Loan Servicing Software Market by Deployment and Geography - Forecast and Analysis 2020-2024

  • Published: Jul 2020
  • Pages: 120
  • SKU: IRTNTR44321

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The loan servicing software market size has the potential to grow by $2.43 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.

This report provides a detailed analysis of the market by deployment (cloud-based and on-premise) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Applied Business Software Inc., Black Knight Inc., Fiserv Inc., ISGN Corp., LOAN SERVICING SOFT Inc., Mortgage Builder, Nortridge Software LLC, Shaw Systems Associates LLC, Simnang LLC, and Turaz Global Sarl.

Market Overview

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Market Competitive Analysis

The market is fragmented. Applied Business Software Inc., Black Knight Inc., and Fiserv Inc. are some of the major market participants. Although the demand for efficiency in lending operations will offer immense growth opportunities, the threat from open-source loan servicing software will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this loan servicing software market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this loan servicing software market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Applied Business Software Inc.
  • Black Knight Inc.
  • Fiserv Inc.
  • ISGN Corp.
  • LOAN SERVICING SOFT Inc.
  • Mortgage Builder
  • Nortridge Software LLC
  • Shaw Systems Associates LLC
  • Simnang LLC
  • Turaz Global Sarl

Loan Servicing Software Market: Segmentation by Deployment

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The increasing digitization of businesses,  expanding geographical presence of financial services companies, innovations in data security, and the advent of cloud-based offerings will boost the growth of the market segment.

Market growth in this segment will be faster than the growth of the market in the on-premise segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the loan servicing software market size.

Loan Servicing Software Market: Segmentation by Geography

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North America was the largest loan servicing software market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period.  The region has major banking and financial institutions, which are increasingly focusing on streamlining their loan process and reducing time. Moreover, the mortgage industry in the US is a sizeable segment of the financial services industry. These factors will significantly drive loan servicing software market growth in this region over the forecast period.

48% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for loan servicing software in North America. Market growth in this region will be faster than the growth of the market in APAC.

Loan Servicing Software Market: Key Drivers and Trends

With the advent of advanced technology, various sectors, including banking and financial institutions, have been digitalizing their operations to streamline processes that demand less manual effort and time. Among many core banking processes, the loan lending process involves many stages that get complex and time-consuming. Vendors in the loan servicing software market have considered these challenges as business opportunities and are offering products such as loan originating software, loan management software, loan analytics software, and loan servicing software solutions to financial institutions. End-users are significantly adopting loan servicing software to optimize, automate, and improve their loan servicing functions, which, in turn, will improve their business performance.

The need to reduce operational costs has become crucial across industries. In line with this, lenders have significantly started using analytics, which is one of the key loan servicing software market trends. Lenders can obtain data-driven insights with the help of analytics tools to make near-accurate predictions to improve business decision-making. Also, banks and financial institutions are focusing on reducing the delinquency rates of their loans with the support of available technological solutions, such as Big Data, IoT, and analytics solutions, for the same. Furthermore, vendors are also integrating advanced technologies for product differentiation, presenting myriad options to end-users. This is likely to increase the sales of loan servicing software, driving market growth at a CAGR of almost 12% during 2020-2024.

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Loan Servicing Software Market: Key Highlights of the Report for the Forecast Period 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive loan servicing software market growth during the next five years
  • Precise estimation of the loan servicing software market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the loan servicing software market industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of loan servicing software market vendors
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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The loan servicing software market growth will increase by $2438.16 million during 2019-2024.
The loan servicing software market is expected to grow at a CAGR of 11.64% during 2019-2024.
Technavio has segmented the loan servicing software market by deployment (Cloud-based and On-premise) and geographic (North America, Europe, APAC, South America, and MEA).
Applied Business Software Inc., Black Knight Inc., Fiserv Inc., ISGN Corp., LOAN SERVICING SOFT Inc., Mortgage Builder, Nortridge Software LLC, Shaw Systems Associates LLC, Simnang LLC, Turaz Global Sarl are a few of the key vendors in the loan servicing software market.
North America will register the highest growth rate of 47.91% among the other regions. Therefore, the loan servicing software market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the loan servicing software market growth are:
  • Demand for efficiency in lending operations
The loan servicing software market vendors should focus on grabbing business opportunities from the segment as it accounted for the largest market share in the base year.
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