Debt Collection Software Market Expected to Reach USD 6,778 Million by 2027 | Top Key players such as -Pegasystems Inc., Temenos AG, Tieto, and TransUnion LLC.

According to the report published by Allied Market Research, The Debt Collection Software Market Expected to Reach USD 6,778 Million by 2027 | Top Key players such as -Pegasystems Inc., Temenos AG, Tieto, and TransUnion LLC. The report provides a detailed analysis of these key players of the global digital educational publishing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.

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. Whereas, high maintenance cost associated with debt collection services and diversified debt collection regulations across the globe impede the market growth. On the other hand, analytics-enabled collections models are expected to create lucrative opportunities in the near future.

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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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