The increased need for advanced technological systems to eliminate bad debts and accelerate and automate the revenue cycle is driving the growth of the market.
PORTLAND, PORTLAND, OR, USA, Aug. 1, 2022 /EINPresswire.com/ — According to report by Allied Market Research, the global debt collection software industry was worth $2.78 billion in 2018 and is expected to reach $5.66 billion by 2026, registering a CAGR of 9.4% from 2019 to 2026.
Main determinants of growth
The implementation of accounts receivable process automation, the rise of multi-channel collections models, and the need to reduce bad debts and optimize collection costs are driving the growth of the global debt collection software market. receivables.
However, high maintenance costs related to debt collection services and diversified regulations are hampering the growth of the market. On the other hand, the advent of analytics-based collection models creates new opportunities in the coming years.
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Impact of the COVID-19 Pandemic on the Debt Collection Software Market:
• Government authorities introduced new regulations to prevent debt collectors from harassing consumers as the economic turmoil unfolded during the Covid-19 pandemic.
• The implementation of debt collection software has increased among financial institutions. Software equipped with predictive analytics technologies such as artificial intelligence (AI) is expected to improve collections performance and increase results as organizations strive to refine their collections strategies.
• Many organizations that had not implemented technologies such as robocalls to contact customers for refunds have begun to implement these technologies and reap the benefits of faster refunds.
• After the pandemic, the implementation of debt collection software is expected to increase for better collection management, better collection performance than before and enable customer satisfaction.
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On the basis of components, the software segment contributed the highest share in 2019, holding more than three quarters of the global debt collection software market, and is expected to maintain its dominant position throughout the forecast period. . This is due to automating billing options, facilitating central data storage, and sending alerts and notifications. However, the services segment is expected to grow at the highest CAGR of 12.2% from 2020 to 2027, driven by the streamlining and automation of debt collection processes across different loan products using services regarding the implementation of debt collection software.
Based on the deployment model, the on-premises segment held the highest market share, accounting for more than half of the total global debt collection software market share in 2019, and is expected to maintain its leading status in ‘by 2027. This is due to the increased need to secure critical data from cyber threats and track data invasion within organizations. However, the cloud segment is expected to show the highest CAGR of 11.6% during the forecast period, owing to the increase in the adoption of cloud-based solutions by large enterprises and SMBs for reduce infrastructure investments and have operational and financial data in real time. .
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By region, North America accounted for the largest revenue share of the global debt collection software market, contributing around two-fifths of the total share in 2019, and will maintain its highest contribution throughout. throughout the forecast period. This is due to the availability of a well-developed infrastructure that facilitates the integration of debt collection software between different BFSI systems. However, Asia Pacific is expected to grow at the highest CAGR of 13.5% from 2020 to 2027, driven by digital transformation and increasing consumer inclination towards adopting new technologies.
Key market players analyzed in the report include Atradius Collections, Chetu Inc., Experian Information Solutions, Inc., Fair Isaac Corporation, Fidelity National Information Services, Inc., Nucleus Software Exports Ltd, Pegasystems Inc., Temenos AG, Tieto and Trans Union. LLC.
Main benefits for stakeholders:
• This study encompasses Debt Collection Software market analysis, trends, and future estimates to determine impending pockets of investment.
• The report presents information related to the major drivers, restraints and opportunities of the Debt Collection Software market.
• The Debt Collection Software market size is quantitatively analyzed from 2019 to 2027 to highlight the financial proficiency of the Debt Collection Software industry.
• Porter’s five forces analysis illustrates the power of buyers and suppliers in the debt collection software market.
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