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How are market drivers shaping the future growth trajectory of the mortgage servicing software industry?
The growing adoption of cloud services is expected to propel the growth of the mortgage servicing software market going forward. Cloud services refer to a broad category of computing resources and applications delivered over the internet on a subscription basis. Cloud services are rising due to their ability to facilitate remote work, enable digital transformation, and support the scalability and agility needs of modern businesses. Cloud services in mortgage servicing software enhance scalability, security, and accessibility for streamlined loan management and customer service. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, 45.2% of enterprises within the European Union procured cloud computing services, primarily for hosting email systems, storing electronic files, and performing various tasks. Compared to 2021, purchases of cloud computing services among EU enterprises rose by 4% in 2023. Notably, large enterprises exhibited a significant adoption rate, with 77.6% reporting the purchase of such services in 2023, marking a 6% increase from 2021. Therefore, the growing adoption of cloud services is driving the growth of the mortgage servicing software market.
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What is the estimated market size of the mortgage servicing software sector by 2029, based on current forecasts?
The mortgage servicing software market size has grown strongly in recent years. It will grow from $5.16 billion in 2024 to $5.6 billion in 2025 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to regulatory compliance, technological advancements, market competition, economic conditions, and customer expectations.
The mortgage servicing software market size is expected to see strong growth in the next few years. It will grow to $7.65 billion in 2029 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to digital transformation, rising mortgage volumes, cost efficiency, customer expectations, and data security. Major trends in the forecast period include increasing adoption of AI and machine learning, cloud-based solutions, enhanced customer experience, regulatory compliance, and integration with other financial services.
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Who are the top players in the mortgage servicing software market?
Major companies operating in the mortgage servicing software market are Fiserv Inc., Wolters Kluwer Financial Services, SS&C Technologies Holdings Inc, Finastra, CoreLogic Inc., Dovenmuehle Mortgage Inc., Ocwen Financial Solutions Pvt. Ltd., Altisource Portfolio Solutions S.A, Sagent M&C LLC, Mortgage Cadence, McCracken Financial Solutions Corp., MortgageFlex Systems, Aspire Financial Technologies, Nortridge Software, Shaw Systems Associates LLC, Applied Business Software, Bryt Software, Financial Industry Computer Systems Inc., Fidelity National Financial, RealINSIGHT, ICE Mortgage Technology, Mortgage Builder Software Inc.
What are the major trends in the mortgage servicing software market?
Major companies in the mortgage servicing software market are focusing on developing innovative software platforms, such as AI-based software, to gain a competitive edge in the market. AI-based software refers to applications or systems that use artificial intelligence techniques, such as machine learning, natural language processing, and computer vision, to perform tasks that typically require human intelligence, including data analysis, decision-making, language translation, and predictive analytics. For instance, in February 2024, Sagent M&C LLC, a US-based fintech software company, launched Dara, a groundbreaking mortgage servicing platform that unifies all data and user experiences for servicers and homeowners across the entire servicing lifecycle. Dara is the first and only platform that powers the entire servicing ecosystem, including core, consumer, default, loan movement, data, and AI, in a single root system. This innovative platform can lower servicer operational costs by up to 40% and will start going live for customers in 2024.
Which geography holds the highest mortgage servicing software market share?
North America was the largest region in the mortgage servicing software market in 2023. The regions covered in the mortgage servicing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How do different segments contribute to the overall expansion of the mortgage servicing software market?
The mortgage servicing software market covered in this report is segmented –
1) By Product: Cloud-Based, On Premise
2) By Application: Banking And Financial Institutions, Real Estate Companies, Other Applications
3) By End-user: Large Enterprises, Small And Medium Enterprises
Subsegments:
1) By Cloud-Based: Software As A Service (Saas), Platform As A Service (Paas)
2) By On Premise: Licensed Software, Customized On-Premise Solutions
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What defines the structure and scope of the mortgage servicing software market?
Mortgage servicing software (MSS) is a specialized type of financial software designed to automate and streamline the various tasks associated with managing and servicing mortgage loans. These tasks include payment processing, escrow administration, customer service, regulatory compliance, default management, and reporting. The primary goal of MSS is to enhance efficiency, accuracy, and compliance in mortgage servicing operations while providing a better experience for borrowers.
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