According to a research report “Debt Collection Software Market by Component (Software, Services), Organization Size, Deployment Type, User Type (Financial Institutions, Collection Agencies, Healthcare, Government, Telecom & Utilities), and Region — Global Forecast to 2024”, published by MarketsandMarkets, the global debt collection software market size is expected to grow from USD 2.9 billion in 2019 to USD 4.6 billion by 2024, at a CAGR of 9.6% during the forecast period. The growing demand for automation in the collection process, rising need for self-service payment models to speed up the collection process, and increasing adopting of cloud-based debt collection software are some of the major factors driving the growth of the market.
The large enterprises segment is expected to account for the larger market share during the forecast period.
The use of the debt collection in large enterprises is relatively higher as compared to that of small and medium-sized enterprises (SMEs). This higher use is due to the affordability and economies of scale, which enables large organizations to benefit from the debt collection. Large enterprises have left no stone unturned to compete in today’s cut-throat competitive industry. Moreover, the need for multichannel communication to reach debtors and improve the collection process through automation is likely to drive the growth of the debt collection software.
The services segment to grow at a higher CAGR during the forecast period as compared to the solutions segment
Debt collection services have a broad scope of usage, ranging from assistance to the client for the deployment of software, strategy, & implementation, to cater to the business-specific needs of organizations. Debt collection services help businesses bridge legacy systems to modern applications and take care of training and implementation work so that the client can focus on their core business. This has created opportunities for vendors to provide services to different stakeholders of debt collection ecosystem and help them deal with complexities while configuring modern debt collection software.
North America estimated to lead the debt collection software market during the forecast period
North America is expected to account for the largest share of the debt collection software market in 2019. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting digital technologies and cloud-based platforms to take hold of the increasing bad debt rates. The North American region exhibits a wide presence of key industry players offering debt collection software and services, and its financial position enables it to invest majorly in leading tools and technologies for effective business operations.
FIS (US), FICO (US), Experian (Ireland), CGI (Canada), TransUnion (US), Pegasystems (US), Temenos (Switzerland), Intellect Design Arena (India), Nucleus Software (India), Chetu (US), AMEYO (India), Loxon Solutions (Hungary), EXUS (UK), Kuhlekt (Australia), and Katabat (US) are some of the leading companies operating in this market.
Experian (Ireland) and CGI (Canada) are leading players in Debt Collection Software Market
Experian (Ireland) is recognized as one of the leading vendors in the debt collection software market. To achieve success, the company focuses on understanding the fast-changing needs of its clients and has adopted effective growth strategies to enhance its offerings and increase its market reach. For instance, as part of its organic growth strategy, Experian launched two new debt collection solutions, namely, eResolve and PowerCurve Collections, to make debt collection easier for consumers.
- In December 2018, Experian partnered with Burgan Bank to strengthen the collection system and processes. This partnership would benefit the company by increasing the importance of digitalization and strategic collection while offering a more automated structure, which proves to be flexible, dynamic, and efficient in the collection process.
- In January 2017, Experian partnered with Cloudera to improve its business lines. The partnership helped Experian resolve credit underwriting problems and financial issues within the clients’ business.
CGI (Canada) is one of the leading providers of IT infrastructure and BPS. The company invests in R&D activities to offer its customers new and technologically advanced products and solutions, which would deliver maximum results with minimum spending. It has an efficacious track record of integrating complimentary firms through mergers and acquisitions. It successfully integrated a large number of technology companies in the past few years to streamline its operations and build a reliable supply chain.
- In April 2019, CGI acquired Acando, a leading IT management and consulting services firm in Northern Europe and Germany. This acquisition would add more than 2,100 highly skilled consultants to CGI from 5 countries across Europe. Moreover, business automation made the quality of CGI’s products consistent and enabled the company to scale up and scale down based on the demand conditions in the debt collection software market.
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