The lending technology (lendtech) global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Lending Technology (LendTech) Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The lending technology (LendTech) market size has grown exponentially in recent years. It will grow from $13.09 billion in 2023 to $16.61 billion in 2024 at a compound annual growth rate (CAGR) of 26.8%. The growth in the historic period can be attributed to the shift towards digital processes in financial services, evolving regulatory landscapes, the rise of P2P lending platforms, and increasing demand for seamless, personalized lending experiences.
The lending technology (LendTech) market size is expected to see exponential growth in the next few years. It will grow to $43.59billion in 2028 at a compound annual growth rate (CAGR) of 27.3%. The growth in the forecast period can be attributed to the integration of blockchain, expansion of open banking, increasing focus on personalized lending products, global economic recovery, and growing emphasis on sustainable finance. Major trends in the forecast period include increasing use of AI and machine learning algorithms, adoption of blockchain technology, rise of digital-only lenders, implementation of open banking regulations, and integration of lending services into non-financial platforms.
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Scope Of Lending Technology (LendTech) Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Lending Technology (LendTech) Market Overview
Market Drivers –
The rising adoption of cloud services is expected to propel the growth of the lending technology market going forward. Cloud services are internet-based offerings that provide remote access to software, storage, and computing resources. The adoption of cloud services is increasing due to their advantages, such as flexibility, scalability, and cost-effectiveness, which help businesses save on costs and adjust resources quickly. Cloud computing enhances lending technology by providing scalable infrastructure, advanced analytics, robust security, and cost efficiency, enabling lenders to deliver faster, more secure, and more reliable customer services. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, around 45.2% of enterprises within the European Union procured cloud computing services, primarily for hosting email systems, storing electronic files, and performing various tasks. Compared to 2021, EU enterprises’ purchases of cloud computing services rose by 4% in 2023. Therefore, the rising adoption of cloud services is driving the growth of the lending technology market.
Market Trends –
Major companies operating in the lending technology market focus on developing advanced solutions such as artificial intelligence (AI)-based digital lending platforms to serve customers with advanced features better. An AI-based digital lending platform leverages artificial intelligence and algorithms to assess creditworthiness, automate loan approvals, and personalize offerings based on borrower data and behavior to streamline and enhance the lending process. For instance, in January 2023, BusinessNext, a US-based cloud-native enterprise solutions company, launched the cloud-based Digital Lending Platform 3.0. It is designed to modernize the lending process for banks and financial services. Key features include AI-driven automation, code-less journey designers, and private cloud landing zones. This platform digitizes the entire lending process, from application to disbursement, supports over 200 lending products, and ensures regulatory compliance. It leverages AI and machine learning for faster onboarding and minimal data entry, enhancing operational efficiency and reducing turnaround times.
The lending technology (LendTech) market covered in this report is segmented –
1) By Type: Consumer Lending, Business Lending
2) By Component: Solution, Services
3) By Deployment Mode: On-Premises, Cloud
4) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises
5) By End-User: Banks, Credit Unions, Non-Banking Financial Companies (NBFCs)
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Regional Insights –
North America was the largest region in the lending technology (LendTech) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the lending technology (LendTech) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the lending technology (LendTech) market are Fiserv Inc., FIS, Enova.com, Social Finance Inc., Pegasystems Inc., LendingClub Bank, Newgen Software Technologies Limited, Upstart Network Inc., Credit Karma LLC, Lendio, Zopa Bank Limited, OakNorth Credit Intelligence, Nelito Systems Pvt. Ltd., Funding Circle Ltd., OnDeck, Avant LLC, Better Mortgage Corporation, Fundbox, Plaid Inc., Kreditech, LENDUP.com
Table of Contents
1. Executive Summary
2. Lending Technology (LendTech) Market Report Structure
3. Lending Technology (LendTech) Market Trends And Strategies
4. Lending Technology (LendTech) Market – Macro Economic Scenario
5. Lending Technology (LendTech) Market Size And Growth
…..
27. Lending Technology (LendTech) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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