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 that supports business process automation, compliance assurance, and other features essential for orderly and effective recovery. It streamlines the collection processes and improves operational efficiency by ensuring greater coverage and connect rates with ease. It is an intelligent debt recovery software that delivers higher Promise-to-Pay (PTP) rates effectively. It assists in minimizing the time spent on routine or unproductive tasks, sending payment reminders, allowing collection agents to handle critical issues, and speeding up debt recovery. It also helps optimize debt recovery and decrease bad debts by keeping account of the collection actions for each overdue account by automatically generating daily tasks for employees to complete. Moreover, debt collection software solution features convenient payment options for consumers and make the arrangements easier. It can be deployed on-premises and on-cloud and widely employed in small, medium, and large enterprises. At present, it finds extensive applications in financial institutions, government organizations, telecom and utilities, collection agencies, and the healthcare industry across the globe.
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Covid-19 Impact:
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.
Market Trends:
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:
- Software
- Services
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by End User:
- Financial Institutions
- Collection Agencies
- Healthcare
- Government
- Telecom and Utilities
- Others
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:
- AgreeYa.com
- Chetu Inc.
- Debtrak
- EbixCash Financial Technologies
- Experian Information Solutions Inc.
- Fair Isaac Corporation
- Katabat Corporation (Ontario System)
- Nucleus Software Exports Ltd.
- Pegasystems Inc.
- Seikosoft
- TietoEVRY
- 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
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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.
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