Overview and Scope
Insolvency software refers to specialized tools and applications to assist businesses, financial institutions, and legal professionals in managing insolvency-related processes. These software solutions streamline debt collection, creditor communication, asset valuation, and bankruptcy filing, offering efficiency and compliance benefits.
Sizing and Forecast
The insolvency software market size has grown rapidly in recent years. It will grow from $1.82 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to the integration of AI and machine learning, growing importance of forensic accounting, efficiency in creditor communication, legal process automation, and digital transformation in legal practices.
To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/insolvency-software-global-market-report
Segmentation & Regional Insights
The insolvency software market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Application: Document Management, Financial Transaction Management, Reporting, Compliance, Creditor Management
3) By Organization Size: Large Enterprises, Small And Medium Enterprises
4) By Vertical: Banking, Financial Services And Insurance (BFSI), Energy And Utilities, Government, Information Technology (IT) And Telecommunication, Manufacturing, Retail
North America was the largest region in the insolvency software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insolvency software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=14122&type=smp
Major Driver Impacting Market Growth
The rise in corporate bankruptcies is expected to propel the growth of the insolvency software market going forward. Corporate bankruptcies is when a company faces severe financial distress and cannot meet its financial obligations, leading to legal proceedings for debt resolution. Insolvency software assists companies in navigating the complex process of bankruptcy or insolvency. It streamlines financial data, legal procedures, and communication, facilitating efficient management of insolvency proceedings. This technology ensures transparency, compliance, and timely decision-making, helping businesses undergoing financial challenges navigate the complexities of bankruptcy with greater effectiveness and organization. For instance, according to Epiq, a US-based technology-enabled service provider, total bankruptcy filings reached 36,607 in January 2024, a 17% increase from 31,176 in January 2023. Therefore, the rise in corporate bankruptcies is driving the insolvency software market.
Key Industry Players
Major companies operating in the insolvency software market are Ernst & Young Global Limited, Wolters Kluwer Corporate And Financial Services, FTI Consulting, Kroll LLC, Epiq Systems Inc., Altisource Portfolio Solutions S.A., ESI Software Inc., Clio Technologies Inc., Dye & Durham, CaseWare International Inc., Stretto Inc., CARET Inc., Aryza Group Limited, Compliance Solutions Strategies, Panther Software LLC, National E-Governance Services Limited, Fastcase Inc., EBR Attridge LLP, STP Informationstechnologie AG, PracticePanther Legal Software, CloudLex Inc., Standard Legal Network Inc., Smokeball Inc., Turnkey Information Publishing Solutions Ltd., Prime Solutions
The insolvency software market report table of contents includes:
1. Executive Summary
- Insolvency Software Market Characteristics
- Insolvency Software Market Trends And Strategies
- Insolvency Software Market – Macro Economic Scenario
- Global Insolvency Software Market Size and Growth
.
- Global Insolvency Software Market Competitive Benchmarking
- Global Insolvency Software Market Competitive Dashboard
- Key Mergers And Acquisitions In The Insolvency Software Market
- Insolvency Software Market Future Outlook and Potential Analysis
- Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
