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AI Platform Lending Market Size to Surpass USD 90 Billion by 2033

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AI Platform Lending Market Size to Surpass USD 90 Billion by 2033

Gone are the days when borrowers remained anxious for getting loans. With the advent of digital lending platform, it has become easier to automate the decision-making process. These processes have the capability to disrupt the mortgage industry. According to an estimation, a single mortgage approximately takes 46-48 days to close and the lender induce USD 2000 and 2500 per loan. These platforms have eradicated the bottlenecks and made the lending process easier. 

In this article, we will discuss more about these AI powered lending platform and the associated benefits. Let us first understand the meaning of AI powered digital lending platform.

What is an AI Powered Digital Lending Platform?

A digital lending platform gives the home buyers and customers an ability to communicate with the lender on with the help of digital channels such as desktop, smartphone, website. The process uses artificial intelligence to automate the user experience, leverage the decision making, introduce personalization. 

AI powered digital lending platform is user facing application which incorporates mortgage technology avenues which are helpful in digitizing end to end processes. It connects all the platforms from customer and wholesale communication to title, sales, origination and servicing. 

Benefits of the AI Powered Digital Lending Platform: –

According to an estimation by Research Nester, approximately 99.21% of lenders believe that amalgamation of technology can remarkably improve mortgage processes. Various procedures become easy with the help of technology such as:  

  • Obtaining pre-qualification 
  • Submitting documents 
  • Receiving updates 
  • Other mortgage procedures 

Some of the prominent benefits of the platform are listed below-

  • Fraud detection and regulatory compliance 

The AI powered platform have decision management system which allows early detection of the fraud and an exhaustive audit documentation. During the regular operations, 3rd party auditing can be an arduous task when it is done manually. With the usage of right kind of software, whatever information obtained, proves to be accurate. Moreover, these software captures accurate information and eradicate errors immediately. 

There has been rising cases of malicious activities and vigilance has become extremely important. With lacking proper analysis, various criminal activities can go undetected wherein, artificial intelligence is able analyze large amount of data. 

  • Better investment evaluation 

These software has right investment recommendations which are able to match with the right appetite of the institutions. Additionally, they are able to accurately evaluate the client funding proposals which removes the risk of loss. The decisions taken by the software are better than the human analysts. In fact, the investment analysis software makes the processes easier and able to introduce much more variables. 

  • Impeccable customer experience

Customers are continuously looking for the short turnaround time, and decision management system is able to eradicate the time to know various information such as KYC (know your customers). Additionally, with the use of accurate business software, business decisions can be implemented and executed without any lengthy procedures. 

Banks claim that they are able to earn customer trust and confidence by eliminating the turnaround time. Furthermore, while making client account the information is correctly set up, this ensures cumbersome experience. 

  • Personalized product recommendation 

AI has been utilized by service and product providers for the precision marketing. The service provider is helpful in targeting customers with their unique demographic data, so that there is a maximum chance of conversion. Digital lending platform can utilize the Artificial Intelligence in the same way in order to upsell or cross sell the service or product. 

The platform is able to auto recommend mortgage services on the basis of the customer intelligence insights. 

  • AI bots for customer queries 

A digital lending platform which is powered by the AI bots is able to automate a huge pool of servicing communication. Whenever customer submits any query or tries to get an information, the chat bot can see through humongous lot of information and give one to one conversation to the customers. 

AI platform lending market scenarios: –

The global AI platform lending market is anticipated to garner a significant revenue of USD 90 billion by the end of 2033 by growing at a CAGR of 25.1% of the CAGR. The growth of the market is attributed to the rise in the digital transformation spending worldwide. 

Furthermore, the market in North America region is projected to hold the largest share. It is due to the expanding digital banking activities in the region. Also, there is a rise in credit card holders which leads to rising demand of the application. 

In a nut shell,

The above parameters are the testimony that the market hold lucrative opportunities for investors. The market has huge scope of growth in the future. Although, a brief study of market is necessary before taking a plunge. 

global Integrated Passive Devices pulp demand power manufacturing electronics

Integrated Passive Devices Market is Projected to Reach USD 2 Billion by 2026

According to a recent study from market research firm Global Market Insights, the integrated passive devices market growth will be fostered by numerous features offered by IPDs systems such as reduced interconnection complexity, improved performance, reduced package footprints, improved component tolerance, and output, and better flexibility. These advanced characteristics will escalate the high adoption rate of integrated passive devices in numerous smart consumer wearables, IoT and AI-enabled devices, and infotainment and navigation systems in automobiles.

The incorporation of IPDs systems will facilitate manufacturers of automobiles and consumer electronics devices to minimize the overall cost and gain small footprint packages. Reportedly, the global integrated passive devices market is estimated to surpass US$2 billion by 2026.

Substantial investment by governments to develop the automotive industry will augment the high adoption of IPDs systems in vehicle components. As per the European Commission, Gestamp, a Spanish multinational company, which has specialties in developing and manufacturing metal components for automobiles, will receive a loan amount of EUR200 million from the European Investment Bank (EIB), to upgrade its research capabilities for the production of lighter, safer, and environmentally friendly cars. Similar investments will bolster the opportunities for auto component and technology developers.

Mentioned below are some of the key trends that may propel integrated passive devices market outlook:

1. Increasing adoption of devices fitted with diplexers

Integrated passive devices with filters and diplexers find usage in frequency bands and lumped-element circuits used for the purpose of impedance matching. Diplexers are used in GPS, antennas, cellular infrastructures like 2G, 3G, and LTE, automotive telematics, IoT applications and front-end modules of wireless base stations.

The devices give stable and reliable temperature performance, high-performance and low insertion loss. In 2019, the diplexers segment held around 15% industry share and is anticipated to rise further credited to the growing adoption of the devices in 5G communication systems and in the telecommunication industry.

2) Growing demand for ESD/EMI integrated passive devices Market

The electrostatic discharge/electromagnetic interference accounted for over 40% market share in 2019 and is likely to register more than 8% CAGR by 2026. IPD with ESD/EMI possesses the ability to offer flexible designs, giving better solutions like fast rise time and low voltage discharge with enhanced performance and robustness in less development cycle. ESD/EMI integrated passive devices help in improving signal reception and stop transmission loss, which makes them highly popular for mobile phone applications.

3) Robust application in the automotive industry

The automotive sector held over 17% market share in 2019 and is estimated to record a CAGR of over 8% in the upcoming years owing to the surging use of integrated passive devices in car electronics for wireless communication purposes. IPDs are cost-effective and are finding high demand in automotive electronic applications such as digital speedometers, intelligent headlights, and electronic control units.

Key Companies covered in integrated passive devices market are 3DiS Technologies, Advanced Furnace Systems Corp, Global Communication Semiconductor, Johanson Technology, KOA Speer Electronics, MACOM, Murata, On Semiconductor, OnChip Devices, Inc, Qorvo, Inc, Skyworks Solution Inc., Stats Chippac (jCET), STMicroelectronics, Texas Instruments, Viking Tech Corporation, Xinhe Semiconductor Technology (Shanghai) Co., Ltd.