The Global Debt Collection Software Market Research Report Forecast 2020 – 2025 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). It provides an in-depth study of the Debt Collection Software market by using SWOT analysis. This gives a complete analysis of drivers, restraints, and opportunities of the market. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The market for debt collection software is set to grow at a CAGR of 9.7% during the forecast period (2020 – 2025).
Top Key Players in the Global Debt Collection Software Market: Fidelity National Information Services, Inc. (FIS)(NYS: FIS), CGI Inc., Fair, Isaac and Company (FICO), TransUnion, Pegasystems Inc., Temenos AG, Intellect Design Arena, Nucleus Software Exports Ltd., Chetu, AMEYO, EXUS, KuhleKT
Get a Sample Copy of the Report:
– The debt collection software industry is driven by various factors such as rolling out self-service payment models to speed up the collection process due to increase in the need to control, manage and automate all debt collection and recovery processes, rise in need to reduce bad debt and improve the cash flow while optimizing collection costs and surge in demand.
– In the United States, consumer debt has increased nearly $2.3 trillion since the height of the Great Recession in 2009 growing across most debt products to top $14 trillion in 2019. And while high debt often carries a negative connotation, the positive side is that the average FICO Scores of U.S. consumers have never been higher. The increased rate of debt taking in the United States and other countries in the world will drive the market for Debt collection Softwares across various industry verticals.
– A number of state officials and regulators have taken steps to decrease the economic burdens stemming from COVID-19 on consumers in their states, including by placing additional restrictions on debt collection practices. On March 26, 2020, Massachusetts Attorney General (AG) Maura Healey implemented and filed with the Secretary of States Office, an emergency regulation designed to curb debt collection in the commonwealth during the COVID-19 pandemic.
– Variations in enforcement procedures and order for payment procedures (for the duration of the emergency), also as significant negative economic effects (especially rising unemployment), may make it difficult or in some cases restrict the power to enforce claims. On the other hand, the Covid-19 crisis will increase the number of overdue loans and utility bills within the medium term, creating new business opportunities for debt collection software.
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 & 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 Scales 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 with the use of spend analytics tools to deliver a practical solution in society.
– Legal notices no longer pose a threat to debtors, and growing rules & regulations have made the collection process even more complicated. Hence, many telecom and utility companies are using debt collecting software, taking the benefit of 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 help them maintain their credibility.
Regional Analysis for Market:
For a comprehensive understanding of market dynamics, the global Debt Collection Software market is analyzed across key geographies namely: United States, China, Europe, Japan, South-east Asia, India, and others. Each of these regions is analyzed on the basis of market findings across major countries in these regions for a macro-level understanding of the market.
Browse Complete Report details with Table of Content:
-In May 2020, Chetu, a leading developer of custom software solutions, was today named the winner of a Silver Stevie Award in the Founding Team of the Year category for the 18th Annual American Business Awards. More than 3,600 nominations from organizations of all sizes and various industries were submitted for consideration in a wide range of categories.
– In April 2020, Financial technology leader FIS announced that FIS Ventures, the newly created corporate venture investment division of FIS, has launched an effort to invest a target of $150 million in promising fintech startups over the next three years with a focus on emerging technologies such as artificial intelligence and machine learning, digital enablement and automation, data and analytics, security and privacy, distributed ledger technology, and financial inclusion.
What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Debt Collection Software Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
The research includes historic data from 2015 to 2020 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
Finally, the Debt Collection Software Market report is a believable source for gaining the Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and Market development rate, and figure and so on. This report additionally Present a new task SWOT examination, speculation attainability investigation, and venture return investigation.
Customization of this Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
Please contact our sales professional ([email protected]), we will ensure you obtain the report which works for your needs.
Note: All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
Market Insights Reports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. Market Insights Reports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
Irfan Tamboli (Head of Sales) – Market Insights Reports
Phone: + 1704 266 3234 | +91-750-707-8687