhanced risk management and increased operational effectiveness.
Mobile lending became more popular as cellphones became more widely used. In order to make it simpler for borrowers to apply for loans and maintain their accounts through mobile apps, lenders optimised their platforms for mobile devices.
Get More Info @ https://www.globenewswire.com/news-release/2023/08/11/2723639/0/en/Digital-Lending-Market-worth-20-5-billion-by-2026-growing-at-a-CAGR-of-13-8-Report-by-MarketsandMarkets.html

Key Industry Development

Decentralised finance, or DeFi, became quite popular because it provided borrowing and lending services without the need for conventional middlemen. By supplying liquidity to the ecosystem, DeFi platforms, driven by smart contracts on blockchain networks, allowed users to access loans and earn interest.
NFTs were included into lending systems as a result of their growth. NFTs, which stand for distinctive digital assets, might be fractionalized for borrowing or used as collateral for loans.
Digital lending platforms increasingly focused on small enterprises and microentrepreneurs, providing this market segment with rapid and convenient funding choices.
Reaching marginalised communities and people without a traditional credit history, digital lending significantly contributed to the advancement of financial inclusion. In order to evaluate creditworthiness and make financing decisions, alternative data sources were used.
Some online lending platforms have started to offer green loans or loans designed especially for environmentally friendly initiatives. These programmes sought to aid organisations and companies who practise environmental responsibility.
About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are moulded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit MarketsandMarkets™ or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: [email protected]