Press release
Debt Collection Software Market Segmentation, Future Trends, Growth Overview, Key Companies and Forecast by 2028
The Debt Collection Software Market is projected to reach US$ 6,068.25 million by 2028 from US$ 3,177.26 million in 2021; it is expected to grow at a CAGR of 9.9% from 2022 to 2028.The debt collection software market growth is attributed to increased adoption of self-service payment models. A growing preference for debt collection software to streamline collections and automate the loan collection process is expected to drive market growth in the coming years. The debt collection software market is projected to witness robust growth as businesses increasingly implement self-service payment platforms to keep track of their customers, track bill payments, and maintain credibility. Additionally, the growing need for multichannel communication to reach debtors and improve the collection process through automation is expected to boost the debt collection software market analysis over the forecast period.
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Analysis of the Top Market Players:
1. Chetu Inc.
2. FICO
3. CSS, Inc.
4. Experian Information Solutions Inc.
5. EXUS
6. Loxon Solutions
7. FIS
8. Pegasystems Inc.
9. Quantrax Corporation, Inc.
10. CGI Inc.
In this report, the market has been segmented on the basis of:
Component (Software and Service)
Deployment Type (On-Premise and Cloud)
Organization Size (Large Enterprises and SMEs)
Industry Vertical (IT & Telecom, BFSI, Retail, Manufacturing, and Others)
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There is a growing trend of self-service solutions that help businesses achieve their goals and prepare for the future by enabling secure acceptance of all payment methods, including Europay MasterCard (EMV), Magstripe, and Near Filed Communication (NFC), eliminating the need for cashiers or attendants. KISOK Information Systems, the world leader in self-service solutions, launched a direct bill payment business model. The system automates all payment services for unbanked or underbanked customers while eliminating the expensive processing of individual payments.
In February 2022, Sila Inc., a fintech software platform that provides payment infrastructure as a service, announced that it has partnered with TrueAccord, a leading debt collection company providing smart traps and digital trap solutions to ease the operations of Sila. Overdue and delinquent account management is an important element that fintech needs to have as part of its overall fund management. Thus, the growing adoption of self-service payment models drives the debt collection software market growth.
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