Global Digitization in Lending Market Report 2024: Trends, Strategies, And Opportunities
Digitization In Lending Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Digitization In Lending Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, July 22, 2024 /EINPresswire.com/ -- The global digitization in lending market is projected to grow from $12.24 billion in 2023 to $15.26 billion in 2024, at a CAGR of 24.8%. The market is anticipated to reach $37.13 billion by 2028 at a CAGR of 24.9%, driven by increased demand for digital lending solutions, the expansion of peer-to-peer lending platforms, and the adoption of blockchain technology for secure transactions.
Shift Towards Digital Banking and Payments Drives Market Growth
The shift towards digital banking and payments is a significant factor contributing to the growth of the digitization in lending market. Digital lending eliminates paper-based transactions, offering unparalleled convenience through digital platforms. For instance, a 2023 report by Finder.com indicates that 93% of Brits were using online banking in 2022, with the number of digital-only bank account holders predicted to reach 22.6 million by 2028. This trend highlights the growing reliance on digital banking solutions.
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Key Players and Market Trends
Key players in the digitization in lending market include Goldman Sachs Bank, SoFi Technologies Inc., Affirm Holdings Inc., LendingClub, LoanDepot, Upstart Holdings, and many others. These companies are focusing on forming strategic partnerships to enhance technological capabilities and streamline operations.
In March 2024, Epic River integrated with Finastra’s LaserPro loan documentation system to streamline loan closing processes for community banks and credit unions. This partnership minimizes manual entry and ensures accuracy, addressing the need for agility and innovation in financial institutions.
Trends
Major trends in the forecast period include:
• Development of digital identity verification solutions
• Integration of voice and chatbot technologies
• Evolution of robo-advisors and automated financial planning tools
• Growth of decentralized finance (DeFi) platforms
• Rise of subscription-based lending models
• Development of decentralized identity solutions
Digitization In Lending Market Segments:
• Type: Online, Offline
• Loan Amount: Small Loans, Medium Loans, Large Loans
• Deployment: Smartphone, Computer
• Application: Business Loan, Personal Loan, Mortgage Loan, Auto Loan
Geographical Insights: North America Leading the Market
North America was the largest region in the digitization in lending market in 2023. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
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Digitization In Lending Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Digitization In Lending Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on digitization in lending market size, digitization in lending market drivers and trends, digitization in lending market major players, competitors' revenues, market positioning, and market growth across geographies. The digitization in lending market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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