Portland, OR , Feb. 27, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global digital lending platform market accounting 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.
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. On the contrary, security-related issues hinder the market. However, continuous increase in adoption of cloud-based digital lending technologies and technological advancements in digital lending platforms are anticipated to open new opportunities in the coming years.
The global digital lending platform market is segmented on the basis of component, type, deployment model, end user, and geography. Based on 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.
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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 increase in 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.
Based on 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.
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.
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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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