NEW CASTLE, Delaware, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Insolvency Software Market by Component (Solution and Services), by Enterprise Size (Large Enterprises and Small & Medium-Sized Enterprises), Application (Document Management, Financial Transaction Management, Reporting, Compliance and Creditor Management)) by Industry Vertical (IT & Telecommunication, Government, BFSI, Manufacturing, Energy and Utilities, Retail and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the insolvency software market was valued at $1.6 billion in 2023, and is estimated to reach $4.5 billion by 2032, growing at a CAGR of 11.9% from 2024 to 2032.
Prime determinants of growth
The global insolvency software market is experiencing growth due to surge in bankruptcy filings, regulatory compliance, and technological advancements. However, high implementation costs hinder market growth.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $1.6 Billion |
| Market Size in 2032 | $4.5 Billion |
| CAGR | 11.9% |
| No. of Pages in Report | 200 |
| Segments Covered | Component, Organization Size, Application, Vertical, and Region. |
| Drivers | Surge in Bankruptcy Filings |
| Regulatory Compliance | |
| Technological Advancements | |
| Opportunities | Integration of AI and Automation |
| Restraint | High Implementation Costs |
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Segment Highlights
The services segment held the highest market share in 2023.
By component, the solution segment held the highest market share in 2023, owing to its comprehensive features, ease of integration, and ability to streamline complex insolvency processes, enhancing operational efficiency for businesses and insolvency practitioners. However, the services segment is projected to attain the fastest growing segment from 2023 to 2032, owing to increasing demand for customization, technical support, and maintenance services that enhance the effectiveness and longevity of insolvency software solutions.
The large organization segment held the highest market share in 2023.
By organization size, the large organization segment held the highest market share in 2023, due to its substantial resources, complex insolvency cases requiring advanced solutions, and a higher propensity to invest in comprehensive software systems for managing extensive financial operations. However, the small and medium-sized enterprises segment is projected to attain the fastest growing segment from 2023 to 2032, owing to increasing adoption of digital solutions, rising bankruptcy rates among SMEs, and the need for cost-effective, efficient insolvency management tools.
The document management segment held the highest market share in 2023.
By application, the document management segment held the highest market share in 2023, due to its ability to streamline and automate administrative processes associated with insolvency management, enhancing efficiency and accuracy. In addition, this segment is particularly important for managing financial transactions, reporting, compliance, and creditor management, which are critical aspects of insolvency proceedings. However, the financial transaction management segment is projected to attain the fastest growing segment from 2023 to 2032, owing to increasing demand for real-time monitoring capabilities to predict unforeseen financial risks. The segment ability to provide insights into financial health and optimize funds management during insolvency proceedings.
The BFSI segment held the highest market share in 2023.
By vertical, the BFSI segment held the highest market share in 2023, and is also expected to register the highest CAGR during the forecast period. This is attributed to the increasing frequency of insolvency cases within the BFSI sector, which has heightened the demand for specialized software solutions and increasing importance of digital transformation in modernizing insolvency management practices within the financial services industry.
North America held the highest market share in 2023.
North America held the highest market share in 2023, owing to advanced technological infrastructure, a high number of insolvency cases, and strong demand for efficient financial management solutions in the region. However, the Asia Pacific is projected to attain the fastest growing region from 2023 to 2032, owing to rapid economic development, increasing bankruptcy cases, and growing adoption of advanced technological solutions in financial management across emerging markets.
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Major Industry Players: -
- Clio
- CARET
- Altisource
- Aryza
- Stretto
- Epiq
- Kroll
- Turnkey IPS
- QwikFile
- Fastcase
The report provides a detailed analysis of these key players in the global insolvency software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
Recent Development:
- In March 2022, Epiq launched the Epiq Bankruptcy Analytics web technology solution. This solution provides legal and bankruptcy professionals with access to filing information, updated daily across 93 U.S. bankruptcy courts dating back to 2007, which gives users powerful, data-backed insights about the bankruptcy market
- In February 2021, Stretto acquired Acumen Recovery Services, LLC, a data-analysis and advisory firm serving attorneys, trustees, and other fiduciaries analyzing, pursuing, or defending preferences or other allegedly avoidable transfers in bankruptcy cases. This acquisition expands Stretto’s suite of services designed to support professionals and other stakeholders in streamlining the bankruptcy process.
- 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 & rsquos Enterprise Plus and Enterprise Advance plans. In addition, Quick Summary is designed to enhance the efficiency and effectiveness of legal document handling
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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