London, UK -- (SBWIRE) -- 12/01/2021 -- The Debt Collection Software Market is expected to reach USD 6.38 Billion by 2028 from USD 2.99 Billion in 2019, at a CAGR of 9.93% from 2020 to 2028. The market size for North America was USD 973.3 Million in 2019. The North American market is witnessing strong growth owing to the rise in the adoption of advanced digital technologies, and the development of the cloud-based platforms sector. The U.S. Debt Collection Software market is anticipated to account for the major share of the market, due to the rise in Financial Sector. Moreover, high investment in technological adoption in the healthcare vertical in the U.S. and Canada is expected to increase the market during the forecast period.

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By Component Type:
1. Software
2. Services
a.Consulting
b.Integration & implementation
c.Training & support

By User Type:
1. Financial Institutions
2. Collection Agencies
3. Healthcare
4. Government
5. Telecom & Utilities
6. Others (Real estate and retail)

By Organization Size Type:
1. Large Enterprises
2. SME's

Competitive Analysis:
Key Companies Profiled in the report are FIS (US), FICO (US), Experian (Ireland), CGI (Canada), TransUnion (US), Pegasystems (US), Temenos (Switzerland), Intellect Design Arena (India), Nucleus Software (India), Chetu (US), AMEYO (India), Loxon Solutions (Hungary), EXUS (UK), Kuhlekt (Australia), Katabat (US).

The increasing need for self-service payment models to speed up the collection process and automation in the debt collection process is expected to increase the adoption of debt collection software across the globe during the forecast period. The key growth drivers for the Debt Collection Software market are the rise in Omnichannel debt collection services which provides customers with personalization services for preferred payment options are other factors fueling the growth of the market in the region. In addition, factors such as reducing bad debts improving cash flows while optimizing collection costs are enhancing the growth of the European debt collection software market.

Increasing demand for Debt Collection Software in the healthcare industry is one of the major factors expected to fuel the market. There have been significant developments around Debt Collection Software, such as the development of cloud-based services. The surge in the incidence of controlling & automating debt, increase in productivity on debt collection institutes, rise in popularity of the software, and development of advanced integrated collection systems are also fueling the market demand in recent years

By Component Type:
A Debt collection software is used to organize the daily job of collectors and to minimize time consumption or spent on unproductive and administrative tasks. Such software mechanizes the debt collection process and provides real-time information to the collectors. It provides workflow management, payment utilities, reporting tools, debtor information, and documentation. With the help of this software, users can access real-time transaction data as per requirements. Furthermore, the availability of adequate IT infrastructure, adoption of emerging technologies, and cloud-based platforms is expected to positively influence the debt collection software market.

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The services segment is supposed to grow at a higher CAGR during the forecast period as compared to the solutions segment. Debt collection services have a broad scope of usage, ranging from assistance to the client for the deployment of software, strategy, & implementation, to cater to the business-specific needs of organizations.

By organization Type:
Small & Medium Enterprises are inclining towards digital advancement and are adapting various ways and strategic initiatives to mark their presence in the competitive field. The research and development activities by companies to improve advanced products that have a broad application base are anticipated to create tremendous growth possibilities for industry participants. Small & medium enterprises are approving digital processes, as it offers less dependence on employees for performing various debt collecting functions.

The large enterprise segment is expected to account for the larger market share during the forecast period. The use of debt collection in large enterprises is relatively higher as compared to that of small and medium-sized enterprises (SMEs). This higher use is due to the affordability and economies of scale, which enables large organizations to benefit from the debt collection. Large enterprises have left no stone unturned to compete in today's cut-throat competitive industry. Moreover, the need for multichannel communication to reach debtors and improve the collection process through automation is likely to drive the growth of the debt collection software.

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By End-User Type:
The financial institution's segment dominated the debt collection software market share in 2019 and is expected to continue this trend during the forecast period. This is attributed to rapid digitalization among banking institutes. Moreover, debt collection software enables banks to achieve automation in the collections processes, which is expected to drive the adoption of the software among banks. Financial institutions maintain a portfolio of their borrowers. Based on the borrower persona and collection strategy, lenders assign cases to call centers or resolution agencies

Regional Analysis:
The market is analyzed across the globe. The North American region holds 35% of the market share with a CAGR of 10.26%. North America is the most developed region across the globe, as almost all large enterprises are located in this region. Rising demand from major countries such as the US, China, and India, where the population is growing at a higher pace. This is due to the presence of established software service providers across the developed region and with the continued increase in the demand for Debt Collection Software from end-use industries and inclination towards adoption of the latest technology in on-premises as well cloud-based service providers.

The Asia Pacific Debt Collection Software market is expected to continue to grow fastest in the coming years. The Asia Pacific especially China has witnessed a major shift in the last 20 years making China, an attractive marketplace both at the product and at the service level. The Chinese Market was valued at USD 213.4 Million in 2019. With the global Debt Collection Software market witnessing a major transition in terms of technological advancements, product & service enhancements, and growing investments in the Healthcare industry, the market poses a lucrative option in the coming years. Increasing awareness about cloud-based services, the surge in population, and rise in demand for better debt collection automation methods are expected to provide lucrative opportunities for the Debt Collection Software market during the forecasted period in the Asia Pacific region.

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