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(IT-NEWSWIRE.COM, July 08, 2021 ) The report "Digital Lending Platform Market by Solution (Loan Origination, Decision Automation, Portfolio Management, Risk & Compliance Management, Loan Management, Business Process Management), Service, Deployment Mode, Vertical, and Region - Global Forecast to 2023", The digital lending platform market size is expected to grow from USD 5.1 billion in 2018 to USD 12.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.7% during the forecast period. The major growth factors for the market include growth in digitalization, proliferation of smartphones, and an increasing need to enhance the customer experience and the strict government directives for digital lending. A growing need for cloud-based digital lending solutions in the financial sector is also a major drive for the digital lending platform market.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=70396306
Decision automation solutions segment to grow at the highest CAGR from 2018 to 2023
Digital lending platform solutions help lending organizations operate efficiently while saving costs, which has been the key factor for the market growth. The digital lending platform market by solution has loan origination, decision automation, portfolio management, loan servicing, risk and compliance management, loan management, business process management, and others (including KYC, API Gateway, and credit bureau reporting) segments. The decision automation solutions segment is expected to register growth at the highest CAGR in the digital lending platform market during the forecast period. Decision automation solutions help end clients automate the decision process of approving or rejecting a loan application, and enable enterprises to make the overall lending process more efficient.
Increasing venture funding for p2p lenders to drive the digital lending platform market during 2018-2023
The digital lending platform market by vertical covers major verticals: banking, financial services, insurance companies, credit unions, retail banking, and P2P lenders. Among them, the p2p lenders vertical is expected to grow at the highest CAGR from 2018 to 2023, as there is an increasing number of customers demanding for loans across the globe, which, in turn, would spur the demand for solutions to ease the lending process. The banking vertical is estimated to hold the largest market size in 2018, due to the increased adoption of digital lending. The credit unions and retail banking verticals are also expected to gain traction during the forecast period.
North America to dominate the global digital lending platform market in 2018
North America is estimated to hold the largest market size in the digital lending platform market by region in 2018, as the region is a mature and well-established market with healthy risk appetite and inclination toward technological innovations. The market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2018 and 2023. Major growth factors for the APAC market include increasing technology adoption, significant opportunities across industry verticals, and strict directives for data privacy in APAC countries, especially India and China.
The report covers different growth strategies, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments, adopted by the major players to increase their market share. Major technology vendors in the global digital lending platform market include Fiserv (US), Newgen Software (India), Ellie Mae (US), Nucleus Software (India), FIS (US), Pegasystems (US), Temenos (Switzerland), Intellect Design Arena (India), Sigma Infosolutions (US), Tavant Technologies (US), Docutech (US), Mambu (Germany), CU Direct (US), Sageworks (US), Roostify (US), Juris Tech (Malaysia), Decimal Technologies (India), HiEnd Systems (Belarus), RupeePower (India), Finastra (UK), Finatix (Italy), Built Technologies (US), Symitar (US), Turnkey Lenders (Singapore), and Argo (US).
Browse in-depth TOC on Complete Report @ https://www.marketsandmarkets.com/Market-Reports/digital-lending-platform-market-70396306.html
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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