According to the latest report by IMARC Group “Debt Collection Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global debt collection software market size reached US$ 3.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 6.8 Billion by 2027, exhibiting a growth rate (CAGR) of 11.6% during 2022-2027.
A debt collection software refers to a digital tool that automates the debt collection process. It aids in managing accounts receivable, interactions with customers, accounting reviews, etc. Debt collection software also assists in accelerating cash receipts, negotiating with key users in collaboration with business managers, identifying and resolving disputes, facilitating communication between departments, etc. It provides a dashboard for both debt collectors and managers, minimizes the time spent on routine or unproductive tasks, speeds up debt recovery, etc. As debt collection software improves operational efficiency by ensuring greater coverage and connects rates with ease, it is widely used by numerous businesses across the globe.
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Covid-19 Impact:
Note: 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.
Market Trends:
The rising digitization levels in banking institutions are primarily stimulating the debt collection software market. Moreover, the growing demand for commercial and consumer debt is positively influencing the global market. Apart from this, the increasing utilization of debt collection software to remove bad debt and automate revenue cycles across several countries is acting as another significant growth-inducing factor. Furthermore, the widespread adoption of debt collection software in the healthcare sector, as it offers care provider contact management, patient lending program administration, general document management, revenue cycle management, batch patient invoices and statements, an online patient portal, etc., is augmenting the market growth. Besides this, various key market players are using cloud computing technologies as they increase the ease of sharing data and applications, which is also propelling the market growth. Additionally, the introduction of multichannel communication systems to connect with debtors and advance their collection procedures is expected to fuel the debt collection software market over the forecasted period.
Breakup by Component:
- Software
- Services
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by End User:
- Financial Institutions
- Collection Agencies
- Healthcare
- Government
- Telecom and Utilities
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- 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
- TransUnion LLC.
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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