Digital Lending Market Growth Accelerated by Increased Adoption of Cloud-Based Solutions
Digital lending refers to automated lending activities that help banking and finance companies to assess loan applications and ensure speedy loan disbursals through digital platforms. Digital lending solutions help to digitize and automate credit application, risk evaluation, compliances, and loan origination processes while significantly reducing cost and time involved across the lending lifecycle. The global digital lending market offers various benefits such as quick loan approvals, seamless borrowing experience, and risk-based pricing to customers. Furthermore, digital lending platforms help banking institutions to scale up their lending operations, improve visibility across end-to-end process, and better manage associated costs and risks.
The global Digital Lending Market is estimated to be valued at US$ 620.92 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The digital lending market is witnessing high growth due to the increased adoption of cloud-based solutions globally. Cloud-based digital lending platforms help banking and finance companies to expand their digital lending capabilities with minimum upfront investment and maximize operational efficiency. Banking institutions are rapidly deploying cloud-based lending solutions to offer uninterrupted lending services through digital channels. Furthermore, cloud deployment helps lenders to easily integrate with third party fintech solutions, enable real-time collaboration across lending teams, and scale their operations based on business needs. The flexibility, scalability and low total cost of ownership offered by cloud-based models is driving their increased adoption in the digital lending market.
Segment Analysis
The digital lending market is segmented by type, end user, and geography. By type, the personal loans segment dominated the global digital lending market, accounting for over 35% of the market share in 2024. Personal loans cover purposes such as education, automobile, home renovation, marriage, medical expenses, and travel. These loans are easily available with minimum documentation and shorter turnaround time. By end user, the individuals segment accounted for the largest share and is expected to witness high growth during the forecast period due to rising adoption of digital modes of lending among individuals across the world.
Key Takeaways
The Global Digital Lending Market Size is expected to witness high growth during the forecast period.
Regional analysis indicates that Asia Pacific region dominated the global digital lending market with over 40% market share in 2024. Rapid adoption of digital technologies and proliferation of fintech startups in countries such as China and India make Asia Pacific the fastest growing regional market.
Key players operating in the digital lending market are Pacific Biosciences of California, Inc., Oxford Nanopore Technologies, Ltd., BGI Genomics Co., Ltd., F. Hoffmann-La Roche AG, Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN N.V., Agilent Technologies, Inc., GenapSys Inc., Loop Genomics, Nabsys, Inc., Genia Technologies, Inc., Stratos Genomics, Inc., GATC Biotech AG, Phase Genomics, Inc.
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