Debt Collection Software Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2020 - 2025

Overview

Debt Collection Software Market size is forecast to reach $5.89 billion by 2025, estimated to grow at a CAGR of 8.93% during 2020-2025. The rising need for advanced consumer and commercial debt recovery services across the financial organization are enhancing the debt collection software market. Additionally, the significant use of technology in order to empower consumer to control their banking and commerce experience are boosting the debt collection market  size during the forecast period 2020-2025.


Report Coverage
The report: “Debt Collection Software Market Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Debt Collection Software Market.

By Component: Software and Services
By Service: Professional and Managed Services
By Professional Service: Implementation, Consulting, Training & Support
By Deployment Type: On Premises and Cloud
By Organization Size: Small & Medium-Sized Enterprise, Large Enterprises
By End-user: Banks, Collection Agencies, Finance Companies, Healthcare, Consumer goods & Retail, Telecom & Utilities
By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina, Ecuador, Peru, Colombia, Costa Rica and others), Europe(Germany, UK, France, Italy, Spain, Russia, Netherlands, Denmark and Others), APAC(China, Japan India, South Korea, Australia, Taiwan, Malaysia and Others), and RoW (Middle east and Africa)

Key Takeaways
  • In 2019, the Debt Collection Software market was dominated by North American region owing to the increasing development in the financial institutions and leading to the adoption of Bank-fintech in the US and Canada.
  • The rising advancement in the debt collection process by large-sized organizations are therefore, leading to the need for multichannel communication which is highly surging the debt collection software market.
  • The rising use of debt management technology and innovations due to stringent government regulations are also leading to the utilization of debt collection software market.
  • The absence of real-time collaboration between the borrower and the collector during the debt collection process is hampering the growth of the market.

Organization Size - Segment Analysis
Large enterprises segment held the largest market share in the Debt Collection Software market in 2019. The increasing demand for affordable and stable economic scale are enabling large organizations to utilize the benefits of debt collection software. Additionally, most of the large businesses are evolving technology in order to enhance their business processes which is also leading to the growth of debt collection software market. Also, the need for multichannel communication in order to improve the collection process in large organizations or business has led to  the adoption of software solutions which will thereby, surge the demand for debt collection software market.


Geography - Segment Analysis
In 2019, North America dominated the Debt Collection Software market with a share of more than 47%, followed by Europe and APAC. The increasing demand for commercial and consumer debt recovery services in North America are highly driving the market growth in this region. Moreover, the advancements by the financial institutions in the US and Canada with the deployment of bank-fintech are highly leading to the enhancement of debt collection software market in North America. 

Drivers – Debt Collection Software Market
  • Rising debt management technology
The rising adoption of automated technology for customer reminder, email & letters, streamlined communication with clients and others are driving the market growth. Additionally, the need for debt management technology for suitable payment plans, transaction management, and commission management and so on are frequently driving the market growth. With the growing adoption of automated debt management technology has further resulted in reducing human intervention and automation of redundant tasks. In addition, the adoption of automated technology has led to higher efficiency operations and lowering excessing cost incurred during debt collection process. These major advantages are surging the debt collection software market.
  • Stringent Government Regulations
The stringent government regulations and policies for data security and rising investments in business intelligence (BI) analytics tools for the deployment of digitalization worldwide are enhancing the debt collection software market. The collaboration of global companies with national governments in order to improve spending and procurement processes through the use of spend analytics software to provide a realistic solution in society.  This development due to enhanced government policies and regulations are driving the growth of the market.

Challenges – Debt Collection Software Market
  • Real-time collection method
One of the most significant factor that is limiting the debt collection software market growth is the absence of real-time collaboration between the borrower and the collector. This issue is highly faced by majority of the collection agents and further hinders the adoption of debt collection software. As every debtor’s repayment abilities are unique and different as per their financial background that requires collectors to create customized collection plans accordingly. This also results in complicated and incomplete collection process and further results in hindering the market growth.

Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Debt Collection Software market. In 2019, the market of Debt Collection Software has been consolidated by the major players – Adtec Software, Katabat, Advantage Software Factory, Agreeya Solutions, Ameyo, Arvato, Chetu, Coface, Css Impact and Debtrak 


Acquisitions/Technology Launches
  • In 2018, Katabat, global software provider launched Katabat Engage that offers data-driven debt collections powered by machine learning to consumer lenders. This new Katabat Engage allows lenders to collect through a personalized platform, a digital communication designed as per customer preferences. The Katabat Engage is additionally powered by a proprietary machine learning platform which performs in Google Kaggle competitions. This also helps lenders to deploy customized e-mail and SMS text collection messages and continuously tune customer outreach and response strategies.

"We also publish more than 100 reports every month in “Information and Communications Technology”, Go through the Domain if there are any other areas for which you would like to get a market research study."

Location: United States

Comments

Post a Comment

Popular posts from this blog

Footwear Materials Market - Forecast(2021 - 2026)

Footwear materials   are basically used in the manufacturing of footwear. Leather has been prime footwear material but the focus has been shifted to other materials like plastics, rubber and more in recent years. The key factors for the increase in demand for footwear which has resulted in rise footwear materials is due to increase in disposable income in major countries especially in lower and middle income classes. Adoption of westernization and increase in health awareness that increased demand for athletic footwear also attributed for the rise in demand. The footwear manufacturers must comply with the standards insisted by governing bodies so that potential risks to consumer can be minimized. Some of the standards for footwear manufacturers are Consumer Product Safety Improvement Act (CPSIA), Guobiao standards, International standards organization (ISO) and others. Footwear materials market has been segmented into different segments such as by type, by end user and by geography. T
Read more

Golf Cart Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021 - 2026

Global Golf Cart Market: Overview The golf cart manufacturing industry is showing substantial growth over the years. Increasing innovations in the golf cart to provide more comfort rides to passengers are expanding the opportunities for manufactures in the golf cart market. Several guidelines made by the government for the drivers and cart owners to ensure safety will prolong the demand growth. Owing to the fact that golf cart are used in many sectors for short distance ride and transportation of goods the golf cart market had a size of $2.38 billion in 2018, and it will grow with a compound annual growth rate  (CAGR) of 7.22%  during the forecast period 2019-2025.   North America is the leading region in the golf cart market. The rapid growth and increase globalization in the region will boost the economy and the purchasing power of the individual. Furthermore, high availability of country clubs, golf courses, and golfers in the region are primary reason behind North America to be on
Read more

Plasticizers Market - Forecast(2021 - 2026)

Plasticizers   are organic compounds added to polymers to facilitate processing and to increase the flexibility and toughness of the final product by internal modification of the polymer molecule. Polyvinyl chloride (PVC)   accounts for 80-90% of world plasticizer consumption . The main factor owing to the growth of this industry is growing consumption from industries like automotive industry, home appliances, electric wires and cables. Phthalates  accounted for 70% of the world consumption  of plasticizers in 2014, down from  approximately 88% in 2005  and are forecast to  account for 65% of world consumption  in 2020. This decline is due to the increasing concerns over environmental effects. The  plasticizers market  has been segmented by type, application and geography exclusively. Based on the types of additives commercially available, the market is categorized widely into two categories, which are, phthalates and non-phthalates. Each type varies greatly and the composition is diff
Read more