The rising rate of internet penetration and the growing popularity of peer-to-peer lending is expected to drive the Saudi Arabia Digital Lending market throughout the forecast period. According to TechSci Research report, “Saudi Arabia Digital Lending Market By Component (Solution v/s Service) By Solution (Loan Origination, Decision Automation, Portfolio Management, Loan Servicing, Risk and Compliance Management, Loan Management, Business Process Management, Others) By Service (Professional v/s Managed) By Deployment Mode (On-Premise v/s Cloud) By Business Model (Customer Driven v/s Staff Driven) By End User (BFSI, Insurance, Credit Unions, Peer-to-Peer Lenders, Retail Banking, Others), By Region, Company Forecast & Opportunities, 2026”, The Saudi Arabia Digital Lending market is expected to grow at a steady rate during the forecast period. Digital lending is the process of providing loans to consumers through digital platforms.
The Important Factors of Saudi Arabia’s Digital Lending Market
Digital Lending facilitates borrowers and lenders to lend money through electronic means without using paper and is easier to use which ensures a higher consumer experience. Ongoing Saudi Vision 2030 promotes the digitization process to achieve higher efficiency and performance in different industry verticals. The rapid adoption of digitization by the BFSI industry fastens the process of loan lending and is easier than the traditional method. High-end investments by the major players to upgrade the existing infrastructure of the Digital Lending platform and coupled with higher adoption of advanced technologies such as artificial intelligence, machine learning, cloud computing is expected to benefit the growth of the Digital Lending market in the next five years. These technologies offer a fast, transparent, and easy process of raising a loan. Complexities and the risks associated with the lending process are pushing organizations to adopt digital services due to the presence of sensitive financial data. The rise in the number of cyberattacks has adversely affected financial institutions owing to huge monetary losses.
The COVID-19 outbreak across the world which has been declared a pandemic by World Health Organization has affected several countries adversely. Leading authorities of Saudi Arabia imposed lockdown restrictions and released a set of precautionary measures to contain the spread of the novel coronavirus. Coronavirus-affected patients started suffering from shortness of breath along with coughing and sneezing. Consumers started to avoid going out and preferred online platforms over traditional methods to avail of loans. The rise in the adoption of online channels coupled with attractive offers given by Digital Lending platforms is expected to fuel the market growth in this period.
However, rising concerns about data security and privacy may create a hindrance in the Saudi Arabia Digital Lending market growth.
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Saudi Arabia Digital Lending market is segmented into components, deployment modes, business models, regional distribution, and companies. Based on end-user, the market can be divided into BFSI, insurance, credit unions, peer-to-peer lenders, retail banking, and others. The BFSI end-user segment is expected to dominate the market in the forecast period, 2022-2026 owing to the widespread adoption of digital technology by the banks and growing preference for online lending. Stringent regulations and favorable government policies are promoting the adoption of digital services in the BFSI industry. Based on components, the market is bifurcated into solutions and services. The solution segment is further divided into loan origination, decision automation, portfolio management, loan servicing, risk and compliance management, loan management, business process management, and others. The business process management segment is expected to witness significant growth in the forecast period owing to the technological advancements in cloud computing and big data analytics. It also lowers operational costs and increases overall productivity.
The Major competitors of the Saudi Arabia Digital Lending Market
- Nucleus Software
- FIS, Inc
- Temenos AG
- Fiserv, Inc.
- Newgen Software Technologies Limited
- Arabian Hala Co.
- Saudi Fintech Company
- Sulfah
- Forus
- Saudi Arabian Monetary Authority and others are some of the leading players operating in Saudi Arabia Digital Lending market. Companies operating in the market are using strategies such as joint ventures, product launches, mergers, and research collaborations to boost their share and increase their geographic reach.
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“To promote the growth of Digital Lending platforms in Saudi Arabia, the government along with Gulf International Bank – Saudi Arabia (GIB) and Social Development Bank (SDB) launched a digital financing platform for micro and small enterprises. This platform uses Beehive’s modern technology solution which provides insights to make informed decisions and ensures a swift and efficient process making the lending process easier and more accessible. Therefore, supportive government initiatives along with strong economic growth of Saudi Arabia is anticipated to propel the market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Digital Lending Market By Component (Solution v/s Service) By Solution (Loan Origination, Decision Automation, Portfolio Management, Loan Servicing, Risk and Compliance Management, Loan Management, Business Process Management, Others) By Service (Professional v/s Managed) By Deployment Mode (On-Premise v/s Cloud) By Business Model (Customer Driven v/s Staff Driven) By End User (BFSI, Insurance, Credit Unions, Peer-to-Peer Lenders, Retail Banking, Others), By Region, Company Forecast & Opportunities, 2026”, has evaluated the future growth potential of Saudi Arabia Digital Lending market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Digital Lending market.
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