Press release
Loan Servicing Software Market Outlook 2024: Growth Factors, Major Players, and Future Trends
Loan Servicing Software Market Outlook
The new report published by The Business Research Company, titled Loan Servicing Software Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the loan servicing software market size has grown rapidly in recent years. It will grow from $3.19 billion in 2023 to $3.70 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The loan servicing software market size is expected to see rapid growth in the next few years. It will grow to $6.78 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%.
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What Is Driving The Growth Of The Global Loan Servicing Software Market?
Rising Non-Performing Loans To Drive Growth In Loan Servicing Software Market
The increase in non-performing loans is expected to propel the growth of the loan servicing software market going forward. Non-performing loans encompass loans on which the borrower is not making interest payments or repaying any principal, typically because of financial difficulties. The increase in non-performing loans is primarily due to economic downturns, rising unemployment rates, declining property values, higher interest rates, and borrower financial distress. Loan servicing software helps manage non-performing loans by automating monitoring, enhancing communication with borrowers, organizing collection efforts, analyzing data for risk assessment, ensuring regulatory compliance, and providing detailed reporting to improve recovery and reduce financial impact. For instance, in March 2024, according to CEIC Data, a UK-based company providing macroeconomic and industry data, in 2024, the non-performing loan ratio in the United States was 1.43%, an increase from 1.24% in 2023. Therefore, the increase in non-performing loans is driving the growth of the loan servicing software market.
What Is The Key Trend In The Global Loan Servicing Software Market?
Innovative Loan Management Systems Boost Efficiency And Accuracy In The Loan Servicing Software Market
Major companies operating in the loan servicing software market are focused on developing innovative solutions, such as loan management platforms, to enhance efficiency, improve accuracy, and deliver superior customer service. A loan management platform is a comprehensive software solution designed to streamline and automate the entire loan lifecycle, from origination to servicing and repayment. These platforms are used by financial institutions, credit unions, mortgage lenders, and other organizations that provide loans to manage their lending processes efficiently. For instance, in April 2022, Inovatec Systems, a Canada-based company specializing in innovative software solutions, introduced its LMS 2.0 platform, a cutting-edge loan management and servicing system. This loan management and servicing system is designed to automate and streamline lender workflows. LMS 2.0 accommodates various loan and lease types, including secured and unsecured, multi-asset, student, balloon, and retail leases. With its cloud-based architecture optimized for flexibility, efficiency, and user-friendliness, it has become a prominent platform in the industry.
How Is The Global Loan Servicing Software Market Segmented?
The loan servicing software market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment Mode: Cloud-Based, On-Premises
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises
4) By End User: Banks, Credit Unions, Mortgage Lenders And Brokers, Other End-Users
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How Is The Competitive Landscape Of The Global Loan Servicing Software Market?
Major companies operating in the loan servicing software market are Wipro Limited, Fidelity National Information Services, Constellation Software Inc., Sopra Banking Software SA, CoreLogic Inc., Temenos AG, ICE Mortgage Technology Inc., Q2 Holdings Inc., nCino Inc., Abrigo, Altisource Portfolio Solutions S.A., nCino Inc., Abrigo, Altisource Portfolio Solutions S.A., Nucleus Software Exports Ltd., Financial Industry Computer Systems Inc., Turnkey Lender Pte. Ltd., Calyx Software, The Mortgage Company, Shaw Systems Associates LLC, Cyrus Technoedge Solutions Pvt. Ltd., LendFoundry, Nortridge Software LLC, AutoPal Software, C Loans Inc
Contents Of The Global Loan Servicing Software Market
1. Executive Summary
2. Loan Servicing Software Market Report Structure
3. Loan Servicing Software Market Trends And Strategies
4. Loan Servicing Software Market - Macro Economic Scenario
5. Loan Servicing Software Market Size And Growth
…..
27. Loan Servicing Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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