NEW YORK, Oct. 29, 2021 /PRNewswire/ -- Zion Market Research has published a new report titled "Credit Management Software Market by Deployment Type (On-Premises, And Cloud), By Service Type (Consulting, Operation & Maintenance, and System Integration), By Organization Size (Small & Medium Enterprises, And Large Enterprises) Global Industry Analysis, Size, Share, Growth, Trends, And Forecast 2016 – 2025" According to the report, The global credit management software market was valued at around USD 1,620.00 million in the year 2016 and is expected to reach over USD 2,550.00 million by the end of 2025 growing at a CAGR of more than 5.50% between 2017 and 2025.
Increasing awareness about the benefits of using automation and dedicated software has triggered the growth of the credit management software market. Credit management software provides a certain set of advantages such as efficiency in credit record management, better cash flow management, maximum insights pertaining to customer behavior, and much more. Owing to these benefits a wide range of companies belonging to various sectors such as telecom, healthcare, manufacturing, information technology, and electronics are implementing the credit management software. The organizations are increasingly adopting credit management software as it provides key insights into the movement of the invoices for several transactions taking place within or outside the company thus increasing its popularity.
According to the analysis, there will be an increasing adoption of the credit management software in the medium-sized organizations. The implementation of the credit management software has enhanced the decision-making capability of the credit managers which has resulted in increased operational efficiency. Thus medium-sized businesses will be rapidly adopting the credit management software in the forecast period for making improved credit decisions.
Cloud segment registered the highest market share of 58.10% in 2016 and it is also expected to grow at a higher CAGR of around 5.5% over the forecast period. The cloud segment primarily offers online credit application, collaborative workflow, data aggregation, and easy retrieval and storage of data that can be accessed from any remote location. Such benefits overcome the shortfalls associated with the on-premise segment. Hence cloud-based credit management software is being widely used.
By service type, the consulting segment held the largest market share of more than 50% in the global credit management software market. There is an increased demand for the consulting services of the credit management software owing to the growing adoption of the software among the small and medium enterprises. However, it is anticipated that the operation and the maintenance services segment will register the highest CAGR growth in the coming years.
Large enterprises segment dominated the credit management software market in 2016 by contributing a market share of 66.38%. Being expensive, credit management software is more affordable for the large enterprises. In addition, some of the giant consulting firms rely on the credit management software and cater the smaller enterprises in managing the credit accounts. The growing popularity and increasing adoption rate of credit management software are positively influencing the medium enterprises. Owing to which the segment small and medium enterprises is estimated to grow at a CAGR of 6.19% over the forecast period. Moreover, the benefits offered by credit management software such as efficiency in credit management, better cash flow management, maximum insights pertaining to customer behavior, and much more is driving the demand for credit management software over the forecast period.
Asia Pacific is expected to grow at the highest CAGR of 6.50% over the forecast period. Heavy investment by international companies in the Asia Pacific region owing to cheap labor has to lead to rapid industrialization over the last decade which, in turn, has increased the adoption of the credit management software in various organizations. This is estimated to continue in the near future. Europe held the highest market share of 32.16% in 2016 and is growing with a steady CAGR over the forecast period.
The report includes detailed profiles of the prominent market players that are trending in the market. The lists of the players that are compiled in the report are High Radius, Rimilia, Solutions for Financials B.V., SOPLEX Consult GmbH, Equiniti, Esker, HanseOrga Group, Innovation Software Limited, Misys, Onguard, and Prof. Schumann GmbH., among others.
Global Credit Management Software Market: Deployment Type Segment Analysis
Global Credit Management Software Market: Service -Type Segment Analysis
Operation & Maintenance
Global Credit Management Software Market: Organization Size Type Segment Analysis
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