DUBLIN, October 19, 2021--(BUSINESS WIRE)--The "Digital Lending Market by Offering (Solutions (Digital Lending Platforms and Point Solutions) and Services), Deployment Mode (Cloud and On-Premises), End User (Banks, Credit Unions, and NBFCs), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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.
The growing demand for digital lending platforms among SMEs to drive the Digital Lending market. Digital lending enables SMEs to research various lenders and the terms they are offering and choose the best option. It also reduces the time for loan disbursement from 2-3 months in case of offline lending to just 2-3 days. This is crucial for SMEs as it helps them meet the working capital needs to facilitate smooth operations.
By Services, the Support and Maintenance segment to grow at the higher CAGR during the forecast period.
By Services, the Support and Maintenance segment is expected to grow at a higher growth rate during the forecast period. Support and maintenance services include assistance related to the implementation and the use of digital lending solutions. Support and maintenance services help in the resolution of the lender's queries pertaining to digital lending solutions. Support and maintenance teams help organizations reap the maximum benefits from the investments made to implement digital lending solutions.
By Solutions, the Point Solutions segment to hold the larger market size during the forecast period.
The Point Solutions segment is expected to hold a larger market size. Point Solutions refer to the solutions offered to address a single section of the entire loan processing life cycle. Point solution providers specialize in overcoming specific use cases or challenges that the users face during the loan application process, providing more flexibility to meet their needs.
By End User, NBFCs segment to grow at the highest CAGR during the forecast period.
The Non-banking Financial Companies (NBFCs) segment is projected to grow at the highest CAGR during the forecast period. Since NBFCs usually don't have a large distribution network, they are going digital to have a chance to reach out to a larger customer base, even in tier 2 and tier 3 cities. This adaptation of digital lending has improved the quality of decision-making for NBFCs.
Proliferation of Smartphones and Growth in Digitalization
Need for Better Customer Experience
Government Actions to Safeguard Digital Lending
Greater Visibility and Options for Borrowers and Lenders
Growing Demand for Digital Lending Platforms Among SMEs
Surge in Digital Lending During the Pandemic
Higher Dependency on Traditional Lending Methods
Rise in Adoption of AI, Machine Learning, and Blockchain-Based Digital Lending Platforms and Solutions
Increase in Demand for Advanced Digital Lending Solutions for Retail Banking
Lack of Digital Literacy in Underdeveloped Countries
Network Connectivity and Infrastructural Issues
Data Security and Privacy Concerns due to Increasing Cyber-Attacks
Ice Mortgage Technology
Intellect Design Arena
For more information about this report visit https://www.researchandmarkets.com/r/mr4v7b
View source version on businesswire.com: https://www.businesswire.com/news/home/20211019005557/en/
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