Global Debt Collection Software Market to Reach USD 10,311.37 Million by 2032, Aided by Increasing Automation in the Debt Collection Process

The global debt collection software market has been witnessing growth due to the increasing demand for self-service payment models and automation in the debt collection process. The industry's growth is influenced by several factors, such as the rise in demand to reduce bad debt and improve cash flow, a surge in need for automation in the accounts receivable process, and a rise in multichannel collection models. In the coming years, the emerging trend of analytics-enabled collections models is expected to have a significant impact on the debt collection software market. The financial institutions dominate the debt collection software market share and are expected to continue this trend during the forecast period. This can be attributed to the rapid digitalisation among banking institutes. Moreover, debt collection software allows banks to automate collection processes, which is expected to drive software adoption among banks. North America dominates the overall debt collection software market and is expected to continue during the forecast period. Thus, integrating debt collection software among various banking, financial services, and insurance (BFSI) systems becomes easy. Countries such as the United States and Canada are the most advanced in terms of adopting digital technologies and cloud-based platforms to combat rising bad debt rates. Debt collection software vendors are aware of the role played by Big Data analytics and predictive analytics in debt collection and the benefits offered by data visibility in terms of compliance.

The market for debt collection software is fragmented. The degree of fragmentation may increase during the forecast period as various industries undergo massive transformations as a result of technological advancement and players compete to provide the best solution. In April 2020, Financial technology leader FIS (NYSE: FIS) announced that FIS Ventures, the newly created corporate venture investment division of FIS, has launched an effort to invest a target of USD 150 million in promising fintech startups over the next three years with a focus on emerging technologies, such as artificial intelligence (AI) and machine learning (MI), digital enablement and automation, data and analytics, security and privacy, distributed ledger technology, and financial inclusion.

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Market Analysis by Components, Deployment, Organisation Size, End User, and Regions:

• The components of debt collection software industry can be divided into software and service.

• On-Premise and cloud form the major deployment modes of this market.

• On the basis of organisation size, the market can be divided into small and medium enterprises and large enterprises.

• The end-users can be segmented into financial institutions, collection agencies, healthcare, government, telecom and utilities.

• The regional markets for debt collection software include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Various debt collection software providers are focusing on developing and introducing machine learning (ML) and artificial intelligence (AI) based debt collection solutions.

• Significant investments in cutting-edge tools and technologies for efficient business operations is expected to drive the market growth.

• The rising demand for commercial and consumer debt recovery services is propelling the market forward.

• The growth in inefficient debt and unrecovered debts management process has propelled the adoption of debt collection software across the globe.

Key Offerings of the report:

• The EMR report gives an overview of the global debt collection software market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for components, deployment, organisation size, end user, and major regions of debt collection software.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global debt collection software market are Chetu Inc., Experian Information Solutions, Inc., Fair Isaac Corporation, Nucleus Software Exports Ltd., and Transunion LLC, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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