Debt Collection Software Market by Component, End-User, Organization Size, Deployment Type and Region - Global Forecast to 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 18, 2018--The “Debt Collection Software Market by Component (Software and Services), End-User (Banks, Collection Agencies, Finance Companies, Healthcare), Organization Size (Large Enterprises and SMEs), Deployment Type, and Region - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
The debt collection software market is expected to grow from USD 2.64 billion in 2018 to USD 3.73 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period, owing to the growing need to provide customer-centric debt collection management and the increasing requirement of self-service models to speed up the collection process.
Debt volume and risks are increasing globally, owing to the increased consumer borrowing and spending behavior. With the significant increase in debts, organizations across industry verticals are facing difficulties in the collection of debts from consumers. Debt collection organizations and agencies across the globe are deploying robust debt collection software to enhance their collection management process and optimize the recovery time. These software enable money lending organizations to effectively track expected payments and obtain statistical cash forecast.
Debt collection requires experienced collectors who manage their debtors’ accounts, handle their queries, and fairly guide them to pay the debts on time. Moreover, debt collection software help debt collection agencies to enhance the customer experience by offering a digital self-service platform, which enables them to make payment against debts on time.
The growing need for customer-centric debt collection approach is expected to create ample opportunities for debt collection software providers. Dependency on debtor’s dynamic information and governments’ stringent rules and regulations for debt recovery process, such as Fair Debt Collection Practices Act (FDCPA) and Federal Trade Commission (FTC), are expected to be pose a challenge for the debt collection software providers.
The on-premises segment is expected to hold the larger market share during the forecast period, owing to the inclination of organizations to adopt in-house infrastructure. The concern over data privacy and security is a major reason for the larger market size of the on-premises segment. The cloud segment is expected to grow at a higher CAGR during the forecast period, owing to the advantages of the cloud technology, such as agility, scalability, reduced operational costs, flexible payment options, easy access to data, and self-service capabilities, as compared to the on-premises segment.
North America is expected to account for the largest market size and projected to dominate the debt collection software market during the forecast period. The aggressive adoption of technologies by organizations in the region has created huge potential for debt collection software providers in the past decade, and the region is expected to dominate during the forecast period.
However, Asia Pacific (APAC) is expected to provide opportunities for debt collection software providers and grow at the highest CAGR during the forecast period. These growth opportunities can be attributed to the increasing commercial investments by organizations in the arena of debt collection, owing to the increased need for effective debt management and recovery in APAC.
DriversGrowing Need to Provide Customer-Centric Debt Collection Solutions Need to Outsource Debt Recovery to Specialized Debt Collection Agencies Growing Awareness Amongst Debtors for Self-Service Models
RestraintsInadequacy of the Existing Systems and Lack of IT Resources
OpportunitiesExploration of Digital Strategies to Roll Out Collection Services at a Faster Pace Growing Demand By Enterprises to Augment Multi-Channel Communication Technology With Debt Collection Process
ChallengesTracking Delinquent Consumer Debts, and Rising Government Regulations on Debt Collection Activities Debt Collectors’ Dependency on Debtors’ Dynamic Payment Information and Databases
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Debt Collection Software Market, By Component
7 Market By Service
8 Debt Collection Software Market, By Professional Service
9 Market By End-User
10 Debt Collection Software Market, By Organization Size
11 Market By Deployment Type
12 Debt Collection Software Market, By Region
13 Competitive Landscape
14 Company ProfilesAdtec Software Advantage Software Factory Agreeya Solutions Ameyo (Drishti-Soft) Arvato Chetu Coface CSS Impact Debtrak Experian Exus FICO FIS Indus Software Intellect Design Arena Katabat Kuhlekt Nucleus Software Pamar Systems Pegasystems Quantrax Corporation Seikosoft Sopra Banking Software Temenos Totality Software
For more information about this report visit https://www.researchandmarkets.com/research/mmxq6r/debt_collection?w=4
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Related Topics:Software,Credit and Loans
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 12/18/2018 05:51 AM/DISC: 12/18/2018 05:51 AM