Debt Collection Software Market 2020: Record High Markets Ahead of Demand for Debt Recovery

According to the report, the global debt collection software industry accounted for $2.78 billion in 2018 and is projected to reach $5.66 billion by 2026, registering a CAGR of 9.4% from 2019 to 2026. Automation in the accounts receivable process, increase in multichannel collection models and need to reduce bad debt and optimize collection costs have boosted the growth of the global debt collection software market. However, high maintenance costs associated with debt collection services and diversified debt collection regulations across the globe hamper market growth. On the contrary, analytics-enabled collections models are expected to create lucrative opportunities in the near future.

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The healthcare segment is expected to manifest the fastest CAGR of 11.1% during the study period, owing to rise in demand for debt recovery in the healthcare sector. However, the financial institution’s segment held the largest share in 2018, accounting for more than one-fourth of the global debt collection software market. This is due to the rise in need to automate debt collection processes in financial institutes such as banks.

The software segment held the largest share in 2018, contributing more than four-fifths of the global debt collection software market, owing to rise in demand of software solutions that eases the data analyses software solutions. Furthermore, the segment is expected to maintain its dominance throughout the forecast period. However, the services segment is projected to register the fastest CAGR of 10.9% during the forecast period, owing to installation, support, and maintenance services.

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The global debt collection software market across North America region dominated the market in 2018, contributing nearly two-fifths of the market and is anticipated to maintain its dominance throughout the forecast period. The region has well-developed IT infrastructure which has led to early adoption of automation processes in this region. However, the Asia-Pacific is expected to register the fastest CAGR of 12.6% through 2026. This is due to high need to collect debt among regional governments.

Major market players

Chetu Inc.Atradius CollectionsExperian Information Solutions, Inc.Fair Isaac CorporationNucleus Software Exports Ltd,Fidelity National Information Services, Inc.Pegasystems Inc.Temenos AG,TietoTransUnion LLC.

This report provides a comprehensive analysis of,

• Top impacting Growth Factors

• Competitive Analysis of Leading Market Players

• Current and Future Market Trends

• Market Segmentation

• Revenue Estimation by 2026

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Key questions answered in Debt Collection Software Market research study:

• What is the market growth rate of Debt Collection Software Market from 2019-2026?

• What will be the global market size of the market from 2019 to 2026?

• Who are the leading global players in the Debt Collection Software Market?

• What are the current trends and predicted trends?

• What are the challenges faced in the Debt Collection Software Market?

• Which will be the niches at which players profiling with thorough plans, financials, and also recent advancements should set a presence?

• Which will be the anticipated growth rates for your own Debt Collection Software Market economy altogether and also for every segment inside?

• Which will be the Debt Collection Software Market application and types and forecast accompanied closely by producers?

• What are the conclusions of the Debt Collection Software Market report?

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