CHICAGO, Nov. 8, 2023 /PRNewswire/ -- Technology-driven innovations, enhanced teamwork, and a greater emphasis on security, compliance, and data analytics to help professionals navigate the complexity of insolvency and bankruptcy cases will characterise the future of the Insolvency Software Market.
The Insolvency Software Market is projected to grow from USD 1.5 billion in 2023 to USD 2.4 billion by 2028, at a CAGR of 10.4% during the forecast period, according to a new report by MarketsandMarkets. Demand for insolvency software has been increased to manage insolvency cases effectively. The demand for cost-effective solutions to reduce bankruptcy arises from various reasons, including maintaining financial stability for individuals and businesses, preventing economic disruptions, minimizing legal and administrative costs associated with bankruptcy proceedings, protecting creditors' interests, and providing viable alternatives to bankruptcy.
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176 - Tables
40 - Figures
211 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2018-2028 |
Base year considered | 2022 |
Forecast period | 2023-2028 |
Forecast units | Value (USD) Million/Billion |
Segments Covered | Insolvency Software Market by Offering (Solution, Services), Organization Size (Large Enterprises, and Small and Medium Sized Enterprises), Application (Document Management, Reporting, Compliance, Financial Transaction Management, Creditor Management, and Others), Vertical (IT and Telecommunication, Government, BFSI, Manufacturing, Energy and Utilities, Retail, and Other Verticals) |
Region covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Companies covered | Clio (Canada), CARET (US), Altisource (US), Aryza (Ireland), Stretto (US), Epiq (US), Kroll (US), Turnkey IPS (UK), QwikFile (US), Fastcase (US), CaseWare (Canada), Standard Legal (US), LegalPRO (US), PracticePanther (US), Smokeball (US), Litera (US), stp.one (Germany), NeSL (India), Fileassure (Canada), and CloudLex (US). |
Based on organization size, the SME segment is expected to grow with the highest CAGR during the forecast period
SMEs are swiftly advancing toward cloud-based insolvency software solutions to achieve better operational productivity, considering the lower operating costs associated with these solutions. As the number of SMEs is increasing, the adoption of insolvency software solutions is expected also to increase. One of the main reasons expected to fuel the growth of the Insolvency Software Market in the SME segment is the cost-saving benefit that can be achieved by deploying these solutions. The requirement for insolvency software solutions in SMEs arises from simplifying insolvency processes, ensuring compliance, and enhancing financial recovery cost-effectively and efficiently.
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Europe is expected to have the largest market size during the forecast period.
Europe has been a global innovator. It is at the forefront of adopting insolvency software technologies and retail and financial services. The region has always depended on the stability and convenience of its well-established payment infrastructure. Europe has led the growth of Insolvency software solutions due to the presence of integrated software vendors that integrate business management capabilities. The widespread adoption of mobile devices, such as smartphones and tablets, and the need for convenient access to financial solutions has positively affected Europe's Insolvency Software Market growth.
Top Key Companies in Insolvency Software Market:
The Insolvency Software Market comprises significant providers, such as Clio (Canada), CARET (US), Altisource (US), Aryza (Ireland), Stretto (US), Epiq (US), Kroll (US), Turnkey IPS (UK), QwikFile (US), Fastcase (US), CaseWare (Canada), Standard Legal (US), LegalPRO (US), PracticePanther (US), Smokeball (US), Litera (US), stp.one (Germany), NeSL (India), Fileassure (Canada), and CloudLex (US). These competitors have used various growth methods to increase their market share in the Insolvency Software industry, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.
Recent Developments
- In July 2023, Aryza, a prominent provider of financial software solutions, introduced Aryza Dunning in the UK and Ireland. This platform is designed to assist businesses in optimizing their receivables management and increasing liquidity. It achieves this by actively monitoring open invoices, reducing the need for manual collection efforts, and enhancing recovery rates through automated and customizable processes and workflows.
- In September 2023, CARET Legal introduced a new feature called Quick Summary, powered by generative artificial intelligence (AI), to revolutionize how attorneys engage with legal documents. This feature is currently in Beta and is accessible to subscribers of CARET Legal's Enterprise Plus and Enterprise Advance plans. Quick Summary is designed to enhance the efficiency and effectiveness of legal document handling.
- In March 2022, Epiq unveiled the Epiq Bankruptcy Analytics web technology solution within its Bankruptcy division. This innovative service offers legal and bankruptcy professionals access to up-to-date filing data from 93 US bankruptcy courts in 2007. It equips users with valuable, data-driven insights into the bankruptcy market.
- In February 2021, Stretto, a prominent bankruptcy administration firm specializing in corporate and consumer bankruptcy industries, completed the acquisition of Acumen Recovery Services, LLC. Acumen is a data analysis advisory firm catering to attorneys, trustees, and fiduciaries involved in assessing, pursuing, or defending preferences and other potentially avoidable transfers in bankruptcy cases. This acquisition further enhances Stretto's comprehensive suite of services to facilitate and simplify the bankruptcy process for professionals and other stakeholders.
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Insolvency Software Market Advantages:
- Case administration is streamlined by insolvency software, which aids professionals in keeping track of important case details, due dates, and assignments.
- By eliminating manual paperwork and lowering the possibility of errors, these technologies automate the creation of legal documents.
- Professionals can ensure compliance with shifting legal requirements by staying up to date on laws and regulations through the use of insolvency software.
- Strong data security features are often included in bankruptcy software, protecting valuable customer information.
- By automating workflows, professionals may concentrate on high-value work while handling fewer administrative responsibilities.
- Transparency and efficiency are improved by the cooperation and communication that many insolvency software solutions enable between legal teams, clients, and stakeholders.
- These technologies often have analytics and reporting capabilities that offer financial information, performance metrics, and case progress insights.
- Document storage and retrieval features provided by insolvency software facilitate the safe access to and sharing of case-related documents.
Report Objectives
- To determine, segment, and forecast the global Insolvency Software Market by offering solution types, services, applications, verticals, and regions in terms of value.
- To forecast the size of the market segments to five main regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
- To provide detailed information about the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the Insolvency Software Market
- To study the complete value chain and related industry segments and perform a value chain analysis of the Insolvency Software Market landscape.
- To strategically analyze the macro and micro markets to individual growth trends, prospects, and contributions to the total Insolvency Software Market
- To analyze the industry trends, pricing data, patents, and innovations related to the Insolvency Software Market.
- To analyze the opportunities for stakeholders by identifying the high-growth segments of the Insolvency Software Market
- To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies.
- Track and analyze competitive developments, such as mergers and acquisitions, product launches and developments, partnerships, agreements, collaborations, business expansions, and Research & Development (R&D) activities.
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