Global digital lending market is expected to grow at a formidable rate during the forecast period. The global digital lending market is driven by the increasing penetration of various organizations including banks, credit unions, among others which provide this service. Additionally, growing popularity of peer-to-peer lending is further expected to propel the market growth through 2026. Furthermore, technological advancements and incorporation of these technologies such as AI, machine learning, virtual reality, augmented reality, blockchain, among others in digital lending platforms is expected to create lucrative opportunities for market growth over the next few years. Besides, growing focus on enhancing customer experience and overall customer satisfaction by financial institutions is further expected to fuel the market growth. However, lack of digitization especially in the emerging world can hamper the market growth through 2026. Also, high customer dependency and trust over conventional methods of lending can further restrict the market growth. Moreover, data security, integrity and protection issues can further pose a challenge to the market growth.
The major players operating in the digital lending market are Fiserv, Newgen Software, Ellie Mae, Nucleus Software, FIS, Pegasystems, Temenos, Intellect Design Arena, Sigma Infosolutions, Tavant Technologies and others. Major companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.
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