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Debt Collection Software Market 2026- Explore Top Factors that Will Boost the Global Market in Future

11-29-2023 08:15 AM CET | IT, New Media & Software

Press release from: Allied Market Research

Debt Collection Software Market

Debt Collection Software Market

According to a recent report released by Allied Market Research titled "Debt Collection Software Market by Component, Deployment Mode, Organization Size, and End User: Opportunity Analysis and Industry Forecast, 2020-2027," the global debt collection software market recorded a revenue of $3,120 million in 2019. It is anticipated to reach $6,778 million by 2027, exhibiting a Compound Annual Growth Rate (CAGR) of 10.2% throughout the forecast period.

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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.

Debt collection software serves as a management tool designed to streamline debt collection and recovery processes. It excels in analyzing extensive datasets, enhancing automation levels, and addressing the dynamic nature of the debt collection industry. Notable features of this software encompass payment plans, client management, in-house collections, and transaction management. The surge in digitalization has intensified the demand for automating debt collection processes, driving significant growth in the global debt collection software market. Many companies opt for outsourcing or hiring debt collectors, considering it a cost-effective approach. This allows companies to focus on tracking payments for delinquent accounts using their resources, contributing to the substantial growth of the collection software market in the coming years.

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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.

In terms of components, the software segment was the primary revenue contributor in 2019. This is attributed to the software's ability to automate invoicing, facilitate central data storage, and send alerts and notifications. However, the service segment is projected to witness the highest growth rate during the forecast period. This growth is fueled by the rising trend of tailoring software to the specific needs of customers' companies, streamlining and automating all debt recovery processes across different lending products through services related to debt collection software implementation.

Regarding deployment modes, the on-premise segment dominated the debt collection software market in 2019 and is expected to maintain this dominance in the forecast period. This is driven by the increased need to secure critical data from cyber threats and monitor data intrusion within organizations. The preference for on-premises-based debt collection software is further fueled by the high demand among debt collection agencies and the financial institutions' need to reduce bad debt by analyzing debtors' behavioral and banking data.

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Post the COVID-19 pandemic, the debt collection software market size is estimated to grow from $3,432 million in 2020 to a projected $6,778 million by 2027, with a CAGR of 10.2%. The pandemic moderately impacted the global debt collection software market growth, as overdue or non-collectible loans became an implicit part of the financial sector. Consequently, there was a significant increase in the adoption of new software for debt management, particularly in microfinance institutions (MFIs). Additionally, debt collection automation emerged as an effective strategy for more efficient collection processes, with over 50% of surveyed collection agencies in the U.S. reporting thriving performance and surpassing pre-pandemic metrics, as per a July 2020 nationwide survey conducted by Prodigal Technologies, Inc.

Some of the key market players profiled in the report include 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.

The Asia-Pacific region is anticipated to experience the highest growth rate in the upcoming forecast period. This is attributed to the ongoing digital transformation and an increasing willingness among consumers in the region to embrace new technologies. The adoption of debt collection software is notably rising among small-scale agencies in Asia-Pacific, where traditional methods involving aggressive calls and physical confrontations are being replaced. Furthermore, the debt collection industry in the emerging markets of Asia-Pacific is currently dominated by local collection agencies. The escalating problem of non-performing loans (NPLs) poses a threat to both financial institutions and various industries' day-to-day operations, leading to an uptick in debt collection activities and consequently driving the adoption of debt collection software.

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Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.

If you have any special requirements, please let us know and we will offer you the report as per your requirements.

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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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