Global Digital Lending Market to Grow at a CAGR of 15.5% During 2024-2032, Aided by the Rising Investments in the Banking Sector

The global digital lending industry is being driven by the rising investments in the banking and financial sector. In addition, the rapid digitalisation and the increasing preference for online net banking among consumers are anticipated to propel the market growth. The increased smartphone ownership worldwide is leading to an increased usage of financial apps, which is making the entire process of loan disbursement easy and convenient. Moreover, governments are increasingly supporting and promoting the use of digital technology across industry verticals to streamline business processes while enhancing their functionality. These factors are predicted to aid the market growth in the forecast period.

The rising demand for online banking services is compelling the leading market players to develop internet based digital lending solutions, which offer safe and secure banking options, among other facilities. This is expected to positively impact the industry growth in the forecast period. According to a press release issued by Lending Club Corporation (NYSE: LC), dated October 2019, the company announced the launch of their digital loan transaction platform known as LCX, which electronically connects a range of institutional investors and delivers dynamic price options and the same day settlement facility of fully funded loans. In addition, another leading digital lending vendor, Square (NYSE: SQ), in a press release dated July 2021, announced the launch of their square banking solution for small businesses. Square banking offers savings and checking accounts, as well as lending options under Square loans. These developments are expected to significantly impact the growth of the digital lending industry in the forecast period.

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Market Breakup by Type and Region:

• The market is divided based on type into business and consumer.

• Region-wise, the global market for digital lending can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for digital lending is being driven by the rapid investments in the banking and financial sector across the globe.

• The rapid digitalisation is expected to significantly contribute to the market expansion. 

• The rising consumer preference for online banking mechanisms such as net banking and apps is also aiding the industry growth. 

• The rising technological advancements and the growing investments to develop secure digital lending solutions are expected to further propel the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for digital lending for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types and regions of digital lending.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global digital lending market are Funding Circle Limited, Prosper Funding LLC, On Deck Capital, Inc, Lending Club Corporation, Zopa Bank Limited, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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