According
to new market research report on "Debt
Collection Software Market by Component (Software and Services), End-User (Banks,
Collection Agencies, Finance Companies, Healthcare), Organization Size (Large
Enterprises and SMEs), Deployment Type, and Region - Global Forecast to
2023", The
debt collection software market size is expected to grow from USD 2.64 billion
in 2018 to USD 3.73 billion by 2023, at a Compound Annual Growth Rate (CAGR) of
7.2% during the forecast period.
The
growing need to provide customer-centric debt collection solutions, rising
consumer requirements for self-service models for the collection process, and
increasing specialized debt collection agencies across the globe are expected
to drive the global debt collection software market during the forecast period.
Browse and
in-depth TOC on “Debt
Collection Software Market”
66
- Tables
45
- Figures
143
- Pages
The
software segment is expected to account for the larger market size during the
forecast period.
The
software segment is expected to hold the larger market share during the
forecast period in the global debt collection software market. Over the recent
years, increasing debt volumes and complexities have created difficulties for
organizations to effectively manage and recover the delinquent debts. The
growth in unrecovered debts and inefficient debt management process has fueled
the adoption of debt collection software by organizations across the globe.
Debt collection software empower enterprises by managing and collecting their
bad debts while reducing their debt recovery period and optimizing their debt
management and recovery process.
The
large enterprises segment is expected to account for the larger market share
during the forecast period.
Organizations
with more than 1,000 employees have been categorized as large enterprises. The
use of the debt collection in large enterprises is relatively higher as
compared to that of Small and Medium-sized Enterprises (SMEs). This higher use
is due to the affordability and high economies of scale, which enables large
organizations to benefit from the debt collection. Large enterprises have left
no stone unturned to compete in today’s cut-throat competitive industry.
Moreover, the need for a multichannel communication to reach debtors and
improve the collection process would drive the growth of the debt collection
software.
North
America is expected to account for the largest market size during the forecast
period.
North
America is expected to be the largest contributor to the debt collection
software market in terms of regional revenue. This region comprises developed
countries, such as the US and Canada. North America is open to the adoption of
new and emerging technologies, and its strong financial position enables it to
invest majorly in the leading tools and technologies for effective business
operations. North America is projected to be in the leading position over the
next few years, due to the early adoption of digital technologies and
cloud-based platforms to take hold of the increasing bad debts rate. Hence,
organizations in North America have a competitive edge over the other
organizations from various regions.
Major
vendors that offer debt collection software across the globe include FICO (US),
Pegasystems (US), Temenos (Switzerland), Experian (Ireland), Chetu (US), FIS
(US), EXUS (UK), Sopra Banking (France), Quantrax Corporation (US), Indus
Software (India), Pamar Systems (US), Intellect Design (India), Kuhlekt
(Australia), Adtec Software (UK), Katabat (US), Advantage Software Factory
(Romania), Totality Software (US), CSS Impact (US), Nucleus Software (India),
COFACE (France), Arvato (Germany), Ameyo (India), AgreeYa Solutions (US),
SeikoSoft (US), and Debtrak (UK).
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
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