According to a research
report "Debt Collection Software Market by Component (Software, Services), Organization Size,
Deployment Type, User Type (Financial Institutions, Collection Agencies,
Healthcare, Government, Telecom & Utilities), and Region - Global Forecast
to 2024", published by MarketsandMarkets, the global debt
collection software market size is expected to grow from USD 2.9 billion in
2019 to USD 4.6 billion by 2024, at a CAGR of 9.6% during the forecast period.
The growing demand for
automation in the collection process, rising need for self-service payment
models to speed up the collection process, and increasing adopting of
cloud-based debt collection software are some of the major factors driving the
growth of the market.
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in-depth TOC on “Debt
Collection Software Market”
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The large enterprises segment is expected to account for the larger market share during the forecast period.
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 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
multichannel communication to reach debtors and improve the collection process
through automation is likely to drive the growth of the debt collection
software.
The services segment to
grow at a higher CAGR during the forecast period as compared to the solutions
segment
Debt collection services
have a broad scope of usage, ranging from assistance to the client for the
deployment of software, strategy, & implementation, to cater to the
business-specific needs of organizations. Debt collection services help
businesses bridge legacy systems to modern applications and take care of training
and implementation work so that the client can focus on their core business.
This has created opportunities for vendors to provide services to different
stakeholders of debt collection ecosystem and help them deal with complexities
while configuring modern debt collection software.
North America estimated
to lead the debt collection software market during the forecast period
North America is expected
to account for the largest share of the debt collection software market in
2019. The region comprises developed countries, such as the US and Canada, and
is considered the most advanced region in terms of adopting digital
technologies and cloud-based platforms to take hold of the increasing bad debt
rates. The North American region exhibits a wide presence of key industry
players offering debt collection software and services, and its financial
position enables it to invest majorly in leading tools and technologies for
effective business operations.
FIS (US), FICO (US),
Experian (Ireland), CGI (Canada), TransUnion (US), Pegasystems (US), Temenos
(Switzerland), Intellect Design Arena (India), Nucleus Software (India), Chetu
(US), AMEYO (India), Loxon Solutions (Hungary), EXUS (UK), Kuhlekt (Australia),
and Katabat (US) are some of the leading companies operating in this market.
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Content Source: https://www.marketsandmarkets.com/PressReleases/debt-collection-software.asp
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/debt-collection-software.asp
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