(MENAFN- Straits Research) The global loan origination software market is an emerging market and is presumed to grow during the forecast period. The global loan origination software market was valued USD 3.7 billion in 2019 and is presumed to reach USD 8.1 billion by 2029, growing at a CAGR 13.2%. The growth is attributed to a surge in automation in BFSI sector to enhance the customer experience. Furthermore, the advent of new companies in BFSI and IT sectors is also one of the factors propelling the market growth.
Moreover, growing government initiatives in emerging economies to enhance SMEs and large enterprise lending further led to an increase in the adoption of the loan origination software market. However, growing cyber-attack and breaches hinder the market growth.
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Key Highlights
By Component, the Solution segment holds the higher CAGR and is presumed to grow during the forecast period. The growth is attributed to the growing adoption of advanced technology to enhance staff productivity.
By deployment mode, the cloud segment holds the higher CAGR and is presumed to grow during the forecast period on account of a broad offering of a cloud computing environment that includes; lower costs, scalability, and legacy interaction and among others.
By application, the bank holds a higher CAGR and is expected to grow during the forecast period. The growth is attributed to the advent of new companies in the banking and IT sectors that adopt advanced technologies to compete with leading companies.
The growth of the loan origination software market is likely to increase amid coronavirus outbreak on account of government initiatives to provide loans to SMEs to sustain the business operations.
North America holds a higher CAGR and is presumed to grow during the forecast period. The growth is attributed to the presence of a large number of leading vendors offering loan origination software market.
Asia-Pacific is the fastest-growing market in the adoption of loan origination software market on account of the adoption of advanced technologies by financial institutions in emerging economies.
Key Players
Calyx Software
FICS
Fiserv
Byte Software
PCLender
LLC
Mortgage Builder Software
Mortgage Cadence (Accenture)
Wipro
Tavant Tech
D+H Corp
Lending QB
Black Knight
ISGN Corp
Pegasystems
Juris Technologies
SPARK
Access Consulting Group
Turnkey Lender
Loan origination Software Market Segmentation
By Component
Solution
Services
Training Services
Consulting and Implementation
Support Services
By Deployment Mode
Cloud
On-Premise
By Organization Size
SMEs
Large Enterprise
By Application
Banks,
Credit union,
Mortgage lenders,
Mortgage brokers and
Others
By Region
North America
The U.S.
Canada
Mexico
Europe
The U.K.
Italy
France
Spain
Germany
The Rest of Europe
The Middle East and Africa (MEA)
Saudi Arabia
Egypt
South Africa
The Rest of MEA
Asia-Pacific
India
China
Japan
Australia
South Korea
The Rest of Asia-Pacific
South America
Columbia
Brazil
Chile
Peru
Argentina
The Rest of South America
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast Periods
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