Global Digital Lending Market Report and Forecast 2024-2032

Global Digital Lending Market Outlook

The global digital lending market stood at a value of around USD 7.70 billion in 2023. The market is further expected to grow at a CAGR of 15.5% in the forecast period of 2024-2032 to attain a value of around USD 28.24 billion by 2032.           

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Increasing Consumer Demand for Digital Lending to Propel the Market Growth of the Global Digital Lending Industry

Based on type, the consumer segment is predicted to account for a significant market share in the digital lending industry. This increase can be attributed to the rising awareness among consumers pertaining to digital lending services. New regulations are being implemented to make digital lending services more inclusive and mainstream with renewed attention. For instance, South Korea drafted the data-lending laws in 2020, becoming the first country in the world to do so.

This is expected to attract more consumers to engage in digital lending, as these laws would provide a sense of credibility and protection to the consumers. In addition, easy accessibility, consistency, convenience, and opportunity to make quick decisions are some of the benefits that are predicted to aid the market growth in the coming years.

North America to Possess a Significant Market Share in the Global Digital Lending Industry

North America is anticipated to occupy a significant share of the digital lending industry in the forecast period. This growth can be attributed to the heightened deployment of digital solutions across industry verticals in the region. Consequentially, the financial sector is also witnessing an increased adoption of digital solutions, such as digital lending, for quick and efficient loan disbursement with convenient credit and information acquisition and real-time monitoring. Moreover, the increasing presence of significant fintech companies in the region is also aiding the industry growth. Furthermore, the rising digital dependency among consumers is also expected to aid the market growth.

Digital Lending: Market Segmentation

Digital lending is the process of obtaining a loan, which is conducted entirely through the digital channel. The borrowing process from the application, disbursement, to management is carried out digitally. In addition, digital mechanisms are used by the lenders to provide information pertaining to credit decisions, which enhances the consumer experience. For instance, consumers can check any loan-related information on their smartphones at their leisure, or the lenders can resolve queries of their customers through mobile apps or over the call. This helps save time and enhance customer engagement through quick information access and convenient and personalised communication, among others.

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By type, the market is divided into:

• Business
• Consumer

Among these, the business segment can be further bifurcated by type into business digital lending market dynamics and business digital lending ecosystem. At the same time, the consumer segment can be further segregated by type into consumer digital lending market dynamics, consumer digital lending models, and consumer digital lending ecosystem.

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Heightened Investments in the Financial Sector to Bolster the Growth of the Global Digital Lending Industry

The rising investments in the banking and financial sector are aiding the growth of the digital lending industry. In addition, rapid digitalisation is also contributing to the overall market growth. This can be attributed to the increased usage of digital solutions across banking operations to streamline business processes while improving the overall functionality and efficiency of the banking sector. Moreover, the increasing adoption of smartphones among consumers and the growing preference for online banking facilities through apps are also aiding the market growth. The heightened technological advancements such as the utilisation of cloud, artificial intelligence (AI), and machine learning (ML) technology are further anticipated to augment the market growth in the coming years.

Key Industry Players in the Global Digital Lending Market

The report gives a detailed analysis of the following key players in the global digital lending industry, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Funding Circle Limited
• Prosper Funding LLC
• On Deck Capital, Inc
• LendingClub Corporation
• Zopa Bank Limited 
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report