DUBLIN–(BUSINESS WIRE)–The Report “North America and Europe Debt Collection Software Market Forecast to 2028 – Impact of COVID-19 and Regional Analysis by Component, Deployment Type, Organization Size, and Vertical ” has been added to from ResearchAndMarkets.com offer.
The debt collection software market size in North America and EU is expected to grow from USD 2,386.4 million in 2022 to USD 4,148.3 million by 2028; the debt collection software market share is expected to grow at a CAGR of 9.7% during the period 2022-2028.
The emergence of big data analytics and predictive analytics, multi-channel digital communications, and customer-centric approaches is creating a high demand for debt collection software over the forecast period.
Information is the most powerful weapon in debt collection. Big data analytics can help get the most relevant debtor information. Simple information such as demographics and behavioral aspects such as the time a debtor answers a call can significantly affect how a debt collection call is handled. Big Data enables the collection and separation of data with a precise focus on a single debtor.
Big data opens up possibilities such as speech analysis to confirm current collection. Voice analysis allows you to hear 100% of every call. An impossible or recommended feat for humans. Speech analytics input can contribute significantly to training and operational efficiency savings. Additionally, predictive analytics, a form of advanced analytics, brings breakthroughs to collections. It combines various techniques such as data mining, machine learning, artificial intelligence, and statistical modeling to predict future events. It may sound cryptic, but it has been successful in debt collection.
WNS, a leading utility company, used predictive analytics to increase debt collections by 50%. A more targeted strategy for crime management was developed based on the results of the predictive analysis. Thus, the emergence of big data and predictive analytics will drive the growth of the debt collection software market over the forecast period.
Moreover, companies communicate with their customers through several digital channels such as SMS, email, IVR and WhatsApp. Financial institutions need to understand this and develop a communication strategy for each channel. Customers should benefit from the same high level of service regardless of the communication channel. This multi-channel approach extends widely to collection areas where customers prefer to be contacted by SMS or email rather than by phone or mail. The debt collection process should include a multi-channel approach to reach customers based on their channel preferences. Additionally, customers are accustomed to personalizing services and offers when accessing products and services. A one-size-fits-all approach is no longer optimal and can alienate potential customers.
Additionally, it is important to provide customers with self-service options. It shows that 57% of people prefer self-service channels. Customer self-service options and empathy are paramount when designing a customer-centric collection process. Defaulting borrowers can use the channel of their choice to resolve their debt problems. Thus, the emerging trend of digital multi-channel communications and customer-centric approach is driving the demand for debt collection software in the debt collection software market during the forecast period.
The debt collection software market is analyzed on the basis of component, deployment type, organization size, and vertical industry.
Increasing automation of the debt collection process
Growing adoption of self-checkout models
Growing adoption of debt collection software in healthcare
Variable Debt Collection Settlement
Data-driven debt collection using machine learning and artificial intelligence
Increased need for automation in the accounts receivable process
Emergence of Big Data Analytics and Predictive Analytics
Emerging trend of multi-channel digital communications and customer-centric approach
Main topics covered:
2. Main Takeaways
3. Research methodology
4. NA and EU Debt Collection Software Market Landscape
5. NA and EU Debt Collection Software Market – Key Industry Dynamics
6. NA and EU Debt Collection Software Market Overview
7. Debt Collection Software Market Analysis – By Component
8. Debt Collection Software Market Analysis – By Type of Deployment
9. Debt Collection Software Market Analysis – By Organization Size
10. Debt Collection Software Market Analysis – By Vertical
11. Debt Collection Software Market Analysis – By Region
12. Impact of the COVID-19 pandemic on the debt collection software market
13. Industry Landscape
14. Company Profiles
Experian Information Solutions, Inc.
Quantrax Corporation, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ep0lzj