LONDON, Nov. 24, 2020 (GLOBE NEWSWIRE) — According to The Business Research Company’s Lending Global Market Report 2020-30: Covid 19 Impact And Recovery, banks and financial institutions are increasingly adopting digital solutions to modernize their commercial lending businesses. This move is mainly a result of increasing competition among banks and growing demand for a simplified and quick commercial lending process. Digitization speeds up approvals of commercial loans, which can otherwise be a complex and slow process. It also enables banks to target new customer categories and offer client-centric solutions, which leads to improved efficiencies in the commercial lending business. Major companies which incorporate digitization in lending are Commonwealth Bank of Australia, Hana Bank, and Fidor Bank.
Companies across the lending industry are also increasingly investing in blockchain technology due to its high efficiency in data management. The automated and decentralized system of the block chain reduces operational risks and reduces the processing time of loans. It adds reliability to the lending process. For instance, companies engaged in giving home loans use blockchain to shorten the lengthy and complicated mortgage process by eliminating third-party intermediaries and inherent delays in loan processing. This helps to improve the overall process by reducing costs and developing incorruptible records. Penetration of blockchain will support the growth of the market for lending going forward.
The global lending market reached a value of nearly $6,875.4 billion in 2019, having increased at a compound annual growth rate (CAGR) of 4.9% since 2015. The market is expected to decline from $6,875.4 billion in 2019 to $6,751.2 billion in 2020 at a rate of -1.8%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 5.5% from 2021 and reach $7,929.0 billion in 2023. The global lending market is expected to reach $8,871.2 billion in 2025, and $11,604.7 billion in 2030.
The Business Research Company’s report titled Lending Global Market Report 2020-30: Covid 19 Impact And Recovery covers major lending companies, lending market share by company, lending manufacturers, lending infrastructure market size, and lending market forecasts. The report also covers the global lending market and its segments.
The lending market is segmented by type into household lending, corporate lending, and government lending. The household lending market was the largest segment of the lending market segmented by type, accounting for 36.9% of the total lending market. Going forward, the corporate lending segment is expected to be the fastest growing segment in the lending market segmented by type, at a rate of 4.3% during 2019-2023. The lending market is also segmented by interest rate into fixed rate, and floating rate. The fixed rate interest market was the largest segment of the lending market segmented by interest rate, accounting for 55.6% of the total lending market.
The top opportunities in the lending market segmented by type will arise in the household lending segment, which will gain $433.3 billion of global annual sales by 2023. The top opportunities in the lending market segmented by interest rate will arise in the fixed rate segment, which will gain $564.6 billion of global annual sales by 2023.
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The lending market consists of sales of lending services (loans) by entities (organizations, sole traders and partnerships) engaged in making secured or unsecured loans to borrowing entities. Lending entities include establishments such as finance companies, personal credit institutions, loan companies and student loans companies. The market covers all types of loans including mortgages, personal loans, working capital loans, vehicle loans and commercial loans.
The lending market is highly fragmented, with a large number of small players. The top ten players constitute about 13.2% of the market. Major players in the market include Industrial and Commercial Bank of China Ltd. (IDCBY), China Construction Bank Corporation, Agricultural Bank of China, JPMorgan Chase & Co. (JPM), Bank of China Ltd. and others.
Lending Global Market Report 2020-30: Covid 19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, lending market segments and lending market geographies, lending market trends, lending market drivers, lending market restraints, lending market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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