Market Research Report
Debt Collection Software Market by Component (Software and Services), End-User (Banks, Collection Agencies, Finance Companies, Healthcare), Organization Size (Large Enterprises and SMEs), Deployment Type, and Region - Global Forecast to 2023
|Published by||MarketsandMarkets||Product code||696449|
|Published||Content info||144 Pages
Delivery time: 1-2 business days
|Debt Collection Software Market by Component (Software and Services), End-User (Banks, Collection Agencies, Finance Companies, Healthcare), Organization Size (Large Enterprises and SMEs), Deployment Type, and Region - Global Forecast to 2023|
|Published: September 5, 2018||Content info: 144 Pages||
The debt collection software market size is expected to grow from USD 2.64 billion in 2018 to USD 3.73 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.
The increasing focus on the multicommunication channel to reach debtors, growing need to outsource debt collection task to specialized collection agencies, and rising demand for cloud-based debt collection software powered with self-service payment models are expected to drive the growth of the debt collection software market. The major factors that are expected to restrict the growth of the debt collection software market are inflexibility of the existing systems to process a large volume of debtor's information and limited IT resources.
Implementation services offered by debt collection software vendors involve analyzing the organization's need, understanding the operational functionalities of the existing systems, and integrating value-added features as per the specific requirements of debt collection organizations and agencies. Implementation services help debt collection organizations to improve their cash collection efficiency and boost the overall collection and recovery process. Moreover, these services help money lending organizations to redefine collection strategies for uplifting the customers' satisfaction.
Among end-users, the telecom and utilities segment is expected to grow at the highest CAGR during the forecast period. It becomes challenging for debt collection agencies and organizations to recover the amount of debt on time. In this digital era, debt collection software can be extremely helpful to debt collection agencies in collecting debt from consumers. Debt collection software offer the self-service payment platform to consumers for timely paying their bills and maintaining their credibility. This adoption enables the cloud segment to account for a considerable market size during the forecast period.
North America is estimated to account for the largest market share in 2018 while APAC is expected to grow at the highest CAGR during the forecast period. APAC is expected to be a money-spinning industry for debt collection software providers during the forecast period, considering the technological advancements and the increasing bad debts. Multinational companies are expected to emphasize on exploring the APAC industry by partnering with local companies, channel partners, and technology partners. Moreover, the increasing adoption of the cloud and mobile technologies by large diversified populations have led to the rapid implementation of debt collection software in the APAC countries, such as Japan, China, and Australia.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people. The break-up of profiles of the primary participants is given below:
Major vendors that offer debt collection software across the globe include: FICO (US), Pegasystems (US), Temenos (Switzerland), Experian (Ireland), Chetu (US), FIS (US), EXUS (UK), Sopra Banking (France), Quantrax Corporation (US), Indus Software (India), Pamar Systems (US), Intellect Design (India), Kuhlekt (Australia), Adtec Software (UK), Katabat (US), Advantage Software Factory (Romania), Totality Software (US), CSS Impact (US), Nucleus Software (India), Coface (France), Arvato (Germany), Ameyo (India), AgreeYa Solutions (US), SeikoSoft (US), and Debtrak (UK).
The debt collection software market has been segmented by component, end-user, deployment type, organization size, and region. The report is expected to help market leaders/new entrants in this market in the following ways:
From an insight perspective, this research report focuses on various levels of analysis - the market size of the global market and subsegments; analysis of the top players and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the debt collection software market; and high-growth regions and their respective drivers, restraints, challenges, and opportunities.
The report is expected to enhance both established firms, as well as new entrants/smaller firms to gauge the pulse of the market, which in turn, could help firms in garnering high market share.
*Details on Business overview, Products and Solutions offered, Recent Developments, SWOT analysis, MNM view might not be captured in case of unlisted companies.