According
to a market 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.
Browse and in-depth TOC on “Debt
Collection Software Market”
58 - Tables
31 - Figures
134 - Pages
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
Report: https://www.marketsandmarkets.com/Market-Reports/debt-collection-software-market-211244709.html
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