Insolvency Software Global Market Report 2024

The insolvency software market size has grown rapidly in recent years. It will grow from $1.82 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The historic growth can be attributed to several factors, including the integration of AI and machine learning technologies, the increasing significance of forensic accounting techniques, enhanced efficiency in creditor communication, automation of legal processes, and the digital transformation of legal practices.

The insolvency software market size is expected to see rapid growth in the next few years. It will grow to $3.11 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The forecasted growth can be attributed to several factors, including the rising demands for regulatory compliance driving the insolvency software market, increasing corporate insolvencies, the growing preference for cloud-based solutions, rising debt levels, and the escalating regulatory complexity. Major trends expected in the forecast period include the globalization of businesses, enhanced collaboration among stakeholders, adoption of real-time collaboration tools, increased use of cloud-based solutions, and a heightened focus on user experience (UX) design.

The anticipated increase in corporate bankruptcies is poised to drive the growth of the insolvency software market in the foreseeable future. Corporate bankruptcies occur when companies face severe financial distress and are unable to meet their financial obligations, leading to legal proceedings for debt resolution. Insolvency software plays a crucial role in assisting companies through the intricate process of bankruptcy or insolvency by streamlining financial data, legal procedures, and communication. By facilitating efficient management of insolvency proceedings, this technology ensures transparency, compliance, and timely decision-making, enabling businesses undergoing financial challenges to navigate the complexities of bankruptcy with enhanced effectiveness and organization. For instance, Epiq reported in January 2024 that total bankruptcy filings reached 36,607, marking a 17% increase from 31,176 in January 2023. As such, the surge in corporate bankruptcies serves as a significant driver for the insolvency software market's growth.

Leading companies in the insolvency software market are dedicated to developing innovative products tailored to streamline every stage of the customer journey. Aryza Insolv, for instance, stands out as an end-to-end insolvency case management software designed to automate the insolvency process comprehensively. Launched by Aryza in March 2023, this software addresses global insolvency needs while adapting to regional requirements and local legislation. Leveraging Aryza's expertise in developing specialist systems and best practices within the insolvency sector, Aryza Insolv offers features such as banking integration, business process automation, compliance, and client portals. The software prioritizes security, compliance, and reliability, providing insolvency practitioners (IPs) with a secure and efficient tool that can be easily customized to meet specific regional and legislative needs.

In June 2023, Aryza Group, an Ireland-based insolvency software company, partnered with UK-based Acquired.com to provide advanced collection and disbursement solutions. This collaboration aims to expand into debt recovery and insolvency while offering Aryza's clients access to Acquired.com's payment solutions for streamlined processes. Leveraging Acquired.com's expertise, the partnership enhances consumer protection offerings and improves the overall customer experience.

Major companies operating in the insolvency software market report are Ernst & Young Global Limited, Wolters Kluwer Corporate And Financial Services, FTI Consulting, Kroll LLC, Epiq Systems Inc., Altisource Portfolio Solutions S.A., ESI Software Inc., Clio Technologies Inc., Dye & Durham, CaseWare International Inc., Stretto Inc., CARET Inc., Aryza Group Limited, Compliance Solutions Strategies, Panther Software LLC, National E-Governance Services Limited, Fastcase Inc., EBR Attridge LLP, STP Informationstechnologie AG, PracticePanther Legal Software, CloudLex Inc., Standard Legal Network Inc., Smokeball Inc., Turnkey Information Publishing Solutions Ltd., Prime Solutions.

North America was the largest region in the insolvency software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insolvency software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the insolvency software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Insolvency software refers to specialized tools and applications designed to aid businesses, financial institutions, and legal professionals in managing insolvency-related processes efficiently. These solutions streamline tasks such as debt collection, creditor communication, asset valuation, and bankruptcy filing, offering benefits in terms of efficiency and compliance.

The main components of insolvency software include solutions and services. Insolvency software solutions are tailored for document management, financial transaction management, reporting, compliance, and creditor management across various industries. They are utilized by large enterprises as well as small and medium enterprises in sectors such as banking, financial services and insurance (BFSI), energy and utilities, government, information technology (IT) and telecommunications, manufacturing, and retail.

The insolvency software market research report is one of a series of new reports that provides insolvency software market statistics, including insolvency software industry global market size, regional shares, competitors with an insolvency software market share, detailed insolvency software market segments, market trends and opportunities, and any further data you may need to thrive in the insolvency software industry. This insolvency software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The insolvency software market includes revenues earned by entities by providing services such as case management, creditor communication, asset management, data security, training and support, and workflow automation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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