Debt Collection Software Market
According to the new research report on “Debt Collection Software Market Forecast to 2031 – Global Analysis,” published by The Insight Partners, the debt collection software market size is projected to reach US$ 7893.42 million by 2031 from US$ 3697.37 million in 2023. The market is expected to register a CAGR of 9.9% during 2023-2031. The rising number of accounts with reduced account balances is likely to remain a key trend in the market.
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There is an increasing need for self-service payment models to accelerate the debt collection process, which is projected to fuel the demand for debt collection software in North America during the forecast period. Countries in North America have been proactively adopting cloud-based platforms and digital technologies to keep the increasing bad debt rate in check. The region has a wide presence of major players offering debt collection software solutions, thus creating competition among themselves. A few of the major North American debt collection software market players are FIS, FICO, TransUnion LLC, Pegasystems Inc., Chetu Inc., KATABAT, Gaviti, Metropolitan Credit Adjusters Ltd., Ameyo, and LeadSquared. The emergence of the COVID-19 pandemic created a financial burden that led certain businesses into debt. Significant economic challenges in 2021, such as inflation, supply shortages, and restrictions on several business operations, created an environment to go under debt.
According to the Experian study in April 2022, an average American had US$ 92,727 in consumer debt, which included auto loans, credit cards, mortgages, and personal and student loans. In 2021, ~28% of Americans had debt in collections on their credit report because they failed to pay their loans. Such factors have augmented the debt collection software market growth across North America.
The debt collection software market analysis in Europe is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The increasing demand for automating and controlling debt, enhancing the recovery process, and the growing need to increase the productivity in debt collections are the prominent factors driving the debt collection software market in Europe. As per Intrum’s 2022 European Payment Report, many European businesses believe that macroeconomic challenges such as inflation, rise in prices, and the war in Ukraine are influencing their companies’ growth prospects. Moreover, many businesses also admit that late payments, debt growth, and lack of expertise to manage debt are propelling the need for debt collection software in Europe. The impacts of the COVID-19 pandemic increased the debt liabilities of businesses and consumers. According to trading economics, the Government Debt in European Union (UN) increased to US$ 12.09 trillion in 2020 from US$ 10.85 trillion in 2019. As per the CEIC Data, EU Government debt accounted for 87.8% of the country’s Nominal GDP in March 2022, compared to 88.1% in March 2021.
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The global debt collection software market is segmented on the basis of component, deployment type, organization size, industry vertical, and geography. Based on component, the market is bifurcated into software and services. Based on deployment type, the market is bifurcated into on-premise and cloud-based. Based on organization size, the market is divided into SMEs and large enterprises. Based on industry vertical, the debt collection software market is segmented into IT & Telecom, BFSI, retail, manufacturing, and others. Based on geography, the global debt collection software market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
In 2021, the top five global debt collection software market players included Chetu Inc.; FICO; CSS, Inc.; Experian Information Solutions Inc.; EXUS; and Loxon Solutions. The positioning of these “Five Key Players” is derived by providing weightage to the following key performance parameters such as overall revenue, segment revenue, geographical reach, customer base, new product launches, market initiatives, investment in technology up-gradation, R&D investments, mergers & acquisitions, and other market-related activities. Various other notable debt collection software market players profiled in the global report are FIS; Pegasystems; Quantrax Corporation, Inc.; and CGI Inc.
Key Findings of Market Study:
There are various stakeholders in the debt collection software market ecosystem such as solution providers, debt collection software system integrators/service vendors, and end users. The solution providers offer various types of solutions such as software, service, consulting, integration & implementation, and training & support. A few of the major solution providers in the market include FIS, FICO, Experian, CGI, and TransUnion. These providers have made a number of developments in the recent years to streamline their product experience through various mergers and collaborations and upgradation in their products. Debt collection software handles all stages of the debt collection process, from collecting all borrower information to sending late billing notices, phone calls, and debt collection management. Sales of receivables collection software are expected to increase due to the multi-functionalization. Government & regulatory bodies, as well as peripheral participants such as industry consortiums and groups & researchers, play a crucial role in influencing the debt collection software market growth. Furthermore, the end-users of the debt collection software market analysis include various industry verticals such as financial institutions, collection agencies, healthcare, government, and telecom & utilities.
Browse Complete Summary and Table of Content at: https://www.theinsightpartners.com/reports/debt-collection-software-market/
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
This release was published on openPR.
Debt Collection Software Market
According to the new research report on “Debt Collection Software Market Forecast to 2031 – Global Analysis,” published by The Insight Partners, the debt collection software market size is projected to reach US$ 7893.42 million by 2031 from US$ 3697.37 million in 2023. The market is expected to register a CAGR of 9.9% during 2023-2031. The rising number of accounts with reduced account balances is likely to remain a key trend in the market.
Get a PDF Sample Brochure at – https://www.theinsightpartners.com/sample/TIPTE00002447/?utm_source=OpenPR&utm_medium=10196
There is an increasing need for self-service payment models to accelerate the debt collection process, which is projected to fuel the demand for debt collection software in North America during the forecast period. Countries in North America have been proactively adopting cloud-based platforms and digital technologies to keep the increasing bad debt rate in check. The region has a wide presence of major players offering debt collection software solutions, thus creating competition among themselves. A few of the major North American debt collection software market players are FIS, FICO, TransUnion LLC, Pegasystems Inc., Chetu Inc., KATABAT, Gaviti, Metropolitan Credit Adjusters Ltd., Ameyo, and LeadSquared. The emergence of the COVID-19 pandemic created a financial burden that led certain businesses into debt. Significant economic challenges in 2021, such as inflation, supply shortages, and restrictions on several business operations, created an environment to go under debt.
According to the Experian study in April 2022, an average American had US$ 92,727 in consumer debt, which included auto loans, credit cards, mortgages, and personal and student loans. In 2021, ~28% of Americans had debt in collections on their credit report because they failed to pay their loans. Such factors have augmented the debt collection software market growth across North America.
The debt collection software market analysis in Europe is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The increasing demand for automating and controlling debt, enhancing the recovery process, and the growing need to increase the productivity in debt collections are the prominent factors driving the debt collection software market in Europe. As per Intrum’s 2022 European Payment Report, many European businesses believe that macroeconomic challenges such as inflation, rise in prices, and the war in Ukraine are influencing their companies’ growth prospects. Moreover, many businesses also admit that late payments, debt growth, and lack of expertise to manage debt are propelling the need for debt collection software in Europe. The impacts of the COVID-19 pandemic increased the debt liabilities of businesses and consumers. According to trading economics, the Government Debt in European Union (UN) increased to US$ 12.09 trillion in 2020 from US$ 10.85 trillion in 2019. As per the CEIC Data, EU Government debt accounted for 87.8% of the country’s Nominal GDP in March 2022, compared to 88.1% in March 2021.
Buy Now at – https://www.theinsightpartners.com/buy/TIPTE00002447/?utm_source=OpenPR&utm_medium=10196
The global debt collection software market is segmented on the basis of component, deployment type, organization size, industry vertical, and geography. Based on component, the market is bifurcated into software and services. Based on deployment type, the market is bifurcated into on-premise and cloud-based. Based on organization size, the market is divided into SMEs and large enterprises. Based on industry vertical, the debt collection software market is segmented into IT & Telecom, BFSI, retail, manufacturing, and others. Based on geography, the global debt collection software market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
In 2021, the top five global debt collection software market players included Chetu Inc.; FICO; CSS, Inc.; Experian Information Solutions Inc.; EXUS; and Loxon Solutions. The positioning of these “Five Key Players” is derived by providing weightage to the following key performance parameters such as overall revenue, segment revenue, geographical reach, customer base, new product launches, market initiatives, investment in technology up-gradation, R&D investments, mergers & acquisitions, and other market-related activities. Various other notable debt collection software market players profiled in the global report are FIS; Pegasystems; Quantrax Corporation, Inc.; and CGI Inc.
Key Findings of Market Study:
There are various stakeholders in the debt collection software market ecosystem such as solution providers, debt collection software system integrators/service vendors, and end users. The solution providers offer various types of solutions such as software, service, consulting, integration & implementation, and training & support. A few of the major solution providers in the market include FIS, FICO, Experian, CGI, and TransUnion. These providers have made a number of developments in the recent years to streamline their product experience through various mergers and collaborations and upgradation in their products. Debt collection software handles all stages of the debt collection process, from collecting all borrower information to sending late billing notices, phone calls, and debt collection management. Sales of receivables collection software are expected to increase due to the multi-functionalization. Government & regulatory bodies, as well as peripheral participants such as industry consortiums and groups & researchers, play a crucial role in influencing the debt collection software market growth. Furthermore, the end-users of the debt collection software market analysis include various industry verticals such as financial institutions, collection agencies, healthcare, government, and telecom & utilities.
Browse Complete Summary and Table of Content at: https://www.theinsightpartners.com/reports/debt-collection-software-market/
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
This release was published on openPR.
