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The Debt Collection Software Market size is expected to grow from US$ 2.64 Billion in 2018 to US$ 3.73 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.The increasing focus on the multicommunication channel to reach debtors, growing need to outsource debt collection task to specialized collection agencies, and rising demand for cloud-based debt collection software powered with self-service payment models are expected to drive the growth of the debt collection software market.
The implementation segment is expected to account for the largest market size during the forecast period.
Implementation services offered 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 improve their cash collection efficiency and boost the overall collection and recovery process.
Among end-users, the telecom and utilities segment is expected to grow at the highest CAGR during the forecast period. It becomes challenging for debt collection agencies and organizations 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.
Asia Pacific is expected to witness the highest growth rate during the forecast period.
North America is estimated to account for the largest market share in 2018 while APAC is expected to grow at the highest CAGR during the forecast period. APAC is expected to be a money-spinning industry for debt collection software providers during the forecast period, considering the technological advancements and the increasing bad debts. Multinational companies are expected to emphasize on exploring the APAC industry by partnering with local companies, channel partners, and technology partners.
Top Key Players in the “Debt Collection Software Market” include are
Sopra Banking (France)
Quantrax Corporation (US)
Indus Software (India)
Pamar Systems (US)
Intellect Design (India)
Adtec Software (UK)
Advantage Software Factory (Romania)
Totality Software (US)
CSS Impact (US)
Nucleus Software (India)
AgreeYa Solutions (US)
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The major objective of this report is to define, describe, and forecast the debt collection software market by component, end-user, deployment type, organization size, and region. The report provides detailed information related to the major factors (drivers, restraints, opportunities, and industry-specific challenges), influencing the market growth. The report forecasts the market size with respect to 5 key regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America.
Reason to buy this report:
Debt Collection Software Market research report focuses on various levels of analysis –the market size of the global market and subsegments; analysis of the top players and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the debt collection software market; and high-growth regions and their respective drivers, restraints, challenges, and opportunities.
Target Audience for Debt Collection Software Market: Global debt collection software providers, Professional services providers, Government and research organizations, Information Technology (IT) companies, Cloud services providers, System integrators, Resellers and distributors, Investor and venture capitalists, Associations and industrial bodies.