NEW YORK, Oct. 29, 2018 (GLOBE NEWSWIRE) -- 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 report segments lending software market on the basis of type, application, and region.
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.
This report segments global lending software market based on By Type , By Application and region.
By Type
By Application
By Region
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