North America Digital Lending Platform Market, By Component (Solutions, Services), Deployment Model (On Premises, Cloud), Loan Amount Size (Less than US$ 7,000, US$ 7,001 to US$ 20,000, More than US$ 20,001), Subscription Type (Free, Paid), Loan Type (Automotive Loan, SME Finance Loan, Personal Loan, Home Loan, Consumer Durable, Others), Vertical (Banking, Financial Services, Insurance Companies, P2P (Peer-to-Peer) Lenders, Credit Unions, Saving and Loan Associations), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2027.
Digital lending platform market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with the CAGR of 19.2% in the forecast period of 2019 to 2027 and expected to reach USD 5,882.35 million by 2027. Increasing need for hassle free loan origination is driving the growth for market.
Originating loans from banks have always been lengthy and tiring process, with provisions of lending through digital platforms have made loan origination an easy process without any paperwork; this ease has allowed digital lending platform market achieve rocketing growth rate of double digits. High penetration of internet services is increasing the consumption of digital lending platform products which drives the market. Government launching new projects to increase the growth of digitalization is creating an opportunity for the digital lending platform market.
Low literacy rate in some of the underdeveloped countries is acting as a restraint for the digital lending platform market. The threat to theft of financial records and money will be the major concern for the organization and will act as major challenge for digital lending platform market.
This digital lending platform market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographical expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Digital lending platform market is segmented on the basis of component, deployment model, loan amount size, subscription type, loan type and vertical. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of component, the market is segmented into solutions and services. In 2020, solutions holds the largest share in component segment as it requires high initial cost; on the other hand services incur low cost expenditure on occasional basis.
- On the basis of deployment model, the market is segmented into cloud, and on premises. In 2020, on premises segment dominates the deployment model segment considering large enterprises opt for on premises installations; however cloud is growing at higher rate due to specifications based costing.
- On the basis of loan amount size, the market is segmented into less than US$ 7,000, US$ 7,001 to US$ 20,000, more than US$ 20,001. In 2020, less than US$ 7,000 segment is dominating the market due to people preferring low amount of loan through digital lending platforms; however due to increasing assurance of these platforms US$ 7,001 to US$ 20,000 category is growing at higher CAGR.
- On the basis of subscription type, the market is segmented into free, and paid. In 2020, subscription type segment is dominated by free subscription since small enterprises opt for free services for cost cutting; on the other hand with rapidly growing market for digital lending platforms paid subscriptions are being adopted by lenders.
- On the basis of loan type, the market is segmented into automotive loan, SME finance loan, personal loan, home loan, consumer durable and others. In 2020, automotive loan holds largest market share due to growing vehicle sales in the region on instalment basis.
- On the basis of vertical, the market is segmented into banking, financial services, insurance companies, P2P (peer-to-peer) lenders, credit unions, saving and loan associations. In 2020, banking segment dominates vertical segment as solutions such as loan origination and loan managements which are major applications of digital lending platforms are usually completed through banks considering better services offered by banks. Also, other solutions such as portfolio management can also be done by banks using lending platforms.
Digital Lending Platform Market Country Level Analysis
Digital lending platform market is analysed and market size information is provided by country, component, deployment model, loan amount size, subscription type, loan type and vertical.
The countries covered in digital lending platform market report are U.S., Canada and Mexico.
The U.S. dominates the North America digital lending platform market as country has global leader headquarters such as FIS, Fiserv, Inc. and Pegasystems, Inc among others.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing Need of Easy Loan Generating Systems
Digital lending platform market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in digital lending platform and changes in regulatory scenarios with their support for the digital lending platform market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Digital Lending Platform Market Share Analysis
Digital lending platform market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to digital lending platform market.
The major players covered in the report are First American Financial Corporation, Mambu GmbH, CU Direct, Built Technologies, Inc., Jack Henry & Associates, Inc., Turnkey Lender, Ellie Mae, Inc., and DocuSign Inc among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of digital lending platform market.
- In April 2020, Pegasystems Inc. launched Small Business Lending Reference App which offers greater pace for emergency loans to small businesses, acting as a relief in this pandemic situation. The new app will help the company to increase market coverage of the company worldwide.
- In December 2018, FIS announced partnership with People’s United Bank for providing it with real time lending solution. The solution can be used for data analytics technology for customer acquisition by sending pre-qualified and personalized loan offers to the potential borrowers. The new partnership increased the customer base of the company.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for digital lending platform through expanded range of size.
Customization Available: North America Digital Lending Platform Market
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