-- According to the report published by Allied Market Research, the global debt collection software industry generated revenue of $3,120 million in 2019 and is projected to garner $ 6,778 million by 2027, registering a CAGR of 10.2% during the forecast period.
Automation in the accounts receivable process, rise in multichannel collection models and need to reduce bad debt and optimize collection costs augment the growth of the global debt collection software market. Whereas, high maintenance cost associated with debt collection services and diversified debt collection regulations across the globe impede the market growth. On the other hand, analytics-enabled collections models are expected to create lucrative opportunities soon.
COVID-19's Effects on Debt Collection Software Market:
• Software industry has witnessed increased demands for certain applications. On the other hand, major software firms are following the remote working system amid COVID-19.
• However, SaaS companies that sell to speciality sectors including hospitality, food, and others have seen a relatively poorer drop in growth.
Get a thorough study of COVID-19's influence on the debt collection software market: https://www.alliedmarketresearch.com/request-for-customization/4399?reqfor=covid
Based on component, the software segment held the largest share in 2018, contributing more than four-fifths of the global debt collection software market. 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.
Based on component, the software segment held the largest share in 2018, contributing more than four-fifths of the global debt collection software market. Furthermore, the segment is expected to maintain its lead throughout the forecast period. However, the services segment is projected to register the fastest CAGR of 10.9% during the forecast period.
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Based on end-user, the healthcare segment is expected to manifest the fastest CAGR of 11.1% during the study period. However, the financial institution segment held the largest share in 2018, accounting for more than one-fourth of the global debt collection software market.
The global debt collection software market across the North American region dominated the market in 2018, contributing nearly two-fifths of the market and is anticipated to maintain its dominance throughout the forecast period. However, the Asia-Pacific is expected to register the fastest CAGR of 12.6% through 2026.
The key market players analyzed in the report involve Atradius Collections, Chetu Inc., Experian Information Solutions, Inc., Fair Isaac Corporation, Fidelity National Information Services, Inc., Nucleus Software Exports Ltd, Pegasystems Inc., Temenos AG, Tieto, and TransUnion LLC.
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