Debt Collection Software Market Expected to Reach USD 6,778 Million by 2027|Top Players such as - Temenos AG, Tieto and TransUnion

According to the report published by Allied Market Research "The Debt Collection Software Market Expected to Reach USD 6,778 Million by 2027|Top Players such as - Temenos AG, Tieto and TransUnion." 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 costs associated with debt collection services and diversified debt collection regulations across the globe impede market growth. On the other hand, analytics-enabled collections models are expected to create lucrative opportunities soon.

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Based on end user, the healthcare segment is expected to manifest the fastest CAGR of 11.1% during the study period. However, the financial institutions segment held the largest share in 2018, accounting for more than one-fourth of the global debt collection software market.

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 involve Atradius 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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