Dublin, Sept. 02, 2024 (GLOBE NEWSWIRE) -- The "Lending Technology (LendTech) Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global lending technology (LendTech) market has grown exponentially in recent years. It will grow from $13.09 billion in 2023 to $16.61 billion in 2024 at a compound annual growth rate (CAGR) of 26.8%. Historic period growth was driven by the transition to digital processes in financial services, evolving regulatory frameworks, the emergence of P2P lending platforms, and heightened demand for smooth, personalized lending experiences.
The lending technology (LendTech) market is expected to see exponential growth in the next few years. It will grow to $43.59 billion in 2028 at a compound annual growth rate (CAGR) of 27.3%. Forecast period growth is expected due to blockchain integration, expanded open banking initiatives, a greater emphasis on personalized lending products, global economic recovery, and a growing focus on sustainable finance. Key trends anticipated in this period include the rising application of AI and machine learning algorithms, adoption of blockchain technology, proliferation of digital-only lending entities, implementation of open banking regulations, and the integration of lending services into non-financial platforms.
The lending technology market is poised for growth driven by the increasing adoption of cloud services. For example, Eurostat reported in December 2023 that 45.2% of enterprises in the European Union used cloud computing services, up 4% from 2021, primarily for tasks such as hosting email systems and storing electronic files. Therefore, the rising adoption of cloud services is a key driver behind the growth of the lending technology market.
Leading companies in the lending technology market are focusing on developing cutting-edge solutions such as AI-based digital lending platforms to enhance customer service and operational efficiency. For instance, BusinessNext launched its cloud-based Digital Lending Platform 3 in January 2023. This platform revolutionizes the lending process for banks and financial services with features such as AI-driven automation, code-less journey designers, and private cloud landing zones. It supports over 200 lending products, ensures regulatory compliance, and accelerates onboarding through AI and machine learning, thereby optimizing operational efficiency and reducing turnaround times.
In December 2023, Computer Services Inc. (CSI), a US-based lending technology company, acquired Hawthorn River for an undisclosed sum. This acquisition enhances CSI's capabilities in providing extensive loan origination solutions for both commercial and consumer accounts. It also enables CSI to broaden its market footprint by offering these solutions to non-CSI community banks through strategic partnerships and API integrations with other technology providers. Hawthorn River, headquartered in the US, specializes in commercial and consumer lending solutions, including digital lending technology.
Major companies operating in the lending technology (LendTech) market are Fiserv Inc., FIS, Enova.com, Social Finance Inc., Pegasystems Inc., LendingClub Bank, Newgen Software Technologies Limited, Upstart Network Inc., Credit Karma LLC, Lendio, Zopa Bank Limited, OakNorth Credit Intelligence, Nelito Systems Pvt. Ltd., Funding Circle Ltd., OnDeck, Avant LLC, Better Mortgage Corporation, Fundbox, Plaid Inc., Kreditech, LENDUP.com.
North America was the largest region in the lending technology (LendTech) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the lending technology (LendTech) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the lending technology (LendTech) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Scope
Markets Covered:
1) By Type: Consumer Lending; Business Lending
2) By Component: Solution; Services
3) By Deployment Mode: On-Premises; Cloud
4) By Organization Size: Large Enterprises; Small and Medium-Sized Enterprises
5) By End-User: Banks; Credit Unions; Non-Banking Financial Companies (NBFCs)
Key Companies Mentioned: Fiserv Inc.; FIS; Enova.com; Social Finance Inc.; Pegasystems Inc.
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $16.61 Billion |
| Forecasted Market Value (USD) by 2028 | $43.59 Billion |
| Compound Annual Growth Rate | 27.3% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Fiserv Inc.
- FIS
- Enova.com
- Social Finance Inc.
- PegaSystems Inc.
- LendingClub Bank
- Newgen Software Technologies Limited
- Upstart Network Inc.
- Credit Karma LLC
- Lendio
- Zopa Bank Limited
- OakNorth Credit Intelligence
- Nelito Systems Pvt. Ltd.
- Funding Circle Ltd.
- OnDeck
- Avant LLC
- Better Mortgage Corporation
- Fundbox
- Plaid Inc.
- Kreditech
- LENDUP.com
For more information about this report visit https://www.researchandmarkets.com/r/n3fu1f
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