Press release
Debt Collection Software Market Size (US$ 7.4 Billion) | Industry Analysis Report 2023-2028
What is Debt Collection Software?
A debt collection software is a digital tool that automates the debt collection process. It helps communicate with customers, manage accounts receivables, review accounting reports, accelerate cash receipts, negotiate with important customers, resolve disputes, and facilitate communication between different departments. It also provides a dashboard for both debt collectors and managers, to minimize the time spent on unproductive tasks and expedite debt recovery. In addition, they provide ease of connection rates and operational efficiency, with improved coverage. As a result, debt collection software is widely adopted in financial institutions, collection agencies, telecom, healthcare, and government institutions.
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What are the growth prospects and trends in the Debt Collection Software industry?
The market is primarily driven by the rising demand for debt collection software due to the increasing use of self-service payment models. In addition, the rapid digitization of banking institutions and collection agencies to automate revenue cycles and eliminate bad debt in a secure and centralized platform that is accessible through smartphones or the web is contributing to market growth. Moreover, the widespread product adoption in the healthcare industry as it offers document management, patient lending program administration, contact management for care providers, revenue cycle management, batch patient invoices and statements, and an online patient portal, represents another major growth-inducing factor. Along with this, the key market players are leveraging cloud computing technologies to make data and application sharing more convenient, accelerating the product adoption rate. Furthermore, various governments are implementing policies regarding data security and increasing investment in business intelligence (BI) analytics tools, which is creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
Software
Services
Breakup by Deployment Mode:
On-premises
Cloud-based
Breakup by Organization Size:
Small and Medium Enterprises
Large Enterprises
Breakup by End User:
Financial Institutions
Collection Agencies
Healthcare
Government
Telecom and Utilities
Others
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
AgreeYa.com
Chetu Inc.
Debtrak
EbixCash Financial Technologies
Experian Information Solutions Inc.
Fair Isaac Corporation
Katabat Corporation (Ontario System)
Nucleus Software Exports Ltd.
Pegasystems Inc.
Seikosoft
TietoEVRY
TransUnion LLC.
Key Highlights of the Report:
Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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