2 months ago- News -
ResearchAndMarkets Predict 18.7% CAGR in Global Digital Lending 2018-2023, Blockchain a Factor
Monday, November 19, according to a BUSINESS WIRE press release, ResearchAndMarkets.com has released a report forecasting global digital lending until 2023, which lists blockchain amongst other emergent technologies as a factor for an 18.7 percent Compound Annual Growth Rate (CAGR) between 2018 and 2023.
The report, titled: Digital Lending Platform Market by Solution, Service, Deployment Mode, Vertical, and Region - Global Forecast to 2023 has been added to ResearchAndMarkets.com's offering, at the cool price of £4,555 for a single use of the 170-page report.
According to the report, global digital lending platform market size will increase by a CAGR rate of 18.7 percent, as listed above, in the next five year period. The market is valued at $5.1 billion USD and is expected to reach $12.1 billion USD by 2023. This increase will be due to, they claim, the proliferation of smartphones, decision automation in approving or rejecting load applications, better customer experience, more stringent government regulation, and ultimately listed as “opportunities”: “Rise in the Adoption of AI, Machine Learning, and Blockchain”.
The report also lists a “lack of digital literacy among the underdeveloped countries and increasing concerns over security and privacy in the wake of sophisticated cyber-attacks [that] may restrain the market growth.” In the effort to target this challenge ResearchAndMarket identify regulation as key. These include General Data Protection Regulation (GDPR), Know Your Customer (KYC), Anti-Money Laundering (AML) Electronic Identification, Authentication, and Trust Services (EIDAS) among others.
Regulatory Implications Use Cases Adoption of Digital Lending Solutions in the Banking Industry to Unify Loan Processes Implementation of Digital Lending Solutions in Insurance Companies Dependence of Financial Services Companies on Digital Lending Solutions Adoption of Loan Origination Solution Among Retail Banks Large-Scale Adoption of Digital Lending Solutions for Commercial Banking
In 2016, ResearchAndMarket, the world’s largest market research store, with 1,700 research teams based across 81 countries, released Worldwide Cryptocurrency and Blockchain Market (2016-2022). A 105 page report predicting “The Crypto-Currency And Blockchain Technology Market to Grow at a CAGR of 35.2% During the Forecast Period 2016-2022 to Aggregate $42.16 Billion By 2022”. The report also listed mobile phone growth as a major driver of change, as “more than 70% of the mobile phone users prefer transactions over their phones”, resulting in market development.