Global Digital Lending Platform Market 2018-2023: Growing Adoption of Digital Technologies with an Increasing Use of Smartphones for Banking Applications to Drive the Market
DUBLIN, Nov. 19, 2018 /PRNewswire/ --
The "Digital Lending Platform Market by Solution, Service, Deployment Mode, Vertical, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering
Growing adoption of digital technologies with an increasing use of smartphones for banking applications to drive the digital lending platform market
The global 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.
Major growth factors for the market include proliferation of smartphones and mobile devices and organizations' continued focus on digitalization of financial services to enhance customer experience. However, lack of digital literacy among the under developed countries and increasing concerns over data security and privacy in the wake of sophisticated cyber-attacks may restrain the market growth.
Decision automation segment to grow at the highest CAGR during the forecast period
The decision automation segment is expected to grow at the highest CAGR in the digital lending platform market during the forecast period. Decision automation is a vital solution for digital lending users, such as banks, credit unions, and P2P lenders, as it helps in automating the decision process of approving or rejecting a loan application. The growing digital banking sector and an increasing need for enhancing customer experience in the digital lending process could spur the demand for decision management solutions on a large scale.
Business process management segment to account for the largest market size during the forecast period
The business process management segment is expected to hold the largest market size during the forecast period. Business process management solutions are important for digital lending organizations, as the solutions enhance the efficiency of business processes by optimizing them through the use of software and services. Lending organizations and financial institutions are moving toward solutions that can manage the growing complexities arising from the complex business processes. The demand for business process management solutions in the financial industry has surged, due to the complexity involved in integrating operations and these solutions could help solve complex operations.
North America to account for the largest market share, whereas Asia Pacific to grow at the highest CAGR
North America is estimated to hold the largest market size and dominate the global digital lending platform market in 2018. The major growth drivers for the region include advancements in digital technologies and organizations' increasing focus on digitalizing their financial services. Large presence of vendors offering digital lending platforms will further contribute to the market growth in North America.
Asia Pacific (APAC) offers growth opportunities for the major vendors offering digital lending solutions and services, as APAC organizations are adopting digital lending solutions owing to the complexity in handling the huge client base through legacy lending systems. Moreover, the unprecedented growth of smartphone usage in APAC and the financial institutions' focus on monetizing the opportunity for digitalizing their lending services will also contribute to the growth of the APAC digital lending platform market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Digital Lending Platform Market
4.2 Digital Lending Platform Market: Market Share of Major Segments in North America
4.3 Digital Lending Platform Market, By Solution, 2018
4.4 Digital Lending Platform Market, By Country, 2018
4.5 Market Investment Scenario
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 High Proliferation of Smartphones and Growth in Digitalization
5.2.1.2 Need for Better Customer Experience
5.2.1.3 Stringent Government Rules and Regulations for Digital Lending
5.2.2 Restraints
5.2.2.1 Higher Dependency on Traditional Lending Methods
5.2.3 Opportunities
5.2.3.1 Rise in the Adoption of Ai, Machine Learning, and Blockchain- Based Digital Lending Platforms and Solutions
5.2.3.2 Increase in the Demand of Advanced Digital Lending Solutions for Retail Banking
5.2.4 Challenges
5.2.4.1 Data Security and Privacy Concerns Due to Increasing Cyber-Attacks
5.2.4.2 Lack of Digital Literacy in Underdeveloped Countries
5.3 Regulatory Implications
5.3.1 General Data Protection Regulation (GDPR)
5.3.2 Payment Card Industry Data Security Standard (PCI DSS)
5.3.3 Payment Services Directive 2 (PSD2)
5.3.4 Know Your Customer (KYC)
5.3.5 Anti-Money Laundering (AML)
5.3.6 Electronic Identification, Authentication, and Trust Services (EIDAS )
5.3.7 Health Insurance Portability and Accountability Act (HIPAA)
5.3.8 Federal Information Security Management Act (FISMA)
5.3.9 Gramm-Leach-Bliley Act (GLBA)
5.3.10 Sarbanes-Oxley Act (SOX)
5.4 Use Cases
5.4.1 Adoption of Digital Lending Solutions in the Banking Industry to Unify Loan Processes
5.4.2 Implementation of Digital Lending Solutions in Insurance Companies
5.4.3 Dependence of Financial Services Companies on Digital Lending Solutions
5.4.4 Adoption of Loan Origination Solution Among Retail Banks
5.4.5 Large-Scale Adoption of Digital Lending Solutions for Commercial Banking
5.5 Innovation Spotlight
5.5.1 Fidor Solutions
6 Digital Lending Platform Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Asia Pacific to Witness the Highest Growth Rate in the Solutions Segment
6.3 Services
6.3.1 North America to Witness the Largest Market Size in the Services Segment in 2018
7 Digital Lending Platform Market, By Solution
7.1 Introduction
7.2 Loan Origination
7.2.1 Need to Streamline the End-To-End Loan Life Cycle is Leading to the Growth of Loan Origination Solutions in the Digital Lending Platform Market
7.3 Decision Automation
7.3.1 Rising Need of Decision Automation Solution to Automate the Overall Loan Approval Process
7.4 Portfolio Management
7.4.1 Use of Portfolio Management Solutions Across Banks, Owing to the Increasing Complexity to Manage Loan Portfolios
7.5 Loan Servicing
7.5.1 Need for Loan Servicing Solutions Fuelling the Growth of Digital Lending Solutions
7.6 Risk and Compliance Management
7.6.1 Critical Need for Risk and Compliance Management Solutions to Streamline Accounting Operations Across Verticals
7.7 Loan Management
7.7.1 Use of Loan Management Solution to Ease the Entire Loan Life Cycle Management Across the Banking Sector
7.8 Business Process Management
7.8.1 Need for Business Process Management Solutions in the Financial Industry Surged the Growth of Digital Lending Platform Market
7.9 Others
7.9.1 Need for KYC, API Gateway, and Credit Bureau Reporting to Contribute to the Growth in the Digital Lending Platform Market
8 Digital Lending Platform Market, By Service
8.1 Introduction
8.2 Design and Implementation
8.2.1 North America Expected to Have the Largest Market Size in the Design and Implementation Services Segment in 2018
8.3 Training and Education
8.3.1 Europe to Witness the Highest Growth Rate in the Training and Education Segment Owing to the Increasing Need for Assistance During Implementation
8.4 Risk Assessment
8.4.1 Increasing Complexity of Cyber and Financial Risk Generating the Need for Risk Assessment Services
8.5 Consulting
8.5.1 Increasing Awareness of Compliance Requirements in the Financial Industry Driving the Growth of Consulting Services
8.6 Support and Maintenance
8.6.1 Increasing Need for Assistance on Upgrades and Technical Support and Implementation Driving the Growth of Support and Maintenance Services
9 Digital Lending Platform Market, By Deployment Mode
9.2 Introduction
9.3 Cloud
9.3.1 Increasing Need to Reduce the Operational Cost Leading to the Growth of Cloud-Based Digital Lending Platform
9.4 On-Premises
9.4.1 Large Enterprises Deploy On-Premises Digital Lending Platform to Ensure Data Privacy and Security
10 Digital Lending Platform Market, By Vertical
10.1 Introduction
10.2 Banking
10.2.1 Increasing Loan Transaction Volumes Across the Banking Sector Driving the Growth of Digital Lending Platform Market
10.3 Financial Services
10.3.1 Need to Enhance Customer Experience Across the Financial Services Driving the Growth of Digital Lending Platform Market
10.4 Credit Unions
10.4.1 Need for Automation Across Credit Unions to Enhance the Lending Process
10.5 Insurance Companies
10.5.1 Need for Digitalizations in the Insurance Vertical to Strengthen the Lending Process and Dependency on the Intermediate Agents
10.6 Retail Banking
10.6.1 Adoption of Digital Lending Solutions Across Retail Banking to Provide Customers Seamless User Experience
10.7 P2P Lenders
10.7.1 Increase in Venture Funding for P2P Lender Driving the Growth of the Digital Lending Platform Market
11 Digital Lending Platform Market, By Region
11.1 Introduction
11.2 North America
11.2.1 United States
11.2.1.1 US Accounts for the Largest Market Share in North America During the Forecast Period
11.2.2 Canada
11.2.2.1 Canada is Expected to Grow at the Highest CAGR in North America During the Forecast Period
11.3 Europe
11.3.1 United Kingdom
11.3.1.1 Increasing Adoption of Omni-channel Digital Lending Solutions By Financial Institutions Will Fuel the Growth of the Market
11.3.2 Germany
11.3.2.1 Organizations Continuous Focus Towards Enhanced Customer Experience Will Fuel the Demand for Digital Lending Solutions in the Country
11.3.3 France
11.3.3.1 France is Expected to Grow at Highest CAGR Due to the Heavy Investment in Digital Lending Platforms By Government and Other Organizations in the Country
11.3.4 Rest of Europe
11.4 Asia Pacific
11.4.1 China
11.4.1.1 Rapid Economic Developments and the Increased Proliferation of Smartphones are Expected to Drive the Growth of the Digital Lending Platform Market in China
11.4.2 Japan
11.4.2.1 Reduced Cost, Enhanced Customer Experience, and Improved Operational Efficiency of Lending Platforms are Expected to Trigger the Growth of the Digital Lending Platform Market in Japan
11.4.3 India
11.4.3.1 High Adoption of Digital Lending Platforms in Various Verticals, Such as Retail and Consumer Banking, Insurance Companies, Credit Unions, and Financial Institutions Will Fuel the Growth of the Digital Lending Platform Market in Japan
11.4.4 Australia and New Zealand (ANZ)
11.4.4.1 Increasing Adoption of Digital Lending Platforms By Organizations for Improved Productivity Will Boost the Growth of the Digital Lending Platform Market in Japan
11.4.5 Rest of Asia Pacific
11.5 Middle East and Africa
11.5.1 Middle East
11.5.1.1 Consumers are Becoming Internet-Savvy Driving the Digital Lending Platform Market in Middle East
11.5.2 Africa
11.5.2.1 Increasing Focus on Digitalization of Financial Sector is Driving the Growth of Digital Lending Platform Market in Africa
11.6 Latin America
11.6.1 Brazil
11.6.1.1 Rapid Surge in the Usage of Internet and Mobile-Based Applications in the Financial Institutions to Drive the Growth of Digital Lending Platform Market in Brazil
11.6.2 Mexico
11.6.2.1 Proliferation of Cloud Based Digital Technologies Aiding the Growth of Digtial Lending Platform Market in Mexico
11.6.3 Rest of Latin America
12 Competitive Landscape
12.1 Overview
12.2 Competitive Scenario
13 Company Profiles
13.1 Introduction
13.2 Fiserv
13.3 Newgen Software
13.4 Ellie MAE
13.5 Nucleus Software
13.6 FIS Global
13.7 Pegasystems
13.8 Temenos
13.9 Intellect Design Arena
13.10 Sigma Infosolutions
13.11 Tavant Technologies
13.12 Docutech
13.13 Mambu
13.14 CU Direct
13.15 Sageworks
13.16 Roostify
13.17 Juristech
13.18 Decimal Technologies
13.19 HiEnd Systems
13.20 Rupeepower
13.21 Finastra
13.22 Argo
13.23 Symitar
13.24 TurnKey Lender
13.25 Finantix
13.26 Built Technologies
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