The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

The Business Research Company’s Digitization In Lending Global Market Report 2024 offers crucial insights into the digitization in lending market help businesses analyse and build stronger strategies.

 

Market Size and Growth Rate

• 2023 Market Size: $12.24 billion
• 2024 Market Size: $15.26 billion
• CAGR: 24.8%

The digitization in lending market has seen significant growth in recent years, expanding from $12.24 billion in 2023 to $15.26 billion in 2024, reflecting a CAGR of 24.8%. This growth can be attributed to increased internet accessibility, a shift towards paperless transactions, the introduction of online loan marketplaces, demand for instant loan approvals and disbursements, and the rise of mobile banking applications.

 

Future Market Projections

• 2028 Market Size: $37.13 billion
• CAGR: 24.9%

Looking ahead, the market is expected to continue its exponential growth, reaching $37.13 billion by 2028 with a CAGR of 24.9%. This surge is driven by the ongoing demand for digital lending solutions, the expansion of peer-to-peer lending platforms, the growth of online marketplaces, and the adoption of blockchain technology for secure transactions.

 

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Key Drivers of Growth

Shift Towards Digital Banking and Payments

• Digital Banking: Increased reliance on digital platforms for banking and financial transactions
• Convenience: Access banking services anywhere, anytime using mobile devices or computers
• Market Insight: By 2028, 22.6 million Brits are expected to have digital-only bank accounts, up from 93% using online banking in 2022

The shift towards digital banking and payments is a major driver for the digitization in lending market. Digital lending eliminates paper-based transactions and offers unparalleled convenience. This trend is exemplified by the growing number of digital-only bank account holders, projected to reach 22.6 million in the UK by 2028.

 

Strategic Partnerships and Innovations

Enhancing Technological Capabilities

• Strategic Partnerships: Collaborations to streamline operations and offer innovative solutions
• Example: Epic River’s integration with Finastra’s LaserPro system to streamline loan closing processes

Major companies in the market are forming strategic partnerships to enhance their technological capabilities. For instance, Epic River’s partnership with Finastra streamlines loan closing processes by automating data transfer, reducing errors and delays.

 

Significant Acquisitions

Expanding Digital Lending Solutions

• Rapid Finance Acquisition: Acquired Thrive to modernize business finance
• Thrive’s Offering: End-to-end digital lending platform for banks, non-bank lenders, and credit unions

Acquisitions are also a key growth strategy. Rapid Finance’s acquisition of Thrive in 2022 exemplifies this approach, expanding its digital lending solutions and aligning with its goal of modernizing business finance.

 

Market Segmentation

By Type

• Online
• Offline

By Loan Amount

• Small Loans
• Medium Loans
• Large Loans

By Deployment

• Smartphone
• Computer

By Application

• Business Loan
• Personal Loan
• Mortgage Loan
• Auto Loan

The market is segmented by type (online and offline), loan amount (small, medium, and large), deployment (smartphone and computer), and application (business, personal, mortgage, and auto loans).

 

Regional Insights

North America Leading the Market

• Largest Region: North America in 2023

North America was the largest region in the digitization in lending market in 2023, driven by advanced technological infrastructure and high adoption rates of digital banking solutions.

 

Major Players in the Market

• Key Companies: Goldman Sachs Bank, SoFi Technologies Inc., Affirm Holdings Inc., LendingClub, LoanDepot, Upstart Holdings, Lendio, Zopa Bank Ltd., Prosper Marketplace Inc., Avant LLC, Kabbage, Funding Circle, Credible Labs Inc., OnDeck Capital, Marlette Funding LLC, Rapid Finance, BlueVine, CommonBond, Payoff Inc., LightStream, StreetShares Inc., Circleback Lending Inc., Peerform

Prominent companies driving innovation in the digitization in lending market include Goldman Sachs Bank, SoFi Technologies Inc., Affirm Holdings Inc., and LendingClub, among others. These companies are continuously enhancing their offerings to meet the growing demand for digital lending solutions.

 

Conclusion
The digitization in lending market is experiencing unprecedented growth, driven by technological advancements, strategic partnerships, and a shift towards digital banking and payments. With projections indicating continued exponential growth, the market is poised for a transformative impact on the global financial landscape.

 

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The Digitization In Lending Global Market Report 2024  provides a comprehensive outlook of the digitization in lending market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The digitization in lending market forecast offers a thorough analysis on digitization in lending market size, digitization in lending market share, prominent players and their strategies.

 

The Table Of Content For The Digitization In Lending Market Include:
1. Digitization In Lending Market Executive Summary
2. Digitization In Lending Market Segments
3. Digitization In Lending Market Size And Digitization In Lending Market Growth Rate
4. Key Digitization In Lending Market Trends
5. Major Digitization In Lending Market Drivers
……
25. Key Mergers And Acquisitions In The Digitization In Lending Market
26. Top Digitization In Lending Companies
27. Digitization In Lending Market Opportunities And Strategies
28. Digitization In Lending Market, Conclusions And Recommendations
29. Appendix

 

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