Alongside the rapid adoption of blockchain technology, the global digital lending industry also seems to be following suit. In a report published earlier today by Strategic Market Research, the worldwide digital lending platform market, which was worth USD 5.84 billion in 2021, has now been projected to reach USD 47.85 billion by 2030, growing at a 25.97% CAGR.
The rate at which digital lending platforms are being used is the reason behind the projection. Digital lending platforms allow for the sending of private and sensitive financial data necessary through the internet.
The innovations necessary for this include Machine learning, AI, and blockchain are a few innovations that will improve digital lending platforms and open up new revenue sources.
Insights on Digital Lending Platform
Initially, the business process management segment held the largest market, with 31.67% of the revenue share in 2021. The design and implementation segment also ruled the entire market, with a share of 34.78% based on service in the same year.
By end-User, in 2021, the bank segment maintained the most significant market position with 33.12% of the share. North America significantly ruled the regional market for the digital lending platform, with 39.76% of the revenue share in 2021.
Factors influencing the Digital Lending Platform Market growth
Some factors affecting the digital lending platform market growth include Global smartphone adoption, ML, AI, and blockchain emerging. Both of these influenced the market by the former enabling quick and easy loan completion from any location and the latter giving digital lending platforms expanded capabilities and creating new growth opportunities.
These and business process management advantages in lending, including increased worker productivity, reduced error rates, enhanced customer service, and reduced paper consumption, are key elements expected to boost the market expansion.
