The latest report by IMARC Group, titled “Debt Collection Software Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global debt collection software market reached US$ 3.62 Billion in 2021. A debt collection software is a digital solution to monitor and follow up with debtors and prioritizes debt recovery. It can be used on-premises or on the cloud according to the need of organizations. It improves operational efficiency by ensuring coverage and connecting rates with ease. Apart from this, it offers various features, such as customer segmentation; streamlining communication with clients; suitable payment plans; transaction, commission, compliance, invoice, and payment management; and automation of customer reminders, emails and notifications. As a result, debt collection software finds extensive applications in real estate, healthcare, government, telecom and utilities sectors across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.??
Global Debt Collection Software Market Trends:
The growing utilization of debt collection software to identify and resolve disputes for preventing debt payment and negotiating with key customers represents one of the key factors driving the market. Besides this, there is a rise in the employment of software to secure critical data from cyberattacks and monitor the invasion of data within organizations. This, along with the increasing adoption of cloud-based debt collection software in large and small enterprises for reducing infrastructure investment, is contributing to the growth of the market. In addition, the growing demand for debt collection software in the banking sector to achieve automation in the collection processes is positively influencing the market. Moreover, there is an increase in the application of debt collection software for reducing bad debts by managing different debt categories. This, coupled with the escalating demand for the self-service payment model, is propelling the growth of the market. Additionally, several organizations are focusing on multichannel communication systems to connect with debtors and advance their collection procedures with the latest automation technologies, which is bolstering the growth of the market. Looking forward, IMARC Group expects the market to reachUS$ 6.83 Billion by 2027, exhibiting a CAGR of 11.60%during the forecast period (2022-2027).
- Based on the component, software holds the largest share in the market, followed by services.
- On the basis of the deployment mode, the market has been bifurcated into on-premises and cloud-based. Presently, the on-premises segment exhibits a clear dominance in the market.
- Based on the organization size, the market has been categorized into small and medium enterprises and large enterprises. At present, large enterprises hold the largest market share.
- Based on the end user, the market has been segmented into financial institutions, collection agencies, healthcare, government, telecom and utilities, and others. Amongst these, financial institutions dominate the market.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Presently, North America enjoys a leading position in the market.
- The competitive landscape of the market has been studied in the report, with some of the key players being AgreeYa.com, Chetu Inc., Debtrak, EbixCash Financial Technologies, Experian Information Solutions Inc., Fair Isaac Corporation, Katabat Corporation (Ontario System), Nucleus Software Exports Ltd., Pegasystems Inc., Seikosoft, TietoEVRY, and TransUnion LLC.
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