According to the latest report by IMARC Group “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.
Debt collection software is a digital tool to monitor and follow up with debtors while predicting and prioritizing debt recovery. It comprises call logs, notes, a collection of scoring and key performance indicators (KPIs), access to credit reports, debt dispute tracking, and payment processing. It offers instant and accurate data, provides repayment reminders, increases repayment percentage, and reduces the number of overdue invoices of customers. It enables enhanced financial transparency for better and faster decision-making while offering accurate forecasting.
Debt collection software also improves profitability and maintains a good relationship with customers to increase revenue growth. It assists organizations in enhancing productivity, allowing collection agents to handle complex issues, and facilitating debt recovery. Besides this, debt collection software provides various features, such as borrower management, recovery automation, and analytical insights. It also delivers omnichannel interactions, humanized collection bots, interactive voice response (IVR) systems, artificial intelligence (AI) software, and quality monitoring. As a result, debt collection software is widely utilized in the healthcare, government, telecom, and utility sectors across the globe.
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Market Trends:
Rapid digitization and the rising need to automate revenue cycles to eliminate bad debt represent one of the key factors positively influencing the market. In addition, the incorporation of cloud-based debt collection software across small and medium enterprises (SMEs) to reduce infrastructure investment is creating a favorable market outlook. Cloud-based debt collection software facilitates the real-time availability of operational data and facilitates round-the-clock payment methods to all debtors via automated phone calls, SMS, web portal, and bar-coded letters, which is catalyzing its demand across the globe.
Additionally, the expansion of financial institutions redesigning their debt collection process to reduce the time frame and associated costs with the process is propelling the market growth.
Besides this, the increasing adoption of debt collection software in the healthcare sector to facilitate medical claims, billing, loan, pre-collections, and collection servicing is strengthening the market growth. Moreover, debt collection software increase staff productivity, assists collection performance, and decreases the aging of account receivables. Furthermore, the integration of advanced technologies, such as artificial intelligence (AI), to personalize the customer experience through behavioral science, digitize old processes through automation, and conduct enhanced A/B or split testing. This, in confluence with the continuous developments in software product development, is driving the market. Key players operating in the industry are currently focusing on designing the debt collection software that can be utilized by governing agencies, which is projected to stimulate the market growth.
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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