According to the latest report from the IMARC group “Debt Collection Software Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027“, The global debt collection software market size reached US$3.6 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$6.8 billion in 2021. 2027, posting a growth rate (CAGR) of 11.6% during the period 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists, and anyone planning to enter the market in any form.
Debt collection software represents a digital tool that automates the debt collection process. It helps manage customer accounts, customer interactions, accounting reviews, etc. Debt collection software can speed up collections, negotiate with key customers in collaboration with business leaders, identify and resolve disputes, facilitate communication between departments, and more. It also provides a dashboard for debt collectors and managers, saves time on routine or unproductive tasks, and speeds up debt collection. Debt collection software is widely used by different companies across the world to improve operational efficiency by providing greater coverage and seamless connectivity.
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Impact of Covid-19:
Note: We regularly track the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
Increasing levels of digitization in banking institutions are primarily driving the debt collection software market to eliminate bad debts and automate revenue cycles. Furthermore, the growing need for a secure and centralized platform easily accessible via smartphones or the web for use by banks and collection agencies is further catalyzing the growth of the market. Additionally, debt collection software is gaining traction in the healthcare industry to offer healthcare provider contact management, general document management, revenue cycle management, loan program administration patients, batch patient invoices and statements, an online patient portal, etc. important growth factor. Apart from this, increasing adoption of various cloud computing technologies to facilitate data and application sharing is expected to drive the debt collection software market over the forecast period.
debt collection software market Report Scope:
|Market size value in 2021||US$3.6 billion|
|Market forecast in 2027||US$6.8 billion|
|Rate of growth||CAGR of 11.6% from 2022 to 2027|
|Base year for the estimate||2021|
Breakdown by component:
Breakdown by deployment mode:
Breakdown by organization size:
- Small and medium enterprises
- Large companies
Breakdown by end user:
- Financial institutions
- Collection Agencies
- Health care
- Telecom and utilities
Market Breakdown by Region:
- North America (USA, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive landscape with a key player:
- Chetu Inc.
- EbixCash Financial Technologies
- Experian Information Solutions Inc.
- Just Isaac Corporation
- Katabat Corporation (Ontario network)
- Nucleus Software Exports Ltd.
- Pegasystems Inc.
- Trans Union LLC.
Main highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market trends
- Market drivers and success factors
- Impact of COVID-19
- Value chain analysis
- Complete mapping of the competitive landscape
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As the novel coronavirus (COVID-19) crisis engulfs the world, we continuously monitor changes in markets, as well as consumer behaviors in the industry around the world and our estimates on the latest market trends and forecasts are made. after considering the impact of this pandemic.
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