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Debt collection software is designed to streamline the debt recovery process that helps in smooth debt collection. It assists debt collector organizations in managing workflow, complying with government regulations and online payment collection. The debt collection software handles every step of the loan recovery process that starts with gathering complete data of borrower, send overdue invoice reminders, follow up with phone calls, and manage debt collection. It also helps banking organizations to improve their productivity by automating the complete work related to debt collection. Additionally, the increasing need to reduce time and cost associated with the manual debt recovery process among financial organizations as well as the growing need to provide customer-centric debt collection management will create lucrative opportunities for the growth of the debt collection software market.
The growing inclination of organizations towards effective debt recovery is fuelling the growth of the debt collection software market. The financial organizations are redesigning their debt collection journeys to reduce the timeframe of the money collection process, which saves approximately 30.0% of costs associated with the process. Debt collection software assists in the automatic and daily monitoring of users' accounts as well as provide notifications and alerts regarding loan installations. This helps financial organizations to give time-to-time updates and warnings regarding Equated Monthly Installments (EMI) of the loans. Additionally, debt collection software helps financial organizations to stay compliant with consumer protection laws by identifying bankruptcy status and litigious consumers. Thus, the demand for debt collection software is increasing rapidly in the market. Furthermore, the rising focus of key players towards designing debt collection software especially for government organizations is fuelling the growth of the debt collection software market. For instance, The InterProse Corporation provides InterProse ACE, debt collection software specially built for the government to automate collection process through text messaging, voice mail drops and dialers.
Key Market Driver -
Growing inclination of organizations towards effective debt recovery
Key Market Restraint -
Varied debt collection regulations across the globe
However, different debt collection regulations across the globe and the high price of the debt collection software are some of the factors limiting the market growth of the debt collection software.
Based on the component, the market is segmented into software and services. By deployment, the market is bifurcated into on-premises and cloud-based. By enterprise size, the market is bifurcated into large enterprises and small and medium enterprises (SMEs). Based on end-user, the market is segmented into financial institutions, collection agencies, healthcare, government, telecom & utilities, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Some of the key companies in the global debt collection software market report include CGI, Inc., FIS, Nucleus Software Exports Ltd., Temenos Headquarters SA, Intellect Design Arena Ltd., TransUnion LLC, Chetu Inc., Debtcol Software Pty Ltd., Scorto, Inc. and Sentinel Development Solutions, Inc.
The global debt collection software market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America followed by Europe, dominated the global debt collection software market in 2018, owing to the rapid digitization and adoption of cloud-based services as well as availability of technically advanced debt collection software. Furthermore, the growing organization's inclination towards the adoption of debt collection software to smoothen the debt recovery process is anticipated to fuel the demand for debt collection software solutions in Asia Pacific. Additionally, the growing necessity to reduce bad debt and optimize collection costs are driving the debt collection software market growth in Asia Pacific. Latin America and the Middle East & Africa are projected to register a comparatively higher CAGR by the end of the forecast period.
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