DUBLIN--(BUSINESS WIRE)--The "Debt Collection Software Market by Component, Deployment, Organization Size, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026" report has been added to ResearchAndMarkets.com's offering.
The debt collection software market was valued at $2,783.2 million in 2018, and is projected to reach $5,660.8 million by 2026, growing at a CAGR of 9.4% from 2019 to 2026.
A debt collection software automates the debt collection process and provides real-time information of debtor portfolios to the collectors. This software offers features such as customer segmentation based on collection scenarios, automation of customer reminders, email & letters, streamlining communication with clients, suitable payment plans, transaction management, commission management, compliance management, invoice management, payment, and others. A debt collection software can be deployed on-premises or on cloud depending upon the convenience of organizations. Various industry players opt for all-in-one debt collection solutions. These solutions include implementation, support, and maintenance of the software.
High demand for commercial & consumer debt recovery services across the BFSI organizations is a major factor expected to drive growth of the financial institutions operating across the globe, thereby boosting the adoption of debt collection software. In addition, owing to the ability of debt collection software to organize the daily work of collectors and decrease the time spent on administrative and unproductive tasks, its demand among emerging economies is expected to rise at a significant rate. Moreover, increase in need to save the time required for administrative duties, such as prioritizing daily activities or preparing for calls to focus on the value adding tasks such as reducing bad debts, drives the growth of the global debt collection software market.
The software segment was the highest contributor to the debt collection software market in 2018, and is projected to remain dominant during the forecast period, as it represents the complete debt recovery program's data set and operative plans, including the application programming interface (API). Moreover, it consists of debt analyzer, report printing functions, and others.
The small & medium enterprises segment dominated the debt collection software market share in 2018, and is expected to continue this trend during the forecast period. Debt collection software is being widely adopted among SMEs, owing to its growing demand from government agencies to recover its debt at a high rate.
North America garnered the highest market share in 2018, and is projected to continue this trend during the forecast period. This is attributed to rise in need for strategic debt recovery solutions coupled with high adoption of analytical framework among players in this region. In addition, presence of a number of players operating in this region is a key factor to that propels the growth of the market. Moreover, availability of well-developed network infrastructure in North American has proliferated the adoption of debt collection software, thereby fueling the market growth.
The report focuses on the growth prospects, restraints, and market analysis. The study provides Porter's five forces analysis of the debt collection software industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the debt collection software market trends.
Key Finding of The Debt Collection Software Market:
- By component, the software segment dominated the debt collection software market share. However, the services segment is expected to exhibit significant growth during the forecast period in the debt collection software industry.
- On the basis of deployment, the on-premise segment is anticipated highest revenue share in 2018.
- Depending on organization size, the small & medium enterprises segment accounted for the highest revenue in debt collection software market forecast.
- As per end user, the financial institutions generated the highest revenue in 2018. However, the healthcare sector is expected to witness considerable growth in the near future.
- Region wise, Asia-Pacific is expected to witness significant growth in terms of CAGR in the upcoming years.
Major players operating in this market have witnessed high growth in demand for debt collection solutions especially due to digitalization. This study includes debt collection software market opportunity, analysis, trends, and future estimations to determine the imminent investment pockets.
Key Topics Covered:
Chapter 1: Introduction
1.1. Report Description
1.2. Key Benefits For Stakeholders
1.3. Key Market Segments
1.4. Key Market Players
1.5. Research Methodology
Chapter 2: Executive Summary
2.1. Key Findings
2.2. Cxo Perspective
Chapter 3: Market Overview
3.1. Market Definition And Scope
3.2. Key Forces Shaping The Global Debt Collection Software Market
3.3. Case Studies
3.4. Market Dynamics
3.5. Patent Analysis
Chapter 4: Global Debt Collection Software Market, By Component
Chapter 5: Global Debt Collection Software Market, By Deployment
Chapter 6: Global Debt Collection Software Market, By Organization Size
6.2. Small And Medium Enterprises
6.3. Large Enterprises
Chapter 7: Global Debt Collection Software Market, By End-User
7.2. Financial Institutions
7.3. Collection Agencies
7.6. Telecom & Utilities
Chapter 8: Global Debt Collection Software Market, By Region
8.2. North America
Chapter 9: Competitive Landscape
9.1. Market Share Analysis, 2018
9.2. Top Winning Strategies
9.3. Competitive Dashboard
9.4. Key Developments
9.5. Patent Analysis
9.6. Case Studies
Chapter 10: Company Profile
10.1. Atradius N.V.
10.2. Chetu Inc.
10.3. Experian Information Solutions, Inc.
10.4. Fair Isaac Corporation
10.5. Fidelity National Information Services, Inc. (Fis)
10.6. Nucleus Software Exports Ltd.
10.7. Pegasystems Inc.
10.9. Tieto Corporation
10.10. Transunion Llc.
For more information about this report visit https://www.researchandmarkets.com/r/qhlgsd