AI Platform Lending Market Size

AI Platform Lending Market size was valued at USD 87.71 Billion in 2023 and is likely to cross USD 1.64 Trillion by the end of 2036, registering more than 25.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of ai platform lending is estimated at USD 107.68 Billion. The growth of the market can primarily be attributed to the exponential increase in digital transformation spending across the globe. For instance, in 2022, worldwide spending on digital transformation (DX) was valued at around USD 2 trillion and is further expected to drop to approximately USD 3 trillion by 2025. An increasing number of smartphone and computer users owing to rising disposable income and internet penetration across the world. Smartphones make everything so easy and offer many facilities at the fingertips. To improve better customers, reach many lending companies launched smartphone apps such as KreditBee, mPokket, and others. On the contrary apps such as Snapmint work similarly to credit cards, providing EMI options, and rewards with the simple verification of certain documents through smartphones. Thus, digitalization has changed loan processing very simple and fast for customers.

Global AI platform lending market trends such as a significant escalation in IT spending and a higher number of populations borrowing loans from banks, are projected to influence the growth of the market positively over the forecast period. It is estimated that over 20 million people in America have personal loans in 2022, up from the base of 19 million people in 2020.  People take out loans to achieve their short or long-term goals. Even though many are against borrowing money, there are situations where financial help is necessary. Some of these situations include a business, health needs, education, or a dream house. Therefore, people borrow money from friends, relatives, or banks. More people borrow money from banks as they lend large amounts of funds in a short span with less interest cost to meet their needs, the EMI facility provided helps everyone to pay the loan in several small payments rather than a single full payment. Moreover, the spike in the number of financial institutions is further expected to hike the growth of the market over the forecast period. For instance, in 2021, around 125 financial institutions were estimated to be functioning worldwide. Hence, all these factors are expected to hike the growth of the market over the forecast period.