The global debt collection software market in North America region dominated the market during the forecast period.
PORTLAND, PORTLAND, OR, UNITED STATES, October 6, 2021 /EINPresswire.com/ – The implementation of accounts receivable process automation, the rise of multi-channel collection models and the requirement to reduce bad debts and optimize collection costs are driving the growth of the global market debt collection software market. However, the high maintenance costs associated with collection services and the diversification of regulations are holding back the growth of the market. On the other hand, the advent of analytics-enabled collection models creates new opportunities in the years to come.
According to the report, the global debt collection software industry generated $ 3.12 billion in 2019 and is expected to generate $ 6.77 billion by 2027, with a CAGR of 10.2% from 2020 to 2027 .
Download a sample report (get complete information in PDF format – 264 pages) at: https://www.alliedmarketresearch.com/request-sample/4399
Based on the deployment model, the on-premise segment held the highest market share, accounting for more than half of the total share of the global debt collection software market in 2019, and is expected to maintain its leadership status in 2019. ‘by 2027. This is due to increasing needs to secure critical data against cyber threats and track data invasion within organizations. However, the cloud segment is expected to represent the highest CAGR of 11.6% during the forecast period, due to the increased adoption of cloud-based solutions among large enterprises and SMBs for reduce infrastructure investments and have operational and financial data in real time. .
Impact of the COVID-19 pandemic on the debt collection software market:
• Government authorities passed new regulations to prevent debt collectors from harassing consumers as economic turmoil occurred during the Covid-19 pandemic.
• Debt collection software deployment has increased among financial institutions. Software equipped with predictive analytics technologies such as artificial intelligence (AI) is expected to improve collection performance and increase bottom line as organizations strive to refine their collection strategies.
• Many organizations that had not implemented technologies such as robocalls to contact customers for reimbursement began to implement these technologies and reap the benefits of faster reimbursements.
• After the pandemic, the implementation of debt collection software is expected to increase for better collection management, better collection performance than before, and customer satisfaction.
On a component basis, the software segment contributed the highest share in 2019, holding more than three quarters of the global debt collection software market, and is expected to maintain its dominant position throughout the forecast period. . This is due to the automation of billing options, the facilitation of central data storage, and the sending of alerts and notifications. However, the services segment is expected to grow at the highest CAGR of 12.2% from 2020 to 2027, due to the streamlining and automation of debt collection processes on different loan products using services. relating to the implementation of debt collection software.
For a purchase request: https://www.alliedmarketresearch.com/purchase-enquiry/4399
Based on region, North America accounted for the largest share by revenue share of the global debt collection software market, contributing about two-fifths of the total share in 2019, and will maintain its largest contribution. high throughout the forecast period. This is due to the availability of a well-developed infrastructure allowing easy integration of debt collection software among different BFSI systems. However, Asia-Pacific is expected to grow at the highest CAGR of 13.5% from 2020 to 2027, due to digital transformation and increasing consumer inclination towards adopting new technologies.
Thank you for reading this article; you can also get individual section by chapter or report versions by region like North America, Europe or Asia.
If you have any special requirement, please let us know and we will offer the report to you according to your requirement.
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP, based in Portland, Oregon. AMR provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
AMR launched its online user-based company reports and profiles library, Avenue. An e-access library is accessible from any device, anywhere and anytime for entrepreneurs, stakeholders, researchers and university students. With reports on over 60,000 niche markets with data comprising 600,000 pages as well as company profiles on over 12,000 companies, Avenue provides access to the entire repository of information through subscriptions. A simple solution to customer needs is complemented by analyst support and customization requests.