The debt collection software market size is expected to reach USD 6,068.25 Million by 2028; registering at a CAGR of 9.9% from 2022 to 2028, according to a new research study conducted by The Insight Partners
Growing Adoption of Self-Service Payment Models to Drive Debt Collection Software Market during 2022–2028
In recent years, the market for debt collection software has been expanding because businesses are becoming more inclined to pursue efficient debt recovery. Financial institutions are rethinking their debt collection processes to shorten the duration of the money collection procedure, thus saving ~30% of the associated costs. Debt collection software helps with the automatic and regular monitoring of user accounts and alerts and notifications for loan installations. Financial institutions update customers on loan EMIs and issue alerts periodically. In addition, by requiring fewer people to cover more customers, the debt collection program also ensures a quicker debt recovery. The initial level of questions is handled by the collection's bot, allowing the agents to concentrate on the more important ones. The debt collection process is strengthened by automatically segmenting customer buckets based on the delinquency level, the debt length, and the customer's behavior while optimizing collections profitability and agent performance.
Debt Collection Software Market Share - by Geography, 2021
Debt Collection Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Component (Software and Service), Deployment Type (On-Premise and Cloud), Organization Size (Large Enterprises and SMEs), and Industry Vertical (IT & Telecom, BFSI, Retail, Manufacturing, and Others)
Debt Collection Software Market Size, Share and Growth Drivers 2028
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North America dominated with highest debt collection software market share owing to factors such as faster digitalization, inclination toward cloud-based services, and availability of smart debt collection software designed to fasten the debt recovery procedure across countries of North America. Also, the presence of various debt collection software providers in the US and Canada is influencing the demand for debt collection software in the region. The adoption of advanced debt collection services across financial institutions is creating lucrative opportunities for the debt collection software market in the region. In addition, rising debt across countries of North America is propelling the demand for debt collection software.
There are various stakeholders in the debt collection software market ecosystem such as solution providers, debt collection software system integrators/service vendors, and end users. The solution providers offer several solutions such as software, service, consulting, integration & implementation, and training & support. A few of the major solution providers in the market include FIS, FICO, Experian, CGI, and TransUnion. These providers have recently made several developments to streamline their product experience through mergers, collaborations, and upgradation in their products. Debt collection software handles all stages of the debt collection process, from collecting all borrower information to sending late billing notices, phone calls, and debt collection management. Sales of receivables collection software are expected to increase due to the multi-functionalization. Government & regulatory bodies, as well as peripheral participants such as industry consortiums and groups & researchers, play a crucial role in influencing the debt collection software market analysis. Furthermore, the debt collection software market end-users include various industry verticals such as financial institutions, collection agencies, healthcare, government, telecom & utilities, real estate, retail, transportation & logistics, and manufacturing.
The global debt collection software market is segmented on the basis of component, deployment type, organization size, industry vertical, and geography. Based on component, the market is bifurcated into software and services. Based on deployment type, the market is bifurcated into on-premise and cloud-based. Based on organization size, the market is divided into SMEs and large enterprises. Based on industry vertical, the market is segmented into IT & Telecom, BFSI, retail, manufacturing, and others. Based on geography, the global debt collection software market analysis includes North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Chetu Inc.; FICO; CSS, Inc.; Experian Information Solutions Inc.; EXUS; Loxon Solutions; FIS; Pegasystems; Quantrax Corporation, Inc.; and CGI Inc. are a few of the key players profiled during this study on the debt collection software market. Several other important players were studied and analyzed during this market study to get a holistic view of the global debt collection market growth and its ecosystem.
The COVID-19 pandemic increased patient costs and bad debts in the healthcare sector, driving the demand for debt collection software. Debt collection software sales are expected to increase during the forecast period as the adoption of debt collection software to address internal medical debt collection by major healthcare organizations will become significant. Several state agencies and regulators took the following steps to ease financial restrictions imposed on consumers within their jurisdictions due to the pandemic. Due to this factor, developers of debt collection software experienced a temporary setback that also affected debt collection software sales. Deviations in enforcement and dunning procedures during the COVID-19 pandemic and severe economic impacts, such as an increase in the unemployment rate, have impeded the growth of the debt collection software market growth.
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