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Mortgage Servicing Software Market Expansion Continues, with Forecast Valuation of $7.6 Billion by 2029
Mortgage Servicing Software
What Will the Mortgage Servicing Software Industry Market Size Be by 2025?
Over the past few years, the mortgage servicing software market has experienced robust growth. The market, which was valued at $5.16 billion in 2024, is anticipated to increase to $5.57 billion in 2025, with a compound annual growth rate (CAGR) of 8.0%. Factors such as regulatory compliance, technological progress, market competition, economic circumstances, and consumer expectations have been crucial drivers of the historical growth.
What's the Long-Term Growth Forecast for the Mortgage Servicing Software Market Size Through 2029?
The market for mortgage servicing software is anticipated to witness robust expansion in the upcoming years, with its worth expected to reach $7.6 billion in 2029, growing at a Compound Annual Growth Rate (CAGR) of 8.1%. This growth during the forecast period can be credited to factors such as digital transformation, increase in mortgage volumes, cost effectiveness, customer anticipations, and data protection. The foreseeable future will also see significant trends like increased utilization of Artificial Intelligence and Machine Learning, cloud-based solutions, improved customer engagement, adherence to regulatory norms, and collaboration with other financial services.
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What Are the Key Growth Drivers Fueling the Mortgage Servicing Software Market Expansion?
The mortgage servicing software market is projected to expand due to the increasing embrace of cloud services. Cloud services, which encompass a wide range of internet-delivered computing resources and applications on a subscription model, are gaining popularity thanks to their capabilities in promoting remote work, accelerating digital transformation, and meeting the evolving scalability and agility requirements of today's businesses. Mortgage servicing software is improved by cloud services, supporting enhanced scalability, security, and ease of access for improved loan administration and customer service. For example, Eurostat, a Luxembourg-based intergovernmental organization, reported that in December 2023, 45.2% of enterprises in the European Union availed of cloud computing services primarily for email hosting, electronic file storage, and various other functions. From 2021 to 2023, there was a 4% rise in the acquisition of cloud computing services among EU enterprises. Large companies showed a noteworthy rate of uptake, with 77.6% indicating they had procured such services in 2023, a 6% boost from 2021. Thus, the mounting adoption of cloud services is pushing the growth of the mortgage servicing software market.
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What Are the Key Trends Driving Mortgage Servicing Software Market Growth?
Leading players in the mortgage servicing software market are concentrating on creating innovative software solutions, such as AI-powered software, to establish a competitive advantage in the industry. AI-powered software leverages artificial intelligence technologies like machine learning, natural language processing, and computer vision for tasks that usually require human intelligence, encompassing data analysis, decision-making, language interpretation, and predictive analytics. For instance, Sagent M&C LLC, a fintech software company based in the US, introduced Dara in February 2024. Dara is an advanced mortgage servicing platform that consolidates all data and user experiences for servicers and homeowners throughout the entire servicing lifecycle. Unique to the market, Dara enables the entire servicing ecosystem, including core, consumer, default, loan movement, data, and AI, within a single root system. This revolutionary platform is anticipated to reduce servicer operational costs by as much as 40% and is projected to be live for customers in 2024.
How Is the Mortgage Servicing Software Market Segmented?
The mortgage servicing softwaremarket covered in this report is segmented -
1) By Product: Cloud-Based, On Premise
2) By Application: Banking And Financial Institutions, Real Estate Companies, Other Applications
3) By End-user: Large Enterprises, Small And Medium Enterprises
Subsegments:
1) By Cloud-Based: Software As A Service (Saas), Platform As A Service (Paas)
2) By On Premise: Licensed Software, Customized On-Premise Solutions
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Which Companies Are Leading the Charge in Mortgage Servicing Software Market Innovation?
Major companies operating in the mortgage servicing software market are Fiserv Inc., Wolters Kluwer Financial Services, SS&C Technologies Holdings Inc, Finastra, CoreLogic Inc., Dovenmuehle Mortgage Inc., Ocwen Financial Solutions Pvt. Ltd., Altisource Portfolio Solutions S.A, Sagent M&C LLC, Mortgage Cadence, McCracken Financial Solutions Corp., MortgageFlex Systems, Aspire Financial Technologies, Nortridge Software, Shaw Systems Associates LLC, Applied Business Software, Bryt Software, Financial Industry Computer Systems Inc., Fidelity National Financial, RealINSIGHT, ICE Mortgage Technology, Mortgage Builder Software Inc.
Which Regions Are Leading the Global Mortgage Servicing Software Market in Revenue?
North America was the largest region in the mortgage servicing software market in 2024. The regions covered in the mortgage servicing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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