 |
| Global Digital Lending Market Size |
The digital lending market involves providing financial services like personal
loans, business loans, home loans and others digitally through online
platforms. These platforms make use of digital technologies like artificial
intelligence, blockchain and data analytics to analyze customer data and offer
customized lending options instantly. With the growth of digital payment
platforms and e-commerce, more people are adopting digital means for carrying
out financial transactions. This has accelerated the demand for digital lending
which provides a convenient way to access funds digitally.
The global
digital lending market is estimated to be valued at US$ 538.99 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
One of the major trends driving the growth of the digital lending market is the
increased usage of digital payment platforms. Digital payment platforms allow
users to make payments for both commercial and personal needs through digital
wallets, bank transfers, debit/credit cards and other means without using cash.
This has encouraged more people to switch to carrying out financial
transactions digitally. According to estimates, the global digital payment
transaction value is expected to reach $8.26 trillion in 2024 witnessing a CAGR
of over 18%. As digital payment usage rises, it is creating opportunities for
digital lending platforms to offer customized lending solutions to customers
digitally based on their transaction history and payment patterns. This
convenience and personalized experience offered is propelling the demand for
digital lending solutions globally.
Market Segment Analysis
The global digital lending market is segmented on the basis of type, solution,
end-use industry, and region. The solution segment is further sub-segmented
into business process management, customer experience management, analytics,
and automation. Among these sub-segments, the analytics sub-segment holds the
highest market share as it helps lending companies to make data-driven
decisions and streamline operations. Analytics tools enable lenders to evaluate
credit risk more precisely and detect fraudulent activities.
Key Takeaways
Global
Digital Lending Market Size is expected to witness high growth over the
forecast period of 2023 to 2030 supported by advancements in technology and the
rising adoption of digital channels for lending activities. The global digital
lending market is estimated to be valued at US$ 538.99 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period
2023 to 2030.
Regional Analysis
North America is currently the largest and fastest growing regional market for
digital lending. The presence of major technology companies and supportive
government regulations for digital transformation are boosting the adoption of
digital lending platforms in the region. The Asia Pacific region is anticipated
to emerge as the second largest market and also witness the highest growth rate
during the forecast period due to rapid digitalization of lending services in
emerging countries like India and China.
Key players operating in the digital lending market are Continental AG, Valeo,
Robert Bosch, Denso Corporation, Magna International, Ficosa, ZF
Friedrichshafen, Gentex, Aptiv, Renesas Electronics. Continental AG and Robert
Bosch hold a significant share of the market.
Get More Insights On This Topic: https://www.ukwebwire.com/digital-lending-market-scope/