PUBLISHER: Polaris Market Research | PRODUCT CODE: 1463116
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1463116
The global insolvency software market size is expected to reach USD 3.65 billion by 2032, according to a new study by Polaris Market Research. The report "Insolvency Software Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, Services); By Organization Size; By Application; By Vertical; By Region; Segment Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The widespread presence of bankruptcy cases in the global market is driving the need for insolvency software. According to Allianz Trade, the global insolvency case is expected to grow by 24% in 2023 and by 4% in 2024. Insolvency software assists professionals in solving bankruptcy cases with its ability to provide financial analysis, automation of repetitive tasks, case management, reporting, and analytics. With its profound data capabilities, it has the enormous strength to project the health of the companies early and also monitor calculation impairments, which is crucial for financial institutions.
Based on the Australian Financial Security Authority Report, personal insolvency cases are expected to increase by 23% in 2023-24 in Australia. This is expected to positively impact the demand for insolvency software.
Government initiatives to handle insolvency problems among the banks are raising concerns about monitoring the financial analysis of other banks. Based on the Risk Assessment Report of the European Banking Authority in December 2023, there is an indication of a rise in the non-performing loan volume. This trend necessitates the importance of insolvency software in identifying potential patterns among banks and companies.
The rising number of individuals facing issues getting support from financial services is driving significant demand for insolvency software as it enables financial services to streamline and promote confidence in the industry. According to the Financial Conduct Authority, 7.4 million people showed disinterest in contacting financial services providers, while 3.6 million people contacted one or more of the financial services providers but didn't resolve the information they needed.
The technological advancements within the financial industry are paving the way for innovative solutions to streamline various processes pertaining to finance, promote transparency, and remodel the way people in the financial industry approach tasks. The ease of application of financial software among people and its ability to shorten the time required to analyze companies or banks financial information with less space for errors are contributing to the reduction of the chances of confirmation bias.
Managed services segment is anticipated to witness the highest growth in the coming years due to rising demand for financial professionals.
Creditor Management segment accounted for the largest market share owing to the need for credit management among the businesses.
BFSI segment is projected to experience a larger revenue share due to its effectiveness in assist with risk management tasks.
APAC is expected to have the fastest growth during the forecast period owing to the rising number of bankruptcy cases in the region.
The global players include Altisource, Aryza, CARET, CaseWare, Clio, CloudLex, Epiq, Fastcase, Fileassure, Kroll, LegalPRO, Litera, & NeSL.
Polaris Market Research has segmented the insolvency software market report based on offering, organization size, application, vertical and region: