Debt Collection Software Market to Grow at a CAGR of 9.4% to Reach USD 5.66 billion by 2026

Allied Market Research published a new report, titled, "Debt Collection Software Market to Grow at a CAGR of 9.4% to Reach USD 5.66 billion by 2026." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Automation in the accounts receivable process, rise in multichannel collection models, and need to reduce bad debt and optimize collection costs augment the growth of the global Debt Collection Software Market. The global debt collection software market across North America region dominated the market in 2018.

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Based on component, the software segment held the largest share in 2018, contributing more than four-fifths of the global debt collection software market. 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.

Based on component, the software segment held the largest share in 2018, contributing more than four-fifths of the global debt collection software market. Furthermore, the segment is expected to maintain its lead throughout the forecast period. However, the services segment is projected to register the fastest CAGR of 10.9% during the forecast period.

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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. However, the Asia-Pacific is expected to register the fastest CAGR of 12.6% through 2026.

The key market players analyzed in the report involveAtradius Collections, Chetu Inc., Experian Information Solutions, Inc., Fair Isaac Corporation, Fidelity National Information Services, Inc., Nucleus Software Exports Ltd, Pegasystems Inc., Temenos AG, Tieto, and TransUnion LLC.

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Impact of COVID-19 on Debt Collection Software Market:

• The software industry has witnessed increased demands for certain applications. On the other hand, major software firms are following the remote working system amid COVID-19.

• However, SaaS companies that sell to specialty sectors including hospitality, food, and others have seen a relatively poorer drop in growth.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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