The Global Debt Collection Software Market 2018: A $3.73 Billion Market Opportunity by 2023
DUBLIN, Sept. 14, 2018 /PRNewswire/ --
The "Debt Collection Software Market by Component (Software and Services), End-User (Banks, Collection Agencies, Finance Companies, Healthcare), Organization Size (Large Enterprises and SMEs), Deployment Type, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The debt collection software market is expected to grow from USD 2.64 billion in 2018 to USD 3.73 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period, owing to the growing need to provide customer-centric debt collection management and the increasing requirement of self-service models to speed up the collection process.
The growing need for customer-centric debt collection approach is expected to create ample opportunities for debt collection software providers. Dependency on debtor's dynamic information and governments' stringent rules and regulations for debt recovery process, such as Fair Debt Collection Practices Act (FDCPA) and Federal Trade Commission (FTC), are expected to be pose a challenge for the debt collection software providers.
The on-premises segment is expected to hold the larger market share during the forecast period, owing to the inclination of organizations to adopt in-house infrastructure. The concern over data privacy and security is a major reason for the larger market size of the on-premises segment. The cloud segment is expected to grow at a higher CAGR during the forecast period, owing to the advantages of the cloud technology, such as agility, scalability, reduced operational costs, flexible payment options, easy access to data, and self-service capabilities, as compared to the on-premises segment.
North America is expected to account for the largest market size and projected to dominate the debt collection software market during the forecast period. The aggressive adoption of technologies by organizations in the region has created huge potential for debt collection software providers in the past decade, and the region is expected to dominate during the forecast period. However, Asia Pacific (APAC) is expected to provide opportunities for debt collection software providers and grow at the highest CAGR during the forecast period. These growth opportunities can be attributed to the increasing commercial investments by organizations in the arena of debt collection, owing to the increased need for effective debt management and recovery in APAC.
Major vendors have adopted several organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings and enhance their presence in the global debt collection software market.
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.3 Research Assumptions and Limitations
2.3.1 Assumptions
2.3.2 Limitations
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Debt Collection Software Market
4.2 Market By Component
4.3 Market By Service
4.4 Market By Professional Service
4.5 Market By End-User
4.6 Market By Organization Size
4.7 Market By Deployment Type
4.8 Market Top 3 End-Users and Regions
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Need to Provide Customer-Centric Debt Collection Solutions
5.2.1.2 Need to Outsource Debt Recovery to Specialized Debt Collection Agencies
5.2.1.3 Growing Awareness Amongst Debtors for Self-Service Models
5.2.2 Restraints
5.2.2.1 Inadequacy of the Existing Systems and Lack of IT Resources
5.2.3 Opportunities
5.2.3.1 Exploration of Digital Strategies to Roll Out Collection Services at A Faster Pace
5.2.3.2 Growing Demand By Enterprises to Augment Multi-Channel Communication Technology With Debt Collection Process
5.2.4 Challenges
5.2.4.1 Tracking Delinquent Consumer Debts, and Rising Government Regulations on Debt Collection Activities
5.2.4.2 Debt Collectors' Dependency on Debtors' Dynamic Payment Information and Databases
5.3 Industry Trends
5.3.1 Use Case 1: FICO
5.3.2 Use Case 2: FIS
5.3.3 Use Case 3: Experian
5.3.4 Use Case 4: Experian
6 Debt Collection Software Market, By Component
6.1 Introduction
6.2 Software
6.3 Services
7 Market By Service
7.1 Introduction
7.2 Professional Services
7.3 Managed Services
8 Debt Collection Software Market, By Professional Service
8.1 Introduction
8.2 Implementation
8.3 Consulting
8.4 Training and Support
9 Market By End-User
9.1 Introduction
9.2 Banks
9.3 Collection Agencies
9.4 Finance Companies
9.5 Healthcare
9.6 Consumer Goods and Retail
9.7 Telecom and Utilities
9.8 Others
10 Debt Collection Software Market, By Organization Size
10.1 Introduction
10.2 Large Enterprises
10.3 Small and Medium-Sized Enterprises
11 Market By Deployment Type
11.1 Introduction
11.2 On-Premises
11.3 Cloud
12 Debt Collection Software Market, By Region
12.1 Introduction
12.2 North America
12.2.1 United States
12.2.2 Canada
12.3 Europe
12.3.1 United Kingdom
12.3.2 Germany
12.3.3 France
12.3.4 Rest of Europe
12.4 Asia Pacific
12.4.1 Australia and New Zealand
12.4.2 Japan
12.4.3 China
12.4.4 Rest of Asia Pacific
12.5 Latin America
12.5.1 Brazil
12.5.2 Mexico
12.5.3 Rest of Latin America
12.6 Middle East and Africa
12.6.1 Kingdom of Saudi Arabia
12.6.2 South Africa
12.6.3 United Arab Emirates
12.6.4 Rest of Middle East and Africa
13 Competitive Landscape
13.1 Overview
13.2 Competitive Scenario
13.2.1 New Product Launches and Upgradations
13.2.2 Acquisitions
13.2.3 Partnerships and Agreements
13.2.4 Business Expansions
14 Company Profiles
14.1 Introduction
14.2 FICO
14.3 FIS
14.4 Pegasystems
14.5 Experian
14.6 Temenos
14.7 Intellect Design Arena
14.8 Sopra Banking Software
14.9 Exus
14.10 Katabat
14.11 Advantage Software Factory
14.12 Chetu
14.13 Nucleus Software
14.14 Ameyo (Drishti-Soft)
14.15 Agreeya Solutions
14.16 Coface
14.17 Arvato
14.18 Kuhlekt
14.19 Adtec Software
14.20 Debtrak
14.21 Quantrax Corporation
14.22 Indus Software
14.23 Pamar Systems
14.24 Totality Software
14.25 CSS Impact
14.26 Seikosoft
For more information about this reportvisit https://www.researchandmarkets.com/research/q42dxx/the_global_debt?w=5
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article