In 2021, it is expected that the global market for alternative lending platforms would reach US$ 2.3 billion. Blockchain and Artificial Intelligence (AI) adoption are projected to propel industry expansion, generating US$ 24.51 billion in 2032 and registering a CAGR of 24% from 2022 to 2032. In 2022, the market is anticipated to generate US$ 2.85 billion.
A greater degree of transparency and dependability for end users is anticipated as a result of the digitization of financial processes. This innovation led to the creation of alternative lending platforms that work to support micro, small, and medium-sized businesses. In addition, loan choices are determined in real-time by computer algorithms on alternative lending platforms.
Therefore, it is anticipated that the rising popularity of such platforms in developed nations will fuel market expansion. A good outlook for the business is also created by the growing markets of developing nations with comparatively less exposure to conventional financing services.
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The education sector is expected to experience significant expansion, and the rate at which educational loans are disbursed to students who want to pursue postsecondary education will likely rise. Particularly pervasive in South Asia and other developing regions is this trend. Moreover, the emergence of startups and fintech lending companies also bodes well for the industry as these companies are considered high-risk ventures. Alternative lending platforms provide financing to such ventures even without a mortgage and to borrowers with limited to no credit history.
Given that alternative lending is the least volatile investment alternative, both individual and institutional investors view it as an efficient asset class. Investment in this newly developed asset class is straightforward and offers respectable profits quickly. Financial authorities are looking for ways to control this constantly evolving alternative finance market so that it can expand safely. To encourage and hasten the development of the sector, the regulators have constructed sandboxes in many industrialised countries, including the U.S., Australia, the U.K., and Singapore.
What are the Market Factors for Alternative Lending Platforms Worldwide?
Market to Benefit from Growing Digitalization of Financial Transactions
Financial transactions are expected to become more transparent and consistent for end users as a result of the digital revolution than they now are under the traditional model. In addition, computer algorithms used on alternative lending platforms make lending decisions in real-time. Therefore, it is anticipated that the growing use of such platforms in advanced economies will fuel market expansion.
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Additionally, the booming markets of developing nations with limited access to formal financing services offer a positive outlook for the sector. For instance, Tavant Technologies has developed a blockchain-based digital solution that fully utilises data-driven workflows to compile alternate funding lifecycles.
Key Segments Covered in the Alternative Lending Platform Industry Survey
Alternative Lending Platform Market by Solution:
- Alternative Loan Origination Platform
- Alternative Loan Servicing Platform
- Alternative Lending Analytics Platform
- Other Alternative Lending Platforms
Alternative Lending Platform Market by Service:
- Alternative Lending Platform Integration & Deployment
- Alternative Lending Platform Support & Maintenance
- Managed Alternative Lending Platform Services
Alternative Lending Platform Market by Deployment:
- On-Premise Alternative Lending Platform
- Cloud Alternative Lending Platform
Alternative Lending Platform Market by End Use:
- Crowdfunding Alternative Lending Platform
- Peer-to-Peer Alternative Lending Platform
Alternative Lending Platform by Region:
- North America Alternative Lending Platform Market
- Europe Alternative Lending Platform Market
- Asia Pacific Alternative Lending Platform Market
- Middle East & Africa Alternative Lending Platform Market
- Latin America Alternative Lending Platform Market
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