The mortgage servicing software market size has demonstrated significant growth in recent years, anticipated to increase from $4.77 billion in 2023 to $5.16 billion in 2024, with a CAGR of 8.1%. This growth during the historical period can be linked to regulatory compliance, technological advancements, market competition, economic conditions, and evolving customer expectations. The market is projected to continue its strong growth, reaching $7.08 billion in 2028 at a CAGR of 8.2%. This anticipated growth is driven by digital transformation, rising mortgage volumes, cost efficiency, heightened customer expectations, and a focus on data security. Notable trends during the forecast period will include increased adoption of AI and machine learning, cloud-based solutions, enhanced customer experiences, regulatory compliance measures, and integration with other financial services.
Major Driver In The Mortgage Servicing Software Market
The rising adoption of cloud services is expected to significantly enhance the growth of the mortgage servicing software market in the coming years. Cloud services encompass a variety of computing resources and applications delivered over the internet on a subscription basis, facilitating remote work, enabling digital transformation, and meeting the scalability and agility needs of modern businesses. Within the realm of mortgage servicing software, cloud services improve scalability, security, and accessibility, thereby streamlining loan management and customer service. According to Eurostat, a Luxembourg-based intergovernmental organization, as of December 2023, 45.2% of enterprises within the European Union procured cloud computing services mainly for tasks such as hosting email systems and storing electronic files. This represents a 4% increase in cloud service purchases among EU enterprises in 2023 compared to 2021, with large enterprises exhibiting a notable adoption rate of 77.6% in 2023, reflecting a 6% rise since 2021. Therefore, the increasing adoption of cloud services is a key driver of growth for the mortgage servicing software market, projected at $3 billion in 2023, $3.5 billion in 2024, and anticipated to reach $4.5 billion by 2028.
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Mortgage Servicing Software Market Competitive Landscape
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.
Key Mortgage Servicing Software Market Trend
Major companies in the mortgage servicing software market are focused on developing cutting-edge software platforms, such as AI-based solutions, to achieve a competitive advantage. AI-based software refers to applications or systems that employ artificial intelligence techniques—such as machine learning, natural language processing, and computer vision—to perform tasks typically requiring human intelligence, including data analysis, decision-making, language translation, and predictive analytics. For instance, in February 2024, Sagent M&C, LLC, a U.S.-based fintech software company, introduced Dara, a groundbreaking mortgage servicing platform that unifies all data and user experiences for servicers and homeowners throughout the entire servicing lifecycle. Dara is the first and only platform that powers the complete servicing ecosystem—including core functions, consumer interaction, default management, loan movement, data, and AI—within a single integrated system. This innovative platform can reduce servicer operational costs by up to 40% and is set to go live for customers in 2024.
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Global Mortgage Servicing Software Market Segmentation
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
By Geography:The regions covered in the mortgage servicing software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the mortgage servicing software market in 2023.
The Mortgage Servicing Software Global Market Report 2024 furnishes information about the global mortgage servicing software market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
