Navigating the Credit Rating Software Market: Dynamics, Trends, and Insights for 2025 | at a CAGR of 16.5%
Credit Rating Software Market
NEW CASTLE, DELAWARE, UNITED STATES, February 12, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global credit rating software market generated $0.42 billion in 2020, and is projected to reach $1.92 billion by 2030, witnessing a CAGR of 16.5% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increased concern among consumers for maintaining good credit score and fast loan approval process drive the growth of the global credit rating software market. However, lack of support for consumers to avail loans restrains the market growth to some extent. On the other hand, rise in the demand for loans presents new opportunities in the upcoming years.
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COVID-19 Scenario:
The outbreak of the COVID-19 pandemic has had a positive impact on the credit rating software industry.
Financial institutions had strict rules regarding granting of loans since many consumers had very less funds to pay back. This in turn, increased the chances of bed debts.
Credit rating software helped banks to thoroughly check consumer credit behavior before granting loans, due to which, demand for credit rating software increased during the pandemic.
The report offers detailed segmentation of the global credit rating software market based on offerings, services, deployment model, enterprise size, industry vertical, end user, and region. Based on offerings, the software segment held the highest market share in 2020, holding nearly three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the services segment is estimated to register the highest CAGR of 19.4% from 2021 to 2030.
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Based on deployment model, the on premise segment held the largest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. However, the cloud segment is projected to register the highest CAGR of 18.3% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, Asia-Pacific is projected to manifest the fastest CAGR of 20.2% during the forecast period. Other regions discussed in the report include Europe and LAMEA.
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Leading players of the global credit rating software market analyzed in the research include Abrigo, ACTICO GmbH, FICO, Fitch Ratings Inc., Loxon Solutions Zrt, Moody's Analytics Inc., Pegasystems Inc., SAP, Soft4Leasing, and Softlabs Technologies & Development Pvt. Ltd.
𝐓𝐡𝐚𝐧𝐤𝐬 𝐟𝐨𝐫 𝐫𝐞𝐚𝐝𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐚𝐫𝐭𝐢𝐜𝐥𝐞; 𝐲𝐨𝐮 𝐜𝐚𝐧 𝐚𝐥𝐬𝐨 𝐠𝐞𝐭 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐜𝐡𝐚𝐩𝐭𝐞𝐫-𝐰𝐢𝐬𝐞 𝐬𝐞𝐜𝐭𝐢𝐨𝐧𝐬 𝐨𝐫 𝐫𝐞𝐠𝐢𝐨𝐧-𝐰𝐢𝐬𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐯𝐞𝐫𝐬𝐢𝐨𝐧𝐬 𝐥𝐢𝐤𝐞 𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚, 𝐋𝐀𝐌𝐄𝐀, 𝐄𝐮𝐫𝐨𝐩𝐞, 𝐨𝐫 𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜.
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