Loan Servicing Software Market by Deployment and Geography - Global Forecast and Analysis 2019-2023
Global Loan Servicing Software Market: About this market
Technavio’s loan servicing software market analysis considers sales from both cloud-based and on-premise deployment. Our analysis also considers the sales of loan servicing software in APAC, Europe, North America, South America, and MEA. In 2018, the cloud-based segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing digitization of businesses and the advent of cloud-based offerings will play a significant role in the cloud-based segment to maintain its market position. Also, our global loan servicing software market report looks at factors such as demand for efficiency in lending operations, rise in adoption of cloud-based loan servicing software offering and rising cost of loan servicing. However, threat from open-source loan servicing software, data privacy and security issues associated with cloud-based products and services, and compliance and regulatory challenges may hamper the growth of the loan servicing software industry over the forecast period.
Global Loan Servicing Software Market: Overview
Demand for efficiency in lending operations
Among many core banking processes, the loan lending process involves many stages that gets complex and time-consuming. Financial organizations are adopting modern technology solutions to improve their operational efficiency and reduce costs. The need to drive efficiency in the process has led banking and other financial institutions to adopt digital technology solutions, such as loan origination software, loan management software, loan analytics software, and loan servicing software solutions. Such solutions which help to streamline their processes and save time will lead the expansion of the global loan servicing software market at a CAGR of almost 12% during the forecast period.
Use of analytics in the lending industry
The banking and financial industry uses analytic tools to obtain data-driven insights that help them make near-accurate predictions to improve business decision-making. These tools help lenders to check credit scores when combined with income and existing debts. The use of analytics in lending industry helps organization to speed up their lending process and serve multiple clients in a short period of time. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global loan servicing software market during the forecast period 2019-2023, click here.
With the presence of several major players, the global loan servicing software market is moderately fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading loan servicing software manufacturers, that include Applied Business Software Inc., AutoPal Software LLC, Fidelity National Information Services Inc., Financial Industry Computer Systems Inc., Finastra, Fiserv Inc., Mortgage Builder, Nortridge Software LLC, Q2 Software Inc., Shaw Systems Associates LLC.
Also, the loan servicing software market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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