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Global Debt Collection Software Market is expected to reach US$ 5.90 Bn by 2026 at a CAGR of 10% during the forecast period. Debt collection software that helps users to send overdue invoice reminders, follow up with phone calls and manage debt collection.
The increase in requirement of self-service models to speed up the collection process and the growing need to provide customer-centric debt collection management are some of the major driving factors expected to propel the debt collection software market in future. Dependency on debtor’s dynamic information, regulations for debt recovery process, such as Federal Trade Commission (FTC), and Fair Debt Collection Practices Act (FDCPA) and governments’ stringent rules are challenges for the debt collection software providers.
Debt Collection Software Market
Debt collection software market is segmented by component, end-user, deployment model, organization size, and region. Among Components, the software segment is expected to have large debt collection software market size during the forecast period. Debt collection software empower enterprises by collecting and managing their bad debts while optimizing their debt management, reducing their debt recovery period and recovery process. Over recent years, increasing complexities and debt volumes have created difficulties for organizations to effectively manage debts. The growth in inefficient debt and unrecovered debts management process has propelled the adoption of debt collection software by organizations across the globe.
While using a deployment model, the on-premise segment is likely to account for the larger debt collection software market share during the forecast period, due to the inclination of organizations to adopt in-house infrastructure. . The concern over data security and privacy is a major reason for the larger market size of the on-premises segment. However, the cloud segment is expected to record the highest growth rate during the forecast period. Cloud segment provides various benefits such as scalability, agility, flexible payment options, reduced operational costs, self-service capabilities, and easy access to data.
Based on organization size, the debt collection software market is classified into large enterprises and small and medium-sized enterprises. Among these, the large enterprises’ segment is expected to have large debt collection software market during the forecast period, owing to high economies of scale and affordability.
In debt collection software market, North America is expected to have large debt collection software market size during the forecast period. North America is advanced in terms of technology adoption and infrastructure. However, Asia Pacific is expected to record the highest growth rate during the forecast period.
Some of the key players are EXUS, Sopra Banking, Quantrax Corporation, Indus Software, Pamar Systems, Intellect Design, Kuhlekt, Adtec Software etc.
Scope of the Global Debt Collection Software Market
Global Debt Collection Software Market By Component
o Training and support
Global Debt Collection Software Market By End-users
• Collection agencies
• Finance companies
• Consumer goods and retail
• Telecom and utilities
• Others (law firms and government institutions)
Global Debt Collection Software Market By Deployment Model
Global Debt Collection Software Market By Organization Size
• Large enterprises
• Small and Medium Sized Enterprises
Global Debt Collection Software Market By Geography
• North America
• Asia Pacific
• Middle East and Africa
• Latin America
Key Players in Global Debt Collection Software Market
• Sopra Banking
• Quantrax Corporation
• Indus Software
• Pamar Systems
• Intellect Design
• Adtec Software
• Advantage Software Factory
• Totality Software
• CSS Impact
• Nucleus Software
• AgreeYa Solutions
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