Debt Collection Software Market Revenue to Cross $6.06 Billion, Globally, by 2028 – Growth Study by The Insight Partners
The global debt collection software market size is expected to grow at a CAGR of 9.9% from 2022 to 2028; it is projected to reach USD 6.06 billion in 2028 from US$ 3.17 billion in 2021.
New York, Jan. 27, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Debt Collection Software Market Growth Drivers, Opportunities, Size, Share and Global Forecast to 2028 – COVID-19 Impact and Global Analysis by Component (Software and Service), Deployment Type (On-Premise and Cloud), Organization Size (Large Enterprises and SMEs), and Industry Vertical (IT & Telecom, BFSI, Retail, Manufacturing, and Others)”; the global debt collection software market growth is impelled by increase in need for automation in the accounts receivable process, growing adoption of debt collection software in the healthcare industry and rising adoption of self-service payment models.
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Global Debt Collection Software Market – Report Scope:
|Market Size Value in||USD 3.17 billion in 2021|
|Market Size Value by||USD 6.06 billion in 2028|
|Growth rate||CAGR of 9.9% from 2022 to 2028|
|No. of Pages||212|
|No. of Tables||114|
|No. of Charts & Figures||90|
|Historical data available||Yes|
|Segments covered||Component, Deployment Type, Organization Size, and Industry Vertical|
Global Debt Collection Software Market: Competitive Landscape and Key Developments
Chetu Inc.; FICO; CSS, Inc.; Experian Information Solutions Inc.; EXUS; Loxon Solutions; FIS; Pegasystems; Quantrax Corporation, Inc.; and CGI Inc. are a few of the key debt collection software market players profiled during this study. Several other important players were studied and analyzed during the course of this market study to get a holistic view of the market and its ecosystem.
- In 2022, Chetu, a leading developer of custom software solutions, announced the latest expansion of its international offices as the company opened a new software delivery center in Noida, India. In addition, the expansion aims to accommodate the sustained growth of its global operations by opening a new software development facility at its A-206 campus in India.
- In 2021, FICO, a leading predictive analytics & decision management software company, and Constellation Software Inc. jointly announced that they had completed the sale of FICO’s Collection and Recovery business to Constellation’s Jonas Software operating group, a leading provider of enterprise management software solutions.
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Global Debt Collection Software Market – Growth Drivers:
Factors such as rising omnichannel collection models, increasing need to minimize bad debt and improve cash flow, and growing adoption of automation in the accounts receivable process are driving the debt collection software market in Asia Pacific. In April 2021, the Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) implemented commonwealth consumer protection laws, including laws relevant to debt collection. The ACCC and ASIC have jointly produced this guideline which aims to assist creditors, collectors, and debtors in understanding their rights and obligations and ensure that debt collection activity is undertaken consistently while complying with consumer protection laws. Moreover, debt collection software market players are investing significantly to set up their infrastructure. FinTech, Micro Finance Companies (MFCs), and digital lending firms are providing digital-first and analytics-based approaches for debt collections. Businesses in Asia Pacific are more open to various debt collection methods than other regions, as massive export trading is conducted, and dealers are concerned about the complexity of payment procedures and debt collections. Therefore, companies are willing to buy debt collection software to recover their amount.
Global Debt Collection Software Market – Industry Insights:
The debt collection software market is broadly segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America. North America is pioneering digital transformation, and the growing debt consumption has made it even more crucial for lending institutions to implement an efficient debt recovery system. The advent of AI and ML technology helped banks and the financial sector automate almost all of their business processes. Also, the development of customer self-service platforms automates and accelerates the debt collection process, further aiding the debt collection software market growth. In January 2022, Prodigal, a leading software company, announced that its customer, CCMR3, a premier debt collection agency, achieved 100% coverage on call audits and compliance automation using its machine learning platform. Thus, the growing adoption of advanced technologies in the debt recovery process helps enhance the debt recovery across the region.
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Impact of COVID-19 Pandemic on Global Debt Collection Software Market Growth:
The COVID-19 pandemic increased patient costs and bad debts in the healthcare sector, driving the demand for debt collection software. Debt collection software sales are expected to increase during the forecast period as the adoption of debt collection software to address internal medical debt collection by major healthcare organizations will become significant. Several state agencies and regulators took the following steps to ease financial restrictions imposed on consumers within their jurisdictions due to the pandemic. Due to this factor, developers of debt collection software experienced a temporary setback that also affected debt collection software sales. Deviations in enforcement and dunning procedures during the COVID-19 pandemic and severe economic impacts, such as an increase in the unemployment rate, have impeded the growth of the debt collection software market growth.
Debt Collection Software Market Analysis: Industry Vertical Overview
Based on industry vertical, the debt collection software market is segmented into IT & telecom, BFSI, retail, manufacturing, and others. The BFSI segment dominated the debt collection software market with the highest share in 2021. Banks and financial institutions traditionally relied on mail and phone calls to derive customer payments. These methods are intrusive and tend to harm consumers. Hence, the solution lies in the practice of deploying alternative channels of communication. Banks and financial institutions have shifted to mobile apps, online portals, social media platforms, and automated chatbots to communicate with customers. Furthermore, the rise in credit losses compels the BFSI industries to adopt digital means for debt recovery. The debt collection software market growth is attributed to a significant shift toward digital methods for debt collection and other collection activities across BFSI industries.
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