OREGAON, PORTLAND, UNITED STATES, August 9, 2021 /EINPresswire.com/ – According to the report released by Allied Market Research, the Florida digital lending market generated $ 4.35 billion in 2019 and is expected to reach $ 13.89 billion by 2027, with a CAGR of 16.7 % from 2020 to 2027. The report offers a detailed analysis analysis of changing market dynamics, competitive scenario, major segments, key investment pockets, value chain and regional landscape.
The increasing need and adoption of digital lending solutions in the state and the dramatic shift from traditional lending to digital lending is driving the growth of the digital lending market in Florida. However, high interest on small amounts and shorter repayment terms provided by lenders are hampering market growth. On the other hand, the adoption of advanced technologies in loan services creates new opportunities in the years to come. Based on the type of provider, the FinTech institutions segment accounted for the highest share in 2019 and will continue to dominate through 2027. The adoption of online and digital financial services has increased in the state during the pandemic.
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â¢ Companies offering in-state loan or credit solutions use automated processes and reduce cybersecurity risks through implementation of AI-based KYC software.
â¢ There has been a dramatic increase in the use and adoption of online and digital financial services in the state. This has led to the growth of the market.
â¢ In addition, state governments have introduced new regulations allowing banks and FinTech organizations to offer loans during the pandemic.
The report offers a detailed segmentation of the Florida digital loan market on the basis of loan type, provider type, loan amount, and end user.
On the basis of loan type, the personal loans segment contributed the highest market share in 2019, accounting for almost half of the total market share, and is expected to maintain its leading position during the period. forecast. However, the SME-focused lending segment is expected to grow at the highest CAGR of 22.5% from 2020 to 2027.
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Based on vendor type, FinTech Institutions segment had the highest share in 2019, holding more than two-fifths of the digital lending market in Florida, and is expected to maintain its leadership status throughout the forecast period. . Additionally, this segment is expected to experience the highest CAGR of 18.7% from 2020 to 2027. The research also analyzes segments including banks, credit unions and others.
On an end-user basis, the personal segment accounted for the highest market share in terms of revenue, contributing over two-thirds of the total share in 2019, and is expected to maintain its dominance in terms of revenue from by 2027. However, the SME segment is expected to experience the fastest CAGR of 21.0% during the forecast period.
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Major Florida digital loan market players analyzed in the research include Ally Financial Inc., Florida Credit Union, Credible, VyStar Credit Union, Navy Federal Credit Union, LendingPoint LLC, Suncoast Credit Union, Social Finance, Inc., TD Bank , NA, and WELLS FARGO
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Pawan Kumar, CEO of Allied Market Research, leads the organization towards delivering high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.