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Debt Collection Software Market by Component, End-User, Organization Size, Deployment Type And Region - Global Forecast to 2023

Debt Collection Software Market: Global Forecast until 2023

  • September 2018
  • 144 pages
  • ID: 5532147
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The debt collection software market is anticipated to grow at a compound annual growth rate (CAGR) of 7.2% during the forecast horizon.

The debt collection software market size is forecasted to grow from ~$2.6B in 2018 to ~$3.7B by 2023, at a Compound Annual Rise rate of 7.20 percent during the forecast period.

The growing focus on the multicommunication channel to attain debtors, increasing need to outsource debt collection task to specialized collection agencies, and increasing demand for cloud-based debt collection software powered with self-service payment models are forecast to steer the rise of the debt collection software market. The main factors that are anticipated to restrict the increase of the debt collection software market are inflexibility of the existing systems to process a important volume of debtor's information and limited IT resources.

The implementation segment is forecasted to account for the biggest industry size during the outlook period.

Implementation services provided by debt collection software vendors involve analyzing the organization's need, understanding the operational functionalities of the existing systems, and integrating value-added features as per the specific requirements of debt collection organizations and agencies.Implementation services help debt collection organizations to enhance their cash collection efficiency and boost the global collection and recovery process.

As well, these services help money lending organizations to redefine collection strategies for uplifting the customers' satisfaction.

The telecom and utilities segment is anticipated to increase at the maximal compound annual growth rate (CAGR) during the estimate period.

Among consumers, the telecom and utilities segment is anticipated to rise at the highest CAGR (Compound annual growth rate) during the outlook period.It becomes challenging for debt collection agencies and institutions to recover the amount of debt on time.

In this digital era, debt collection software can be extremely helpful to debt collection agencies in collecting debt from consumers.Debt collection software offer the self-service payment platform to consumers for timely paying their bills and maintaining their credibility.

This adoption allows the cloud segment to account for a considerable market size during the estimate period.

Asia-Pac is anticipated to witness the more significant increase rate during the outlook period.

North America (NA) is expected to account for the biggest market share in 2018 while APAC is anticipated to grow at the highest compound annual growth rate (CAGR) during the estimate period.Asia-Pac is anticipated to be a money-spinning market for debt collection software providers during the outlook period, considering the technological advancements and the rising bad debts.

Multinational firms are anticipated to emphasize on exploring the APAC sector by partnering with local firms, channel partners, and technology partners. Also, the growing adoption of the cloud and mobile technologies by big diversified populations have led to the quick implementation of debt collection software in the APAC countries, including Japan, China (CN), and Australia (AU).

In the process of finding out and checking the market value for various segments and sub-segments collected by secondary research, extensive primary audit sessions were managed with the main people. The distribution of profiles of the primary participants is presented below:

• By Company category: Tier 1 - 40.0 percent, Tier 2 - 35.0 percent, and Tier 3 - 25.0 percent

• By Description: C-suite - 45.0 percent, D-level - 30.0 percent, and Others - 25.0 percent

• By Area: North America continent - 35.0 percent, Asia Pacific (APAC) - 30.0 percent, Europe (EU) - 20.0 percent, and rest of the world - 15.0 percent

Main vendors that offer debt collection software across the world contain FICO, Pegasystems, Temenos, Experian, Chetu, FIS, EXUS, Sopra Banking, Quantrax Corporation, Indus Software, Pamar Systems, Intellect Design, Kuhlekt, Adtec Software, Katabat, Advantage Software Factory, Totality Software, CSS Impact, Nucleus Software, Coface, Arvato, Ameyo, AgreeYa Solutions, SeikoSoft, and Debtrak.

Segment Research

The debt collection software market has been broken down by component, end-user, deployment type, organization size, and area. The study is expected to benefit industry top players/new sector entrants in this sector in these ways:

The document breaks down the debt collection software market comprehensively and offers the best approximations of the revenue data for the global market and its sub-segments.The industry numbers are further split across distinct debt collection components and localities.

Furthermore, the analysis splits the sector into on-premises and cloud deployment types.

Reasons to Buy the Report

From an insight prospect, this market research highlights on several levels of analysis - the market size of the overall market and sub-segments; review of the top actors and company descriptions, which together comprise and examine the basic overviews on the competitive landscape; coming out and high-growth segments of the debt collection software market; and high-growth areas and their respective drivers, market restraints, opportunities, and alternatives.

The market research is anticipated to enhance both established companies, as well as new entrants/smaller companies to measure the pulse of the sector, which in turn, could help companies in garnering high market share.

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