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Global Debt Collection Software Market: By Component: Software, Services; By Deployment: On-Premise, Cloud; By Organisation Size: Small and Medium Enterprises, Large Enterprises; By End User; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Debt Collection Software Market Outlook
The global debt collection software market reached a value of more than USD 3,438 million in 2021. The market is further expected to grow at a CAGR of 10.5% in the forecast period of 2022-2027 to reach a value of above USD 6,259 million by 2027.
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North America Accounts for a Considerable Share of the Debt Collection Software Industry
North America accounts for a significant share of the overall debt collection software industry due to the wide availability of well-developed infrastructure, which, in turn, is easing the adoption of debt collection software in various end-use industries. As countries such as the United States and Canada are some of the pioneers in adopting digital technologies and cloud-based platforms, the use of debt collection software to maintain the increasing bad debt rates is surging. Moreover, the wide presence of key industry players offering debt collection software and services in the region is increasing investments in cutting-edge tools and technologies for efficient business operations, thereby bolstering the market growth.
Surging Burden of Loans Driving the Market for Debt Collection Software
The increasing burden of overdue loans and utility bills, in the wake of the COVID-19 crisis, is surging the demand for debt collection software, hence driving the market growth. The rising demand for commercial and consumer debt recovery services is also propelling the market forward. Moreover, the growing adoption of debt collection software from financial institutions and fintech is invigorating the growth of the industry. In addition, the debt collection software market is being boosted due to the rising investments in business intelligence (BI) analytics tools owing to the growing trend of digitisation.
Debt collection software: Market Segmentation
Debt collection software, variously known as payment collection software, is a solution that enables debtors to track, monitor, and prioritise debt recovery. It automates the collection process and provides collectors with real-time data on debtor portfolios. It aids in the automation of processes like transaction management and increases operational efficiency by removing the possibility of human error.
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The major components of data collection software can be divided into:
- Software
- Services
On the basis of deployment, the industry is bifurcated into:
- On-Premise
- Cloud
By organisation size, the market is categorised into:
- Small and Medium Enterprises
- Large Enterprises
Based on end user, the debt collection software market is segmented into:
- Financial Institutions
- Collection Agencies
- Healthcare
- Government
- Telecom and Utilities
The EMR report looks into the regional markets of debt collection software like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Growing Adoption of Self-Service Payment Models to Aid the Market Growth of Debt Collection Software
The market growth can be attributed to the increasing demand for debt collection software owing to the growing adoption of self-service payment models. The increasing preference for debt collection software to streamline debt collection and automate loan recovery processes is expected to propel the growth of the market. As businesses are increasingly implementing self-service payment platforms to keep track of their customers, follow up on bill payments, and maintain their credibility, the market for debt collection software is projected to witness robust growth. Furthermore, the growing requirement for multichannel communication to reach debtors and improve the collection process through automation is expected to propel the growth of the debt collection software industry in the forecast period.
The rising demand for inefficient debt and unrecovered debts management processes is augmenting the adoption of debt collection software by various organisations. The improvement in the cash flow and the rising demand for optimisation of collection costs is further boosting the demand for debt collection software. In addition, various telecom and utility companies are leveraging debt collection software to benefit from growing online transactions, hence fuelling the industry growth. The integration of artificial intelligence (AI) in debt collection software to bolster the accuracy of predictive analytics is estimated to significantly contribute to the expansion of the market. The increasing adoption of automated technology for customer reminders, email and letters, and streamlined communication with clients, among others, is anticipated to provide further impetus to the data collection software industry.
Key Industry Players in the Global Debt Collection Software Market
The report gives a detailed analysis of the following key players in the global debt collection software market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Chetu Inc.
- Experian Information Solutions, Inc.
- Fair Isaac Corporation
- Nucleus Software Exports Ltd.
- Transunion LLC
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2021 |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Component, Deployment, Organisation Size, End User, Region |
| Breakup by Component | Software, Services |
| Breakup by Deployment | On-Premise, Cloud |
| Breakup by Organisation Size | Small and Medium Enterprises, Large Enterprises |
| Breakup by End User | Financial Institutions, Collection Agencies, Healthcare, Government, Telecom and Utilities |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Chetu Inc., Experian Information Solutions, Inc., Fair Isaac Corporation, Nucleus Software Exports Ltd., Transunion LLC, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Debt Collection Software Market Analysis
8.1 Key Industry Highlights
8.2 Global Debt Collection Software Historical Market (2017-2021)
8.3 Global Debt Collection Software Market Forecast (2022-2027)
8.4 Global Debt Collection Software Market by Component
8.4.1 Software
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.2 Services
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.5 Global Debt Collection Software Market by Deployment
8.5.1 On-Premise
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 Cloud
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.6 Global Debt Collection Software Market by Organisation Size
8.6.1 Small and Medium Enterprises
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2017-2021)
8.6.1.3 Forecast Trend (2022-2027)
8.6.2 Large Enterprises
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2017-2021)
8.6.2.3 Forecast Trend (2022-2027)
8.7 Global Debt Collection Software Market by End User
8.7.1 Financial Institutions
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2017-2021)
8.7.1.3 Forecast Trend (2022-2027)
8.7.2 Collection Agencies
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2017-2021)
8.7.2.3 Forecast Trend (2022-2027)
8.7.3 Healthcare
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2017-2021)
8.7.3.3 Forecast Trend (2022-2027)
8.7.4 Government
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2017-2021)
8.7.4.3 Forecast Trend (2022-2027)
8.7.5 Telecom and Utilities
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2017-2021)
8.7.5.3 Forecast Trend (2022-2027)
8.8 Global Debt Collection Software Market by Region
8.8.1 Market Share
8.8.1.1 North America
8.8.1.2 Europe
8.8.1.3 Asia Pacific
8.8.1.4 Latin America
8.8.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Chetu Inc.
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 Experian Information Solutions, Inc.
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 Fair Isaac Corporation
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Nucleus Software Exports Ltd.
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Transunion LLC
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Others
12 Industry Events and Developments
List of Key Figures and Tables
1. Global Debt Collection Software Market: Key Industry Highlights, 2017 and 2027
2. Global Debt Collection Software Historical Market: Breakup by Component (USD Million), 2017-2021
3. Global Debt Collection Software Market Forecast: Breakup by Component (USD Million), 2022-2027
4. Global Debt Collection Software Historical Market: Breakup by Deployment (USD Million), 2017-2021
5. Global Debt Collection Software Market Forecast: Breakup by Deployment (USD Million), 2022-2027
6. Global Debt Collection Software Historical Market: Breakup by Organisation Size (USD Million), 2017-2021
7. Global Debt Collection Software Market Forecast: Breakup by Organisation Size (USD Million), 2022-2027
8. Global Debt Collection Software Historical Market: Breakup by End User (USD Million), 2017-2021
9. Global Debt Collection Software Market Forecast: Breakup by End User (USD Million), 2022-2027
10. Global Debt Collection Software Historical Market: Breakup by Region (USD Million), 2017-2021
11. Global Debt Collection Software Market Forecast: Breakup by Region (USD Million), 2022-2027
12. North America Global Debt Collection Software Historical Market: Breakup by Country (USD Million), 2017-2021
13. North America Global Debt Collection Software Market Forecast: Breakup by Country (USD Million), 2022-2027
14. Europe Global Debt Collection Software Historical Market: Breakup by Country (USD Million), 2017-2021
15. Europe Global Debt Collection Software Market Forecast: Breakup by Country (USD Million), 2022-2027
16. Asia Pacific Global Debt Collection Software Historical Market: Breakup by Country (USD Million), 2017-2021
17. Asia Pacific Global Debt Collection Software Market Forecast: Breakup by Country (USD Million), 2022-2027
18. Latin America Global Debt Collection Software Historical Market: Breakup by Country (USD Million), 2017-2021
19. Latin America Global Debt Collection Software Market Forecast: Breakup by Country (USD Million), 2022-2027
20. Middle East and Africa Global Debt Collection Software Historical Market: Breakup by Country (USD Million), 2017-2021
21. Middle East and Africa Global Debt Collection Software Market Forecast: Breakup by Country (USD Million), 2022-2027
22. Global Debt Collection Software Market Structure
Key Questions Answered in the Report
In 2021, the global debt collection software market attained a value of above USD 3,438 million.
The market is projected to grow at a CAGR of 10.5% between 2022 and 2027.
The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach more than USD 6,259 million by 2027.
The market is being driven by the growing adoption of digital technologies, the rising investments in business intelligence (BI) analytics tools, and the increasing availability of well-developed infrastructure for the adoption of debt collection software.
The increasing demand for self-service payment models, the growing adoption of debt collection software for improvements in the cash flow and optimisation of collection, the automation of debt collection processes, and the integration of artificial intelligence (AI) in debt collection software are expected to aid the market growth.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major components of debt collection software are software and service.
On-premise and cloud are the significant deployment segments of debt collection software.
The various organisation sizes in the market are small and medium enterprises and large enterprises.
The different end users of debt collection software are financial institutions, collection agencies, healthcare, government, and telecom and utilities.
The major players in the industry are Chetu Inc., Experian Information Solutions, Inc., Fair Isaac Corporation, Nucleus Software Exports Ltd., and Transunion LLC, among others.
Analyst Review
The global debt collection software market attained a value of above USD 3,438 million in 2021, driven by the increasing demand for self-service payment models. Aided by the rising investments in business intelligence (BI) analytics tools, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 10.5%. The market is projected to reach more than USD 6,259 million by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on components, the debt collection industry can be divided into software and services. On the basis of deployment mode, the market is bifurcated into on-premise and cloud. By organisation sizes, the market is divided into small and medium enterprises and large enterprises. On the basis of end user, the market is segmented into financial institutions, collection agencies, healthcare, government, and telecom and utilities. The major regional markets for debt collection software are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market are Chetu Inc., Experian Information Solutions, Inc., Fair Isaac Corporation, Nucleus Software Exports Ltd., and Transunion LLC, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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