The "Debt Collection Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The market for debt collection software is expected to register a CAGR of 9.7% during the forecast period (2021 - 2026). With changing lifestyles and increased purchasing power, consumers have become more empowered than before, and for every informed purchase decision made, they are creating a debt cycle. Whereas managing a debt cycle guarantees success for the business, accounts receivable is probably one of the most critical factors determining whether the company can withstand and operate with its competitive advantage.
Key Market Trends
Increasing Automation in the Debt Collection Process to Drive the Growth
Debt collection software offers various features, like customer segmentation based on collection scenarios, automated customer reminders, email and letters, streamlined communication with clients, suitable payment plans, transaction management, commission management, compliance management, invoice management, payment, and others resulting in reduced human intervention and automation of redundant tasks. This has led to higher efficiency operations and a lowering of the excessive cost incurred due to these processes, thus increasing the market growth of debt collection software in the market.
Cloud computing technology is becoming mainstream, and the seamless connectivity provided by the cloud is making it accessible and is also increasing the ease of sharing data and applications. According to the Right Scale's annual State of the Cloud Report 2019, 91% of businesses use public cloud, and 72% use a private one. Most enterprises use both options, with 69% of them opting for the hybrid cloud solution. Hence, the advent of cloud technology is also boosting the growth of the market.
Though government regulations regarding data security are becoming stringent, Government policies and increasing investments in BI analytics tools are developing the market for spend analytics worldwide. Many global companies are collaborating with national governments to enhance spending and procurement processes using spend analytics tools to deliver a practical solution in society.
Legal notices no longer pose a threat to debtors, and increasing rules and regulations have made the collection process even more complicated. Hence, many telecom and utility companies are using debt collecting software to benefit significantly increased online transactions. Companies have introduced a self-service payment platform to keep track of their customers, follow up on the bill payment, and maintain their credibility.
The debt collection software market is fragmented. The degree of fragmentation will accelerate during the forecast period as the various industries are experiencing a massive transformation, due to technological advancement, and the players are competing in providing the best solution.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Assessment of Impact of COVID-19 on the Global Debt Collection Software Market
5 MARKET DYNAMICS
5.1 Introduction to Market Dynamics
5.2 Market Drivers
5.2.1 Increasing Automation in the Debt Collection Process
5.2.2 Outsourcing Debt Recovery to Specialized Debt Collection Agencies
5.3 Market Restraints
5.3.1 Inadequacy of Legacy Systems
6 MARKET SEGMENTATION
6.1 By Deployment
6.2 By Organization Size
6.2.1 Large Enterprises
6.2.2 Small and Medium-sized Enterprises
6.3 By End User
6.3.1 Financial Institutions (Banks and NBFC)
6.3.2 Collection Agencies
6.3.5 Telecom and Utilities
6.3.6 Other End Users (Real Estate and Retail)
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Fidelity National Information Services Inc. (FIS)
7.1.2 CGI Inc.
7.1.3 Fair, Isaac and Company (FICO)
7.1.4 TransUnion LLC
7.1.5 Pegasystems Inc.
7.1.6 Temenos AG
7.1.7 Intellect Design Arena
7.1.8 Nucleus Software Exports Ltd
7.1.9 Chetu Inc.
7.1.12 KuhleKT Pty Ltd
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/c97q7z
View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005469/en/
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