The increase in the need and adoption of digital lending solutions in the state and the massive shift from traditional to digital lending is driving the growth of the digital lending market in Florida. Based on provider type, the FinTech institutions segment accounted for the highest share in 2019 and will continue its lead by 2027. There has been an increase in the adoption of online and digitized financial services in the State during the pandemic.
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According to the report published by Allied Market Research, the Florida digital lending market earned $4.35 billion in 2019 and is expected to reach $13.89 billion by 2027, growing at a 2020 CAGR of 16.7%. to 2027. The report offers a detailed analysis of changing market dynamics, competitive scenario, top segments, key investment pockets, value chain and regional landscape.
The increase in the need and adoption of digital lending solutions in the state and the massive shift from traditional 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 the growth of the market. On the other hand, the adoption of advanced technologies in lending services creates new opportunities in the coming years.
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According to loan type, personal loan 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 forecast period. . However, the SME-focused lending segment is expected to grow at the highest CAGR of 22.5% from 2020 to 2027.
Based on vendor type, the FinTech institutions segment accounted for the highest share in 2019, holding more than two-fifths of the digital lending market in Florida, and is expected to maintain its leading status throughout the forecast period. . Moreover, this segment is expected to witness the highest CAGR of 18.7% from 2020 to 2027. The research also analyzes the segments including banks, credit unions and others.
On an end-user basis, the consumer segment accounted for the highest market share in terms of revenue, contributing more than 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 witness the fastest CAGR of 21.0% during the forecast period.
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Key Florida Digital Lending 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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