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The latest report by IMARC Group, titled “Digital Lending Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global digital lending platform market size reached US$ 8,571 Million in 2021. A digital lending platform (DLP) is a mortgage point-of-sale (POS) tool that enables fast processing of loans while eliminating paperwork. It relies on web platforms and mobile apps for managing loans and provides easy access to first-time borrowers with no credit ratings. It also provides several key benefits to financial institutions, such as quick decision making, increased efficiency, better loan disbursement, and automated workflow management. Owing to these properties, various financial institutions are adopting DLP to reduce the processing time and eliminate the risk of human errors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Digital Lending Platform Market Trends:
The market is primarily driven by the rising adoption of DLP in the banking, financial services, and insurance (BFSI) industry. Due to globalization and the growing popularity of online banking services, numerous financial institutions are increasingly opting for DLP for better decisions, improved customer experience, and significant cost savings. In addition, the rising emphasis on digital automation represents another major growth-inducing factor. Besides this, several companies are integrating advanced technologies, such as blockchain, artificial intelligence (AI), machine learning, and analytics, with DLP to prevent fraudulent activities. Moreover, the recent outbreak of coronavirus disease (COVID-19) has prompted financial institutions to adopt digital channels for lending loans and meeting the pandemic challenges. Furthermore, the growing dependence on smartphones, the increasing internet penetration, and the rising instances of cyber threats are some of the other factors propelling the market growth. Looking forward, IMARC Group expects the market value to reach US$ 20,316 Million by 2027, exhibiting a CAGR of 15.15% during the forecast period (2022-2027).
Market Summary:
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