IMARC Group, a leading market research company, has released a report titled “Debt Collection Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global debt collection software market size reached US$ 4.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.4 Billion by 2028, exhibiting a growth rate (CAGR) of 10.91% during 2023-2028.
A debt collection software is a digital tool that automates the debt collection process. It helps communicate with customers, manage accounts receivables, review accounting reports, accelerate cash receipts, negotiate with important customers, resolve disputes, and facilitate communication between different departments. It also provides a dashboard for both debt collectors and managers, to minimize the time spent on unproductive tasks and expedite debt recovery. In addition, they provide ease of connection rates and operational efficiency, with improved coverage. As a result, debt collection software is widely adopted in financial institutions, collection agencies, telecom, healthcare, and government institutions.
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Debt Collection Software Market Trends and Drivers:
The market is primarily driven by the rising demand for debt collection software due to the increasing use of self-service payment models. In addition, the rapid digitization of banking institutions and collection agencies to automate revenue cycles and eliminate bad debt in a secure and centralized platform that is accessible through smartphones or the web is contributing to market growth. Moreover, the widespread product adoption in the healthcare industry as it offers document management, patient lending program administration, contact management for care providers, revenue cycle management, batch patient invoices and statements, and an online patient portal, represents another major growth-inducing factor. Along with this, the key market players are leveraging cloud computing technologies to make data and application sharing more convenient, accelerating the product adoption rate. Furthermore, various governments are implementing policies regarding data security and increasing investment in business intelligence (BI) analytics tools, which is creating a positive market outlook.
Report Segmentation:
The report has segmented the market into the following categories:
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 (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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