Global Lending Software Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Lending Software Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Lending software is a tool for lenders that helps borrowers and lenders manage their operations efficiently. Lenders use lending software to centralize information, tasks, and financial services throughout the loan lifecycle. These functions are typically related to loan origination, refinancing, servicing, debt collection, customer management, and credit scoring. Lenders use lending software to streamline processes, reduce costs, and increase customer satisfaction.

Market Overview:

The latest research study on the global Lending Software market finds that the global Lending Software market reached a value of USD 10462.98 million in 2023. It’s expected that the market will achieve USD 18794.07 million by 2029, exhibiting a CAGR of 10.25% during the forecast period.

Benefits of lending software

Traditional lending requires manual review of data, which not only takes unnecessary time and effort but also carries significant risks associated with human error and data theft. Automated lending software ensures that all data is accurately entered into the system, eliminating the need for team members to review and extract data from countless documents. The lending software provides regular maintenance and automatic updates to fix bugs install security patches, and store customer data in secure cloud servers. Cloud-based lending software allows teams to work from the office or home, which will improve the team's ability to respond to customers and reduce layoff pressure. The loan process typically begins after the applicant completes an application and submits the required documents for pre-qualification, and lending software allows this to be done entirely online, saving customers time and increasing loyalty. Not being able to collect funds when they are due being a concern for many lending companies. lending software can help lending companies identify critical situations so they can react quickly before they lose money. With lo lending a software, lending companies can track where funds are going, set payment schedules, prevent payment delays by sending borrowers email or text reminders, and ensure fees are automatically charged for late payments. Creating and generating accounting reports as well as invoices and statements for borrowers and investors is another important advantage. Lending software makes it easy to extract the right information in real time when needed for any reporting period, allowing businesses to gain reliable insights into the performance of their loan portfolios in real time. Lending companies save money through increased productivity and reduced regulatory penalties. Custom lending software can enable and support the automation of the entire process. Some programs integrate with lending software to create a streamlined process throughout the loan cycle. Therefore, the market size of lending software will continue to grow as people become more aware of the benefits of using lending software.

The proliferation of smartphones and rising internet connectivity rates

As the number of Internet users increases and the penetration rate of mobile Internet continues to increase, mobile devices such as smartphones and tablets have developed into indispensable communication, information, and entertainment tools, and the penetration rate of mobile devices is also rising. According to Statista data, as of April 2023, the number of global Internet users was 5.18 billion, accounting for 64.6% of the global population. In 2022, the number of unique mobile Internet users reached 5 billion, which shows that more than 60% of the world's Internet population uses mobile devices to access the Internet. The increasing popularity of smartphones and the rapid development of mobile network communication technology have prompted various types of software to gradually transfer from computer devices to mobile devices, and the number of mobile application users has grown rapidly. The advent of low-cost phones, smartphone financing options, and the spread of faster, cheaper internet connections are accelerating digital lending. With cheaper internet connections have become more widespread, consumer financial literacy has also improved. Today’s borrowers are more tech-savvy than ever, use multiple devices, and have more loan options. The increased demand has led most lenders to offer online applications and portals to borrowers. Modern lenders can apply for a personal or business loan via their smartphone without sharing any contact details with lender employees. Digital lending using smartphones gives users, especially those in need of urgent small loans, the option to download lending apps and get loans without longer loan approval times. Less paperwork and relaxed qualifications make digital lending attractive to consumers with poor credit scores. Therefore, the popularity of smartphones and the increase in Internet connectivity are beneficial to the development of the lending software industry.

Region Overview:

In 2022, the share of the Lending Software market in North America stood at 40.15%.

Company Overview:

The major players operating in the Lending Software market include Black Knight, ICE Mortgage Technology, Fiserv, FIS, Salesforce, etc. Among which, Black Knight ranked top in terms of sales and revenue in 2023.

Black Knight is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership life cycle.

Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership.

Segmentation Overview:

By type, Loan Origination Software (LOS) segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Residential Mortgages segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Lending Software market covered in Chapter 3:

Byte Software
Q2
Finastra
Abrigo
Applied Business Software
nCino
Calyx Technology
Docutech
Built Technologies
Salesforce
Baker Hill
FIS
Fiserv
Nortridge Software
ICE Mortgage Technology
Nucleus Software
Origence
Black Knight
Automated Financial Systems (AFS)
LoanPro

In Chapter 4 and Chapter 14.2, on the basis of types, the Lending Software market from 2019 to 2030 is primarily split into:

Loan Origination Software (LOS)
Loan Management Software (LMS)
Loan Analytics Software (LAS)
Loan Servicing Software (LSS)

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Lending Software market from 2019 to 2030 covers:

Retail Lending
Commercial Lending
Trade Finance
Leasing & Cards
Residential Mortgages
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)