Digital Lending Platform Market: North America accounts for largest share of the market

“Digital Lending Platform Market | Research Cosmos”
The increasing adoption of m-commerce and preference of customers for paperless banking services are the principal factors driving the growth of the digital lending platform market.

Digital Lending Platform Market Overview:

With more and more adoption of technology into our lives, new innovations are blooming like mushrooms. Banking used to be a complex task in the earlier that was altered by the advent of internet, which further simplified with the launch of mobile banking. The increasing penetration of smartphones has brought banking and financial services at the fingertips of the users. Any activity related to banking can be done with one simple click, increasing the customer comfort. Furthermore, we are now having lending services on mobile and internet, which avoids hassle paper works and long queues. Banks are using websites like Facebook, Gmail, etc., to offer personal loans, vehicle loans and other loans to its consumers, which is termed as digital lending platform.

The global digital lending platform market was valued at USD 4.87 billion in 2018 and is expected to reach USD 11.51 billion by 2023, growing at a CAGR of around 17.9% during the forecast period.

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Digital Lending Platform Market Drivers and Restraints:

The increasing adoption of m-commerce and preference of customers for paperless banking services are the principal factors driving the growth of the digital lending platform market. Growing innovations with the introduction of new technologies like artificial intelligence, blockchain, etc., is also a noteworthy driving factor. Additionally, the rising demand for digitalization, increased awareness about the benefits of mobile banking, attractive offers from the banking firms, and the rapid urbanization are also boosting the market demand for digital lending platforms.

The advantage to compare different loans by different banks at a single platform and select as per the requirement has attracted more consumers towards digital lending. Moreover, services like risk assessment, data analysis, support through entire loan lifecycle and so on, are fuelling the demand for digital lending platforms around the world. However, the lack of awareness about digital banking in the rural areas of developing countries is constraining the expansion of the market.

Digital Lending Platform Market Geographic Segmentation:

Geographically, North America accounts for the largest share of the global digital lending platform market due to the availability of leading players, early acceptance of technology by the people, and increasing investments in enhancing the existing banking services. Nonetheless, the Asia Pacific and European regions are growing at higher CAGR, attributing to the changing economic conditions in the countries like India, China, Japan, Germany, France, etc.

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Key Players of Digital Lending Platform Market:

Some of the prominent players of the world digital lending platform market are Tavant Technologies (US), Ellie Mae (US), Fiserv (US), RupeePower (India), Newgen Software (India), Intellect Design Arena (India), Finastra (UK), Nucleus Software Exports (Nucleus Software) (India), Sigma Infosolutions (US), Finantix S.p.A (Finantix) (Italy), Symitar Systems Inc (Symitar) (US), Temenos Group (Temenos) (Switzerland Mambu (Germany), Decimal Technologies Pvt. Ltd. (Decimal Technologies) (India), Sageworks (US), Roostify (US), Juris Technologies (Malaysia), and HiEnd Systems (Belarus).

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