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 .
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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:
â¢ Government authorities passed new regulations to prevent debt collectors from harassing consumers as economic turmoil occurred during the Covid-19 pandemic.
â¢ 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.
â¢ 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.
â¢ 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.
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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.
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