Leading AI Platform Lending Market players include Winzi, Inc., Ellie Mae, Inc., Tavant, Sigma Infosolutions, Roostify, Inc., Fiserv, Inc., Pegasystems Inc. and Newgen Software,.
New York, Sept. 19, 2023 (GLOBE NEWSWIRE) — The global AI Platform Lending Market size is projected to expand at ~ 25 % CAGR between 2023 and 2033. The market is expected to garner a revenue of USD 90 billion by the end of 2033, up from a revenue of ~USD 70 Billion in the year 2022. The increasing penetration of the internet along with the growing use of technologies such as smartphones in addition to the rising use of cloud computing is helping many financial institutions in services such as communication, storing data, security, operating servers, remote management, and networking, which are some major factors attributing to the growth of the market.
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For instance, it was found that ~69% of the world’s population, or some less than 5 billion people, were actively using the internet in 2022. Moreover, around 3.5 billion individuals on the globe use the cloud, accounting for over 50% of the world’s population.
Global AI Platform Lending Market: Key Takeaways
- Market in North America to propel the highest growth
- Bank segment to garner the highest growth
- Market in Europe to grow at the highest rate
Growing Digital Transformation Trend to Boost Market Growth
The uptrend in the digital transformation & automation of the worldwide industrial sector, along with the upswing of the banking, financial services, and insurance (BFSI) industry, is leading to the rapid adoption of digital strategies in this sector to facilitate digital scanning, AI-based document processing, and the speediest approval of loans to gradually eliminate the role of intermediaries in the procedures for loan application and approval, which in turn is expected to boost the growth of the global AI platform lending market in the aforesaid assessment period. For instance, although up until 2022, bank account penetration in India had reached almost 75% with nearly 121 public, private, foreign, regional, and rural banks whose inclusive asset value had touched over USD 2.5 trillion, now, as per the 2023 Union Budget, it is proposed to set up digital banking units (DBUs) and spread financial literacy across the country to allow the populace to avail of a variety of digital banking facilities. Moreover, it is estimated that by 2025, the online banking penetration will reach almost 50% with the increasing digitalization initiatives in the country.
Global AI Platform Lending Market: Regional Overview
The global AI platform lending market is classified into a few major regions which comprise North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Digitalization to Drive the Growth in the North America Region
The AI platform lending market in the North American region is estimated to garner the largest revenue by the end of 2033. The region’s market growth can be attributed primarily to the increasing number of businesses going digital, as well as the surge in digital innovations in the region and the growing popularity of digital banking, in addition to the decline in the existence of traditional banks. For instance, as per a study conducted in the United States in 2022, it was observed that traditional banks have faced a loss of 9% of all branches in the past 4 years. Additionally, with the growing use of digital banking services by the populace, there are escalating inventions of innovative digital tools in the banking & finance sectors, which are further expected to boost the growth of the regional market over the forecast period. It was discovered that nearly 65% of the US population used digital banking services in 2022, a 4% increase from 2018.
Increasing the Number of Entrepreneurs and Encouraging Entrepreneurship to Drive Growth in Europe
The AI platform lending market in Europe is estimated to garner the highest CAGR by the end of 2033. With the vast pool of people in Europe applying & availing loans each year for personal and business development, along with the rising provisions being made for facilitating easy access to money for motivated entrepreneurs and businesses, and the increasing adoption of digital solutions in digital services to boost the startups in the business sector to propel the economic growth of the region, the market growth in the region is expected to elevate in the upcoming years. For instance, around 9.40 million people in the UK had a loan in 2020. Personal loan approval in the Netherlands is likely to take anywhere from one day to one week. Moreover, European countries such as Germany, Switzerland, Luxembourg, the United Kingdom (UK), and the Scandinavian countries are perceived as the best places in the world for businesses to flourish owing to the easy availability of grants & finance.
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Global AI Platform Lending, Segmentation by End-User
- Educational Institution
- Government Organization
The bank segment is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be attributed to the rising wave of digitalization globally as well as the burgeoning number of banks together with the massively growing pool of bank users, along with the augmenting usage of lending technologies such as mobile apps, digital banking, AI, and robotic process automation worldwide. It was found that there were about 45,000 banks across the globe in 2018. Moreover, the Far East and China had more than 805 million active online banking users in 2020, while the number is anticipated to hit some 1 billion by 2024. Additionally, the rising adoption of AI tools such as virtual assistants, conversational AI in banking or AI chatbots, personal financial management tools, and others in the banking sector to analyze the credibility of the borrower, provide easy loan approval, and support smoother loan recovery while enabling minimum risk in debt repayments for money-lending banks is further expected to drive the growth of the market segment in the upcoming years.
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Global AI Platform Lending, Segmentation by Type
- Natural Language Processing (NLP)
- Deep Learning (DL)
- Machine Learning (ML)
The machine learning segment is anticipated to hold the largest revenue by the end of 2033. The factors applicable to the growth of the segment include the rising advancements in the field of artificial intelligence along with the increasing adoption of machine learning in banking & financial services worldwide. For instance, it is estimated that nearly 14% growth in global GDP by 2030 will be backed by the advancements of AI and ML. Moreover, the rising spending on ML programs worldwide, together with its rising employment in the banking sector for the analysis of customer behavior and their preferences, onboarding automation, algorithm trading, detection of fraudulent activities, security portfolio management, chatbot creation, risk management, trade settlements, customer acquisition, and asset valuation, is anticipated to further boost the segment growth. It was observed that worldwide budgets for ML programs grew by 25% in 2021.
Global AI Platform Lending, Segmentation by Functionality
- Reactive Machines
- Limited Memory
- Theory of Mind
Global AI Platform Lending, Segmentation by AI Type
- Visual, Interactive
A few of the well-known market leaders in the global AI platform lending market that are profiled by Research Nester are Winzi, Inc., Ellie Mae, Inc., Tavant, Sigma Infosolutions, Roostify, Inc., Fiserv, Inc., Pegasystems Inc., Newgen Softw, and other key market players.
Recent Development in the Global AI Platform Lending Market
- Tavant a digital products and solutions company unveiled its two products viz. AI-powered and Touchless Lending at the MBA Annual. The feature of Touchless Lending facilitates an end-to-end mortgage manufacturing pipeline besides mortgage processing and automated underwriting.
- Sigma Infosolutions which is a leading global IT solutions & services company collaborates with Colve.AI to enhance its business intelligence solutions.
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