Debt Collection Software Market Size Worth $6,068.25Mn by 2028 at a CAGR of 9.9%; Latest Report by The Insight Partners

The incremental growth expected to be recorded for the debt collection software market during the forecast period is US$ 2626.15 million.

NEW YORK, UNITED STATES, January 27, 2023 /EINPresswire.com/ -- Recently The Insight Partners has published a report, title “Debt Collection Software Market Size, Share, Growth, Trends, Industry Demand and Forecast to 2028 - COVID-19 Impact and Global Analysis by Component, Deployment Type, Organization Size, Industry Vertical and Geography”, the market is projected to reach US$ 6,068.25 million in 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 growth of the debt collection software market is estimated to be driven by the growing adoption of self-service payment models & rising automation in the debt collection process and growing adoption of debt collection software in the healthcare industry.

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Global Debt Collection Software Market – Report Scope:

Market Size Value in US$ 3,177.26 million in 2021
Market Size Value by US$ 6,068.25 million in 2028
Growth rate CAGR of 9.9% from 2022 to 2028
Forecast Period :2022-2028
Base Year: 2021
No. of Pages: 212
No. of Tables:114
No. of Charts & Figures: 90
Historical data available: Yes

Global Debt Collection Software Market: Competitive Landscape and Key Developments:

Chetu Inc.; FICO; CSS, Inc.; Experian Information Solutions Inc.; EXUS; Loxon Solutions; FIS; Pegasystems; Quantrax Corporation, Inc.; and CGI Inc. are a few of the key players profiled during this study on the debt collection software market. Several other important players were studied and analyzed during this market study to get a holistic view of the global debt collection market growth and its ecosystem.

Debt collection software market players mainly focus on partnerships to create customer value.

In 2022, Chetu, a leading developer of custom software solutions, announced the latest expansion of its international offices as the company opened a new software delivery center in Noida, India. In addition, the expansion aims to accommodate the sustained growth of its global operations by opening a new software development facility at its A-206 campus in India.

In 2021, FICO, a leading predictive analytics & decision management software company, and Constellation Software Inc. jointly announced that they had completed the sale of FICO’s Collection and Recovery business to Constellation’s Jonas Software operating group, a leading provider of enterprise management software solutions.

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In recent years, the market for debt collection software has been expanding because businesses are becoming more inclined to pursue efficient debt recovery. Financial institutions are rethinking their debt collection processes to shorten the duration of the money collection procedure, thus saving ~30% of the associated costs. Debt collection software helps with the automatic and regular monitoring of user accounts and alerts and notifications for loan installations. Financial institutions update customers on loan EMIs and issue alerts periodically. In addition, by requiring fewer people to cover more customers, the debt collection program also ensures a quicker debt recovery. The initial level of questions is handled by the collection's bot, allowing the agents to concentrate on the more important ones. The debt collection process is strengthened by automatically segmenting customer buckets based on the delinquency level, the debt length, and the customer's behavior while optimizing collections profitability and agent performance.

North America dominated with highest debt collection software market share owing to factors such as faster digitalization, inclination toward cloud-based services, and availability of smart debt collection software designed to fasten the debt recovery procedure across countries of North America. Also, the presence of various debt collection software providers in the US and Canada is influencing the demand for debt collection software in the region. The adoption of advanced debt collection services across financial institutions is creating lucrative opportunities for the debt collection software market in the region. In addition, rising debt across countries of North America is propelling the demand for debt collection software.

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The Global Debt Collection Software Market Has Been Segmented As Follows:

By Component (Software and Service)

By Deployment Type (On-Premise and Cloud), Organization Size (Large Enterprises and SMEs)

By Industry Vertical (IT & Telecom, BFSI, Retail, Manufacturing, and Others)

There are various stakeholders in the debt collection software market ecosystem such as solution providers, debt collection software system integrators/service vendors, and end users. The solution providers offer several solutions such as software, service, consulting, integration & implementation, and training & support. A few of the major solution providers in the market include FIS, FICO, Experian, CGI, and TransUnion. These providers have recently made several developments to streamline their product experience through mergers, collaborations, and upgradation in their products. Debt collection software handles all stages of the debt collection process, from collecting all borrower information to sending late billing notices, phone calls, and debt collection management. Sales of receivables collection software are expected to increase due to the multi-functionalization. Government & regulatory bodies, as well as peripheral participants such as industry consortiums and groups & researchers, play a crucial role in influencing the debt collection software market analysis. Furthermore, the debt collection software market end-users include various industry verticals such as financial institutions, collection agencies, healthcare, government, telecom & utilities, real estate, retail, transportation & logistics, and manufacturing.

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The global debt collection software market is segmented on the basis of component, deployment type, organization size, industry vertical, and geography. Based on component, the market is bifurcated into software and services. Based on deployment type, the market is bifurcated into on-premise and cloud-based. Based on organization size, the market is divided into SMEs and large enterprises. Based on industry vertical, the market is segmented into IT & Telecom, BFSI, retail, manufacturing, and others. Based on geography, the global debt collection software market analysis includes North America, Europe, Asia Pacific, Middle East & Africa, and South America.

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