According to the research report titled ‘Global Loan Servicing Software Market Size study, by Type (SaaS-Based, On-Premises) by Application (SME lending, Medical Financing, Peer to Peer Lending, POS Financing, Retail Lending) and Regional Forecasts 2020-2026’, available with Market Study Report, global loan servicing software market to expand significantly during 2020-2026.
 

For the record, loan servicing software is employed as a comprehensive loan servicing system that includes banking, transaction processing, collection management system, credit reporting software, investor accounting, and automated collections and clearing of house payments.
 

Rising adoption of automated solutions in tandem with focus towards complying with numerous regulations are key factors fueling the growth of global loan servicing software industry. Development of advanced loan servicing solutions equipped with features such as credit unions, payday loans, medical financing and peer-to-peer lending is also aiding the market expansion.
 

Increasing number of personal loans have augmented the demand for loan servicing software solutions. In fact, according to the US Federal Reserve, personal loans amounting to USD 72 billion in 2015 increased to USD 143 billion in 2019. The agency further claims that among 21.1 million outstanding personal loans in the United States, around 19.1 million consumers have an unsecured personal loan.
 

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Since loan lending is a multi-step process which is time consuming and complex, there has been an upsurge in demand for loan servicing software among financial organizations. In addition, digitalization of financial sector and rising adoption of big data analytics are favoring the market scenario. However, scarcity of skilled labor may act as a restraining factor for the market.
 

As per type, the market is segmented into on-premises and SaaS-based. Whereas the application landscape of global loan servicing software industry comprises of retail lending, POS financing, peer to peer lending, medical financing, and SME lending.
 

Considering the geographical landscape, North America loan servicing software industry is predicted to expand momentously during the forecast period, primarily driven by booming demand for advanced technologies and consumer preference towards using credit cards.
 

Meanwhile, Asia-Pacific market is anticipated to showcase noticeable growth in the ensuing years. Rising per capita income, evolving standards of living and inclination towards purchasing goods on EMIs are swaying the business dynamics in Asia-Pacific.
 

C-Loans, AutoPal Software, Cassiopae SAS, Applied Business Software Inc., Altisource Portfolio Solutions S.A., Shaw Systems Associates Inc., Nortridge Software LLC, Mortgage Builder Software Inc., Fiserv Inc. and FICS are the key participants in worldwide loan servicing software market.