Loan Servicing Software Market Expected to Reach $9.5 Billion by 2031

Loan Servicing Software Market

Report Code : A19434

quote According to Aarti Goswami, Research Analyst, BFSI at Allied Market Research, “The loan servicing software market is forecasted to grow rapidly with the integration of technology. With the help of Machine learning (ML), loan servicing software can help lenders make accurate loss mitigation decisions through automation. These decisions may include rejecting or approving loan modifications, forbearance agreements, and repayment plans.” quote

Vineet Kumar - Manager
BFSI at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Loan Servicing Software Market," The loan servicing software market size was valued at $2.3 billion in 2021, and is estimated to reach $9.5 billion by 2031, growing at a CAGR of 15.2% from 2022 to 2031.

Furthermore, major market players have undertaken various strategies to increase the competition and offer enhanced services to their customers. For instance, in May 2022, Sagent, a FinTech company modernizing mortgage and consumer loan servicing for North America’s top banks and lenders, announced a five-year partnership extension with Fairstone Financial Inc. to continue powering its personal loan servicing ecosystem. Fairstone is expected to continue to drive scale servicing operations using Sagent’s cloud-based LoanServ system of record. Fairstone currently uses the nimble, highly configurable LoanServ platform to deliver a better customer experience and adjust in real-time to constantly evolving customer and regulatory needs.

On the basis of application, the commercial loan software segment is the highest growing segment. This is attributed to the fact that commercial lending software streamlines loan origination and processing by giving commercial lenders the power to effortlessly scale processing, improve customer service, and increase profit margins. Therefore, these are the major factors for the loan servicing software market growth.

By region, North America attained the highest growth in 2021. This is attributed to the fact that most lending companies in the U.S. have adopted digital services to offer loans to the customers. Therefore, the loan servicing software is increasingly used by companies to serve their customers. Moreover, personal loans and home loans have increased in the U.S. for which customers demand a robust loan settlement procedure. Therefore, companies in the region have adopted loan servicing software market trends.

COVID-19 had a moderate impact on the market since, the demand for taking loans by consumers decreased during the pandemic, as people were incurring huge losses due to business closure. However, lending companies adopted digitalization, which increased the demand for loan servicing software market among lending companies for managing the loan process and shifting their focus from human intervention in the loan process towards automation by adopting these software. Therefore, the COVID-19 moderately impacted the loan servicing software industry.

Key Findings of the Study

  • By component, the software segment led the loan servicing software market share in terms of revenue in 2021.
  • By deployment mode, the on-premises segment accounted for the highest loan servicing software market share in 2021.
  • By end user, the banks segment accounted for the highest loan servicing software market share in 2021.
  • By region, North America generated the highest revenue in 2021.

The key players profiled in the loan servicing software market analysis are Applied Business Software, Inc., Bryt Software LLC, C-Loans, Inc., Emphasys Software, FICS, Fiserv, Inc., GOLDPoint Systems, Inc., Grants Management Sysytem (GMS), Graveco Software Inc., LoanPro, Margill, Nortridge Software, LLC, Q2 Software, Inc., Shaw Systems Associates, LLC, The Constellation Mortgage Solutions, Neofin (SECURITY), and TurnKey Lender. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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quote Loan Servicing Software Market by Component (Software, Service), by Deployment Mode (On-premises, Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), by Application (Commercial Loan Software, Loan Servicing Software, Loan Origination Software), by End User (Banks, Credit Unions, Mortgage Lenders and Brokers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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