Product Code: PM4484
The global insolvency software market size is expected to reach USD 3.65 billion by 2032, according to a new study by Polaris Market Research. The report "Insolvency Software Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, Services); By Organization Size; By Application; By Vertical; By Region; Segment Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The widespread presence of bankruptcy cases in the global market is driving the need for insolvency software. According to Allianz Trade, the global insolvency case is expected to grow by 24% in 2023 and by 4% in 2024. Insolvency software assists professionals in solving bankruptcy cases with its ability to provide financial analysis, automation of repetitive tasks, case management, reporting, and analytics. With its profound data capabilities, it has the enormous strength to project the health of the companies early and also monitor calculation impairments, which is crucial for financial institutions.
Based on the Australian Financial Security Authority Report, personal insolvency cases are expected to increase by 23% in 2023-24 in Australia. This is expected to positively impact the demand for insolvency software.
Government initiatives to handle insolvency problems among the banks are raising concerns about monitoring the financial analysis of other banks. Based on the Risk Assessment Report of the European Banking Authority in December 2023, there is an indication of a rise in the non-performing loan volume. This trend necessitates the importance of insolvency software in identifying potential patterns among banks and companies.
The rising number of individuals facing issues getting support from financial services is driving significant demand for insolvency software as it enables financial services to streamline and promote confidence in the industry. According to the Financial Conduct Authority, 7.4 million people showed disinterest in contacting financial services providers, while 3.6 million people contacted one or more of the financial services providers but didn't resolve the information they needed.
The technological advancements within the financial industry are paving the way for innovative solutions to streamline various processes pertaining to finance, promote transparency, and remodel the way people in the financial industry approach tasks. The ease of application of financial software among people and its ability to shorten the time required to analyze companies or banks financial information with less space for errors are contributing to the reduction of the chances of confirmation bias.
Insolvency Software Market Report Highlights
Managed services segment is anticipated to witness the highest growth in the coming years due to rising demand for financial professionals.
Creditor Management segment accounted for the largest market share owing to the need for credit management among the businesses.
BFSI segment is projected to experience a larger revenue share due to its effectiveness in assist with risk management tasks.
APAC is expected to have the fastest growth during the forecast period owing to the rising number of bankruptcy cases in the region.
The global players include Altisource, Aryza, CARET, CaseWare, Clio, CloudLex, Epiq, Fastcase, Fileassure, Kroll, LegalPRO, Litera, & NeSL.
Polaris Market Research has segmented the insolvency software market report based on offering, organization size, application, vertical and region:
Insolvency Software, Offering Outlook (Revenue - USD Billion, 2019 - 2032)
- Solution
- Services
- Professional Services
- Managed Services
Insolvency Software, Organization Size Outlook (Revenue - USD Billion, 2019 - 2032)
- Large Enterprises
- Small and Medium-Sized Enterprises
Insolvency Software, Application Outlook (Revenue - USD Billion, 2019 - 2032)
- Document Management
- Reporting
- Compliance
- Financial Transaction Management
- Creditor Management
- Others
Insolvency Software, Vertical Outlook (Revenue - USD Billion, 2019 - 2032)
- IT and Telecom
- Government
- BFSI
- Retail
- Manufacturing
- Energy and Utilities
- Other Verticals
Insolvency Software, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Insolvency Software Market Insights
- 4.1. Insolvency Software - Industry Snapshot
- 4.2. Insolvency Software Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Technological evolution is driving the replacement of man hours in businesses
- 4.2.1.2. Increasing Insolvency Cases
- 4.2.2. Restraints and Challenges
- 4.2.2.1. High Implementation Costs
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTLE Analysis
- 4.5. Insolvency Software Industry Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Insolvency Software Market, by Offering
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 5.3. Solution
- 5.3.1. Global Insolvency Software Market, by Solution, by Region, 2019-2032 (USD Billion)
- 5.4. Services
- 5.4.1. Global Insolvency Software Market, by Services, by Region, 2019-2032 (USD Billion)
6. Global Insolvency Software Market, by Application
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 6.3. Document Management
- 6.3.1. Global Insolvency Software Market, by Document Management, by Region, 2019-2032 (USD Billion)
- 6.4. Reporting
- 6.4.1. Global Insolvency Software Market, by Reporting, by Region, 2019-2032 (USD Billion)
- 6.5. Compliance
- 6.5.1. Global Insolvency Software Market, by Compliance, by Region, 2019-2032 (USD Billion)
- 6.6. Financial Transaction Management
- 6.6.1. Global Insolvency Software Market, by Financial Transaction Management, by Region, 2019-2032 (USD Billion)
- 6.7. Creditor Management
- 6.7.1. Global Insolvency Software Market, by Creditor Management, by Region, 2019-2032 (USD Billion)
- 6.8. Others
- 6.8.1. Global Insolvency Software Market, by Others, by Region, 2019-2032 (USD Billion)
7. Global Insolvency Software Market, by Organization Size
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 7.3. Large Enterprises
- 7.3.1. Global Insolvency Software Market, by Large Enterprises, by Region, 2019-2032 (USD Billion)
- 7.4. Small and Medium-Sized Enterprises
- 7.4.1. Global Insolvency Software Market, by Small and Medium-Sized Enterprises, by Region, 2019-2032 (USD Billion)
8. Global Insolvency Software Market, by Vertical
- 8.1. Key Findings
- 8.2. Introduction
- 8.2.1. Global Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 8.3. IT and Telecom
- 8.3.1. Global Insolvency Software Market, by IT and Telecom, by Region, 2019-2032 (USD Billion)
- 8.4. Government
- 8.4.1. Global Insolvency Software Market, by Government, by Region, 2019-2032 (USD Billion)
- 8.5. BFSI
- 8.5.1. Global Insolvency Software Market, by BFSI, by Region, 2019-2032 (USD Billion)
- 8.6. Retail
- 8.6.1. Global Insolvency Software Market, by Retail, by Region, 2019-2032 (USD Billion)
- 8.7. Manufacturing
- 8.7.1. Global Insolvency Software Market, by Manufacturing, by Region, 2019-2032 (USD Billion)
- 8.8. Energy and Utilities
- 8.8.1. Global Insolvency Software Market, by Energy and Utilities, by Region, 2019-2032 (USD Billion)
- 8.9. Others
- 8.9.1. Global Insolvency Software Market, by Others, by Region, 2019-2032 (USD Billion)
9. Global Insolvency Software Market, by Geography
- 9.1. Key findings
- 9.2. Introduction
- 9.2.1. Insolvency Software Market Assessment, By Geography, 2019-2032 (USD Billion)
- 9.3. Insolvency Software Market - North America
- 9.3.1. North America: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.3.2. North America: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.3.3. North America: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.3.4. North America: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.3.5. Insolvency Software Market - U.S.
- 9.3.5.1. U.S.: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.3.5.2. U.S.: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.3.5.3. U.S.: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.3.5.4. U.S.: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.3.6. Insolvency Software Market - Canada
- 9.3.6.1. Canada: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.3.6.2. Canada: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.3.6.3. Canada: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.3.6.4. Canada: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4. Insolvency Software Market - Europe
- 9.4.1. Europe: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.4.2. Europe: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.4.3. Europe: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.4.4. Europe: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4.5. Insolvency Software Market - UK
- 9.4.5.1. UK: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.4.5.2. UK: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.4.5.3. UK: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.4.5.4. UK: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4.6. Insolvency Software Market - France
- 9.4.6.1. France: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.4.6.2. France: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.4.6.3. France: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.4.6.4. France: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4.7. Insolvency Software Market - Germany
- 9.4.7.1. Germany: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.4.7.2. Germany: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.4.7.3. Germany: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.4.7.4. Germany: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4.8. Insolvency Software Market - Italy
- 9.4.8.1. Italy: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.4.8.2. Italy: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.4.8.3. Italy: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.4.8.4. Italy: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4.9. Insolvency Software Market - Spain
- 9.4.9.1. Spain: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.4.9.2. Spain: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.4.9.3. Spain: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.4.9.4. Spain: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4.10. Insolvency Software Market - Netherlands
- 9.4.10.1. Netherlands: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.4.10.2. Netherlands: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.4.10.3. Netherlands: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.4.10.4. Netherlands: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.4.11. Insolvency Software Market - Russia
- 9.4.11.1. Russia: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.4.11.2. Russia.: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.4.11.3. Russia: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.4.11.4. Russia: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.5. Insolvency Software Market - Asia Pacific
- 9.5.1. Asia Pacific: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.5.2. Asia Pacific: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.5.3. Asia Pacific: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.5.4. Asia Pacific: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.5.5. Insolvency Software Market - China
- 9.5.5.1. China: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.5.5.2. China.: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.5.5.3. China: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.5.5.4. China: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.5.6. Insolvency Software Market - India
- 9.5.6.1. India: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.5.6.2. India.: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.5.6.3. India: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.5.6.4. India: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.5.7. Insolvency Software Market - Japan
- 9.5.7.1. Japan: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.5.7.2. Japan.: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.5.7.3. Japan: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.5.7.4. Japan: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.5.8. Insolvency Software Market - Malaysia
- 9.5.8.1. Malaysia: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.5.8.2. Malaysia.: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.5.8.3. Malaysia: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.5.8.4. Malaysia: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.5.9. Insolvency Software Market - Indonesia
- 9.5.9.1. Indonesia: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.5.9.2. Indonesia.: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.5.9.3. Indonesia: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.5.9.4. Indonesia: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.5.10. Insolvency Software Market - South Korea
- 9.5.10.1. South Korea: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.5.10.2. South Korea.: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.5.10.3. South Korea: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.5.10.4. South Korea: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.6. Insolvency Software Market - Middle East & Africa
- 9.6.1. Middle East & Africa: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.6.2. Middle East & Africa: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.6.3. Middle East & Africa: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.6.4. Middle East & Africa: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.6.5. Insolvency Software Market - Saudi Arabia
- 9.6.5.1. Saudi Arabia: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.6.5.2. Saudi Arabia: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.6.5.3. Saudi Arabia: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.6.5.4. Saudi Arabia: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.6.6. Insolvency Software Market - South Africa
- 9.6.6.1. South Africa: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.6.6.2. South Africa: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.6.6.3. South Africa: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.6.6.4. South Africa: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.6.7. Insolvency Software Market - Israel
- 9.6.7.1. Israel: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.6.7.2. Israel: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.6.7.3. Israel: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.6.7.4. Israel: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.6.8. Insolvency Software Market - UAE
- 9.6.8.1. UAE: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.6.8.2. UAE: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.6.8.3. UAE: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.6.8.4. UAE: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.7. Insolvency Software Market - Latin America
- 9.7.1. Latin America: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.7.2. Latin America: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.7.3. Latin America: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.7.4. Latin America: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.7.5. Insolvency Software Market - Mexico
- 9.7.5.1. Mexico: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.7.5.2. Mexico: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.7.5.3. Mexico: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.7.5.4. Mexico: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.7.6. Insolvency Software Market - Brazil
- 9.7.6.1. Brazil: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.7.6.2. Brazil: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.7.6.3. Brazil: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.7.6.4. Brazil: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
- 9.7.7. Insolvency Software Market - Argentina
- 9.7.7.1. Argentina: Insolvency Software Market, by Offering, 2019-2032 (USD Billion)
- 9.7.7.2. Argentina: Insolvency Software Market, by Vertical, 2019-2032 (USD Billion)
- 9.7.7.3. Argentina: Insolvency Software Market, by Application, 2019-2032 (USD Billion)
- 9.7.7.4. Argentina: Insolvency Software Market, by Organization Size, 2019-2032 (USD Billion)
10. Competitive Landscape
- 10.1. Expansion and Acquisition Analysis
- 10.1.1. Expansion
- 10.1.2. Acquisitions
- 10.2. Partnerships/Collaborations/Agreements/Exhibitions
11. Company Profiles
- 11.1. Altisource
- 11.1.1. Company Overview
- 11.1.2. Financial Performance
- 11.1.3. Product Benchmarking
- 11.1.4. Recent Development
- 11.2. Aryza
- 11.2.1. Company Overview
- 11.2.2. Financial Performance
- 11.2.3. Product Benchmarking
- 11.2.4. Recent Development
- 11.3. CARET
- 11.3.1. Company Overview
- 11.3.2. Financial Performance
- 11.3.3. Product Benchmarking
- 11.3.4. Recent Development
- 11.4. CaseWare
- 11.4.1. Company Overview
- 11.4.2. Financial Performance
- 11.4.3. Product Benchmarking
- 11.4.4. Recent Development
- 11.5. Clio
- 11.5.1. Company Overview
- 11.5.2. Financial Performance
- 11.5.3. Product Benchmarking
- 11.5.4. Recent Development
- 11.6. CloudLex
- 11.6.1. Company Overview
- 11.6.2. Financial Performance
- 11.6.3. Product Benchmarking
- 11.6.4. Recent Development
- 11.7. Epiq
- 11.7.1. Company Overview
- 11.7.2. Financial Performance
- 11.7.3. Product Benchmarking
- 11.7.4. Recent Development
- 11.8. Fastcase
- 11.8.1. Company Overview
- 11.8.2. Financial Performance
- 11.8.3. Product Benchmarking
- 11.8.4. Recent Development
- 11.9. Fileassure
- 11.9.1. Company Overview
- 11.9.2. Financial Performance
- 11.9.3. Product Benchmarking
- 11.9.4. Recent Development
- 11.10. Kroll
- 11.10.1. Company Overview
- 11.10.2. Financial Performance
- 11.10.3. Product Benchmarking
- 11.10.4. Recent Development
- 11.11. LegalPRO
- 11.11.1. Company Overview
- 11.11.2. Financial Performance
- 11.11.3. Product Benchmarking
- 11.11.4. Recent Development
- 11.12. Litera
- 11.12.1. Company Overview
- 11.12.2. Financial Performance
- 11.12.3. Product Benchmarking
- 11.12.4. Recent Development
- 11.13. NeSL
- 11.13.1. Company Overview
- 11.13.2. Financial Performance
- 11.13.3. Product Benchmarking
- 11.13.4. Recent Development
- 11.14. PracticePanther
- 11.14.1. Company Overview
- 11.14.2. Financial Performance
- 11.14.3. Product Benchmarking
- 11.14.4. Recent Development
- 11.15. Smokeball
- 11.15.1. Company Overview
- 11.15.2. Financial Performance
- 11.15.3. Product Benchmarking
- 11.15.4. Recent Development
- 11.16. Standard Legal
- 11.16.1. Company Overview
- 11.16.2. Financial Performance
- 11.16.3. Product Benchmarking
- 11.16.4. Recent Development