Global Lending Software Market
The global lending software market was valued at USD 2,615.8 million in 2017 and is likely to expand to USD 5,579.4 million by 2024, witnessing a CAGR of 11.6% over the forecast period. The growth can be primarily attributed to the rising demand for automation in the financial institutions in order to ease the process of lending. Also, there has been a considerable increase in the number of vendors for lending software in the market, which is further expected to drive the demand over the forecast period.
In addition, increasing adoption of SaaS-based loan servicing along with rising incidence of mergers and acquisitions across the globe is likely to boost the market demand. Lending software refers to digital platforms used to automate the loan process. These platforms automate various components of loan process including origination, underwriting, servicing and collection. Lending software provides services such as electronic data and document capture, automated underwriting, e-signatures among others.
Key findings from the report:
- The global lending software market is likely to reach USD 5,579.4 million by 2024
- Loan origination software (LOS) segment held the major share of the market in 2017, and is likely to witness a healthy CAGR during 2018 to 2014
- Residential mortgages segment is expected to hold a significant share of the global market from 2018 to 2024
- North America held the major share of the market in 2017, and the trend is likely to continue over the forecast period
- Some of the key companies operating in the industry include Ellie Mae, Inc.; Calyx Technology, Inc.; FICS Software; Fiserv, Inc.; Nucleus Software Exports Ltd.; Ncino, Inc.; Byte Software; Intellect Design Arena Limited; Mortgage Builder Software; Mortgage Cadence; Wipro Limited; Finastra Group Holdings Limited; Tavant Technologies, Inc.; DH Corporation; Lending QB; Black Knight, Inc.; ISGN Corporation; Pegasystems Inc.; Newgen Software Technologies Limited; Juris Technologies; SPARK; Axcess Consulting Group; Turnkey Lender; Vernon Street Capital, LLC; and Biz2Credit Inc.; among others
- As of August 2018, Ellie Mae Inc. launched a new version of its digital mortgage solution Encompass. Encompass 18.3 will help lenders originate more loans, lower origination costs and shorten the time to close with compliance, efficiency and quality.
Loan origination software segment accounted for the major share of the global market
Lending software includes loan origination software (LOS), loan management software (LMS), and loan analytics software (LAS), loan servicing software (LSS). The loan origination software (LOS) segment held the largest market share in 2017 and the trend is likely to continue over the forecast period. With the growing number of loan/mortgage applications the demand for loan origination software in financial institutions is on an increase. Loan origination softwares aid in achieving efficiency in loan life cycle management by automating and streamlining the entire origination process.
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Lending Software market – Regional insight
North America dominated the global market for lending software in 2017, and is projected to maintain its dominance over the next seven years. U.S is estimated to emerge as the premier market in the region due to the presence of several key players. The region is set to offer lucrative opportunity for lending software market on account of rising automation in the financial institutions and expected to propel at a healthy CAGR over the forecast period.
The report segments lending software market on the basis of type, application, and region.
- Loan origination software (LOS)
- Loan management software (LMS)
- Loan analytics software (LAS)
- Loan servicing software (LSS)
- Retail lending
- Commercial lending
- Trade finance
- Leasing & cards
- Residential mortgages
- North America
- Rest of the World (RoW)
Global Lending Software Market to witness a CAGR of 11.6% during 2018-2024