The debt collection software is a set of process that involves collection of debt from initiating the loan process to the settlement of loan with paid debt. A debt collection software is deployed widely on third-party systems, and the financial account with debt details are shared with the same. This type of company is known as a debt collection agency. If a borrower is unable to pay the debt, the account is assigned or sold to the collection agency. The debt collection software exhibits features such as agency management, callback scheduling, automated notices, client management, compliance management, commission management, and contact management.
Rapid digitalization almost in every industry vertical has propelled the need for automation at a significant rate especially in the banking institutes. Thus, increase in need to automate accounts receivable process among banking institutes across the globe is a major factor expected to drive growth of the global debt collection software market during the forecast period. Moreover, upsurge in need to reduce past due receivables and increase in need to optimize collection costs are among the major factors that fuel the growth of the global market. However, complications associated with the debt collection software while integrating in legacy systems and implementation of diversified debt collection regulations across the globe that cause misinterpretation between various debt collection policies restrain the growth of the market to a certain extent. Conversely, the emergence of advanced technologies is compelling the need for enhancements in the current debt collection software to stay competitive in the market. In addition, upsurge in adoption of analytics technology, which provides decision-based insights is propelling the deployment of several software applications such as debt collection software. This factor acts as a lucrative opportunity for the expansion of the global market during the forecast period.
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The global debt collection software market is segmented into component, organization size, deployment mode, end user, and region. By component, it is bifurcated into software and services. On the basis of organization size, it is divided into small & medium enterprises and large enterprises. Depending on deployment mode, the market is classified into cloud and on-premise. As per end user, it is segregated into financial institutions, collection agencies, healthcare, government, telecom & utilities, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the debt collection software report include Atradius Collections, Chetu Inc., Experian Information Solutions, Inc., Fair Isaac Corporation, Fidelity National Information Services, Inc., Nucleus Software Exports Ltd, Pegasystems Inc., Temenos AG, Tieto, and TransUnion LLC.
KEY BENEFITS FOR STAKEHOLDERS
– The study provides an in-depth analysis of the debt collection software market and current & future trends to elucidate the imminent investment pockets.
– Information about key drivers, restraints, and opportunities and their impact analyses on the market is provided.
– Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the debt collection software industry.
– The quantitative analysis of the market from 2019 to 2027 is provided to determine the market potential.
KEY MARKET SEGMENTS
BY DEPLOYMENT MODE
BY ORGANIZATION SIZE
– Small & Medium Enterprises
– Large Enterprises
BY END USER
– Financial Institutions
– Collection Agencies
– Telecom & Utilities
– North America
o Rest of Europe
o Rest of Asia-Pacific
o Latin America
o Middle East
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KEY MARKET PLAYERS
– Atradius Collections
– Chetu Inc.
– Experian Information Solutions, Inc.
– Fair Isaac Corporation
– Fidelity National Information Services, Inc.
– Nucleus Software Exports Ltd.
– Pegasystems Inc.
– Temenos AG
– TransUnion LLC