According to a new market research report "Debt Collection Software Market by Component (Software and Services), End-User (Banks, Collection Agencies, Finance Companies, Healthcare), Organization Size (Large Enterprises and SMEs), Deployment Type, and Region - Global Forecast to 2023" published by MarketsandMarkets™, the market size is expected to grow from USD 2.64 billion in 2018 to USD 3.73 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.
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The growing need to provide customer-centric debt collection solutions, rising consumer requirements for self-service models for the collection process, and increasing specialized debt collection agencies across the globe are expected to drive the global Debt Collection Software Market during the forecast period.
The software segment is expected to account for the larger market size during the forecast period.
The software segment is expected to hold the larger market share during the forecast period in the global Debt Collection Software Market. Over the recent years, increasing debt volumes and complexities have created difficulties for organizations to effectively manage and recover the delinquent debts. The growth in unrecovered debts and inefficient debt management process has fueled the adoption of debt collection software by organizations across the globe. Debt collection software empower enterprises by managing and collecting their bad debts while reducing their debt recovery period and optimizing their debt management and recovery process.
The large enterprises segment is expected to account for the larger market share during the forecast period.
Organizations with more than 1,000 employees have been categorized as large enterprises. The use of the 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 high 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 a multichannel communication to reach debtors and improve the collection process would drive the growth of the debt collection software.
North America is expected to account for the largest market size during the forecast period.
North America is expected to be the largest contributor to the Debt Collection Software Market in terms of regional revenue. This region comprises developed countries, such as the US and Canada. North America is open to the adoption of new and emerging technologies, and its strong financial position enables it to invest majorly in the leading tools and technologies for effective business operations. North America is projected to be in the leading position over the next few years, due to the early adoption of digital technologies and cloud-based platforms to take hold of the increasing bad debts rate. Hence, organizations in North America have a competitive edge over the other organizations from various regions.
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