Automation in the accounts receivable process, rise in multichannel collection models, and need to reduce bad debt and optimize collection costs have boosted the growth of the global debt collection software market.
PORTLAND, Oregon, Jan. 15, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Debt Collection Software Market by Component (Software and Services), Deployment (Cloud and On-premises), Organization Size (Small & Medium Enterprises and Large Enterprises), and End User (Financial Institutions, Collection Agencies, Healthcare, Government, Telecom & Utilities, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global debt collection software industry accounted for $2.78 billion in 2018 and is projected to reach $5.66 billion by 2026, registering a CAGR of 9.4% from 2019 to 2026.
Driving factors of the market
Automation in the accounts receivable process, increase in multichannel collection models, and need to reduce bad debt and optimize collection costs have boosted the growth of the global debt collection software market. However, high maintenance cost associated with debt collection services and diversified debt collection regulations across the globe hamper the market growth. On the contrary, analytics-enabled collections models are expected to create lucrative opportunities in the near future.
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The software segment held the lion's share
Based on component, the software segment held the largest share in 2018, contributing more than four-fifths of the global debt collection software market, owing to rise in demand of software solution that ease the data analyses software solutions. Furthermore, the segment is expected to maintain its dominance throughout the forecast period. However, the services segment is projected to register the fastest CAGR of 10.9% during the forecast period, owing to installation, support, and maintenance services.
The healthcare segment to portray the fastest growth through 2026
Based on end user, the healthcare segment is expected to manifest the fastest CAGR of 11.1% during the study period, owing to rise in demand for debt recovery in healthcare sector. However, the financial institutions segment held the largest share in 2018, accounting for more than one-fourth of the global debt collection software market. This is due to rise in need to automate debt collection processes in financial institutes such as banks.
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North America dominated the market in 2018
The global debt collection software market across North America region dominated the market in 2018, contributing nearly two-fifths of the market and is anticipated to maintain its dominance throughout the forecast period. The region has well-developed IT infrastructure which has led to early adoption of automation processes in this region. However, the Asia-Pacific is expected to register the fastest CAGR of 12.6% through 2026. This is due to high need to collect debt among regional governments.
Major market players
- Chetu Inc.
- Atradius Collections
- Experian Information Solutions, Inc.
- Fair Isaac Corporation
- Nucleus Software Exports Ltd,
- Fidelity National Information Services, Inc.
- Pegasystems Inc.
- Temenos AG,
- TransUnion LLC.
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