What is Bankruptcy Software Market?
Bankruptcy software collect, upload, store, and share all documents in a centralized location. It is mainly used by number of law firms. This software helps lawyers, law firms, and other legal professionals for their process. This software offers essential legal forms, maintains court compliance, allows electronic filing of court forms, and provides bankruptcy case management functionality. Increasing demand for automating data entry and legal calculations has created growth opportunities for market. However, data security concerns is quite challenging to the market. Geographically, North America is expected to grow with higher growth rate over forecast period owing to technologically advanced legal infrastructure.
Highlights from Bankruptcy Software Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | NextChapter (United States), CINgroup (United States), LegalPRO Systems Inc (United States), AbacusNext (United States), National LawForms (United States), Fastcase.com, Inc. (United States), QwikFile (United States), Clio (Canada), Walter Oney Software (Canada), Ruth Technology (India), Altisource Portfolio (Luxembourg), Solvemint (India), Sage Intacct (United States) and Filevine, Inc. (United States) |
The market of Bankruptcy Software is expected to grow with rising demand for industrial activities management. Several companies are operating in the market to provide software with excellent feature. The market is highly fragmented with the presence of several market players. They are gaining attention owing to their innovative and novel portfolio. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Bankruptcy Software market throughout the forecasted period.
NextChapter (United States), CINgroup (United States), LegalPRO Systems Inc (United States), AbacusNext (United States), National LawForms (United States), Fastcase.com, Inc. (United States), QwikFile (United States), Clio (Canada), Walter Oney Software (Canada), Ruth Technology (India), Altisource Portfolio (Luxembourg), Solvemint (India), Sage Intacct (United States) and Filevine, Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Amicus Attorney (United States), Zola Suite (United States) and The Standard Legal Network (United States). Bankruptcy Software Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Document Management, Client Management, Automate Calculations, Forms Automation, Legal Forms Library and Others |
Enterprise Size | SMEs,Large Enterprise |
Deployment | Cloud,On Premise |
On the basis of geography, the market of Bankruptcy Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Cloud-Based Software Solutions Improve Case Management Efficiency
Market Growth Drivers:
Preference for the Use of Sophisticated Set of Computations Software for Bankruptcy on Single Integrated Platform Is Driving the Demand for Bankruptcy Software and Rising Necessity for Streamlining Business Process Flows in Legal Activities
Challenges:
Data Security Concerns
Restraints:
High Cost Associated with Installation and Technical Issue associated with Software Handling
Opportunities:
Technological Advancements with AI & Automation Has Created Ample Opportunities and Inclination of Mid & Small Size Enterprises towards Implementation of Bankruptcy Software has Created Growth Opportunities for Market Players
Key Target Audience
Bankruptcy Software Providers, Research Organizations, New Entrants/Investors, Strategic Business Planners, Government Regulatory and End Use Industry
Market Leaders & Development Strategies
In October 11, 2022, LawPay partnered with cloud-based bankruptcy management software, Jubilee by LegalPRO Systems Inc. this helped LegalPRO to expand its presence in Bankruptcy Software market
In February 2021, Usio, Inc. an integrated electronic payment solutions provider has signed a partnership agreement with NextChapter. IT is leading developer of legal software that provides attorneys with an efficient, intuitive and affordable application to help them better serve their bankruptcy clients. With the partership, both companies are going to witness technological advancements for electronic payments solution provider.