The Global Debt Collection Software market accounted for $2.90 billion in 2019 and is expected to reach $6.88 billion by 2027 growing at a CAGR of 11.4% during the forecast period.
Some of the key factors propelling market growth include high demand for commercial & consumer debt recovery services across the BFSI organizations, increase in need to save the time required for administrative duties, rise in demand to reduce bad debt & improve cash flow, and need to control, manage, and automate debt collection process. However, high integration and implementation cost is likely to hamper the market.
Debt collection software automates the debt collection process and provides real-time information of debtor portfolios to the collectors. This software offers features such as customer segmentation based on collection scenarios, automation of customer reminders, email & letters, streamlining communication with clients, suitable payment plans, transaction management, commission management, compliance management, invoice management, payment, and others.
A debt collection software can be deployed on-premises or on cloud depending upon the convenience of organizations. Various industry players opt for all-in-one debt collection solutions. These solutions include implementation, support, and maintenance of the software.
By deployment, the on-premise segment is expected to grow at significant rate during the forecast period, due to an increase in need to secure critical data from cyber-threats and monitor the invasion of data within the organization. These factors promote users to implement on-premises-based debt collection software.
On the basis of geography, North America is projected to have considerable market growth during the forecast period, owing to rise in need for strategic debt recovery solutions coupled with high adoption of analytical framework among players in this region. Moreover, 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.
Key Topics Covered:
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.5 Research Sources
3 Market Trend Analysis
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Debt Collection Software Market, By Deployment
6 Global Debt Collection Software Market, By Component
6.2.1 Professional Services
22.214.171.124 Integration & Implementation
126.96.36.199 Training & Support
6.2.2 Managed Services
7 Global Debt Collection Software Market, By Organization Size
7.2 Large Enterprises
7.3 Small & Medium Enterprises
8 Global Debt Collection Software Market, By End User
8.3 Telecom & Utilities
8.4 Financial Institutions
8.4.2 Non-Banking Financial Companies (NBFC)
8.5 Collection Agencies
8.7 Consumer Goods and Retail
8.8 Other End Users
8.8.1 Law Firms
8.8.2 Real Estate
9 Global Debt Collection Software Market, By Type
10 Global Debt Collection Software Market, By Geography
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures