CHICAGO, October 7, 2021 / PRNewswire / – According to a research report “Digital lending Market by offering (solutions (digital credit platforms and point solutions) and services), delivery mode (cloud and local), end users (banks, credit unions and NBFCs) and region – global forecast to 2026 “, published by MarketsandMarkets ™, the global digital credit market size from which to grow $ 10.7 billion in 2021 to $ 20.5 billion by 2026 with an average annual growth rate (CAGR) of 13.8% in the forecast period.
The digital loan market is mainly driven by the need for a better customer experience. Banking and finance companies are moving to advanced digital lending processes that are flexible and scalable to meet the challenges of technology, regulations and customer demand. A digital credit platform offers a comprehensive and cross-channel credit management solution to meet the ever-changing needs of credit hunters as well as banks and financial institutions.
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Through the offer, the Solutions segment holds the larger market size in the forecast period
The solutions segment of the digital lending market is expected to take the larger market size in 2021. The solutions segment of the digital lending market is further broken down into digital lending platforms and point solutions. Various solutions are offered in the digital loan platforms, from lending to loan completion. The point solutions help banks and financial institutions to address a single section of the entire loan processing lifecycle.
Point Solutions expects the P2P loan software segment to grow with the highest CAGR in the forecast period
In the Point Solutions segment, the peer-to-peer (P2P) lending software subsegment is expected to grow with the highest CAGR in the forecast period. It is a form of online lending that enables credit seeking individuals or businesses to apply for and receive credit online directly from other individual investors without the need for intermediaries. This helps lenders make an informed decision before giving out unsecured loans and helps borrowers compare and evaluate their decisions.
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By region, North America to take into account the largest market size in the forecast period
North America Has a strong position in the global digital loan market due to the presence of most of the leading digital loan providers such as Fiserv, ICE Mortgage, FIS, Pega and Sigma Infosolutions. Thanks to its network infrastructure, the region offers the most innovative and fastest services in the world. North America has also seen the earliest adoption of cloud and mobile technologies, which has driven the adoption of digital credit solutions significantly to improve customer experience and reduce turnaround time.
The main actors of the Digital Loan Market include Fiserv (USA), ICE Mortgage Technology (USA), FIS (USA), Newgen software (India), Nucleus software (India), Temenos (Switzerland), Pega (USA), Sigma Infosolutions (USA), Intellect Design Arena (India) and Tavant (USA).
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