According to the latest report by IMARC Group “Debt Collection Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global debt collection software market size reached US$ 4.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.4 Billion by 2028, exhibiting a growth rate (CAGR) of 10.91% during 2023-2028.
Debt collection software is a digital tool to monitor and follow up with debtors while predicting and prioritizing debt recovery. It comprises call logs, notes, a collection of scoring and key performance indicators (KPIs), access to credit reports, debt dispute tracking, and payment processing. It offers instant and accurate data, provides repayment reminders, increases repayment percentage, and reduces the number of overdue invoices of customers. It enables enhanced financial transparency for better and faster decision-making while offering accurate forecasting.
Debt collection software also improves profitability and maintains a good relationship with customers to increase revenue growth. It assists organizations in enhancing productivity, allowing collection agents to handle complex issues, and facilitating debt recovery. Besides this, debt collection software provides various features, such as borrower management, recovery automation, and analytical insights. It also delivers omnichannel interactions, humanized collection bots, interactive voice response (IVR) systems, artificial intelligence (AI) software, and quality monitoring. As a result, debt collection software is widely utilized in the healthcare, government, telecom, and utility sectors across the globe.
Request for a free sample copy of this report: https://www.imarcgroup.com/debt-collection-software-market/requestsample
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Rapid digitization and the rising need to automate revenue cycles to eliminate bad debt represent one of the key factors positively influencing the market. In addition, the incorporation of cloud-based debt collection software across small and medium enterprises (SMEs) to reduce infrastructure investment is creating a favorable market outlook. Cloud-based debt collection software facilitates the real-time availability of operational data and facilitates round-the-clock payment methods to all debtors via automated phone calls, SMS, web portal, and bar-coded letters, which is catalyzing its demand across the globe. Additionally, the expansion of financial institutions redesigning their debt collection process to reduce the time frame and associated costs with the process is propelling the market growth.
Besides this, the increasing adoption of debt collection software in the healthcare sector to facilitate medical claims, billing, loan, pre-collections, and collection servicing is strengthening the market growth. Moreover, debt collection software increase staff productivity, assists collection performance, and decreases the aging of account receivables. Furthermore, the integration of advanced technologies, such as artificial intelligence (AI), to personalize the customer experience through behavioral science, digitize old processes through automation, and conduct enhanced A/B or split testing. This, in confluence with the continuous developments in software product development, is driving the market. Key players operating in the industry are currently focusing on designing the debt collection software that can be utilized by governing agencies, which is projected to stimulate the market growth.
Breakup by Component:
Breakup by Deployment Mode:
Breakup by Organization Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by End User:
- Financial Institutions
- Collection Agencies
- Telecom and Utilities
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Chetu Inc.
- EbixCash Financial Technologies
- Experian Information Solutions Inc.
- Fair Isaac Corporation
- Katabat Corporation (Ontario System)
- Nucleus Software Exports Ltd.
- Pegasystems Inc.
- TransUnion LLC.
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
Ask Analyst for Customization and Browse full report with TOC & List of Figure: https://www.imarcgroup.com/debt-collection-software-market
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
30 N Gould St Ste R
Sheridan, WY 82801 USA – Wyoming
Email: [email protected]
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800