New York, July 23, 2019 (GLOBE NEWSWIRE) -- The growth of the market is governed by various factors such as growing demand for consumer electronics and increasing demand for cloud-based debt collection software coupled with self-service payment models
The Debt Collection Software Market is expected to reach USD 4.49 Billion by 2026, according to a new report by Reports and Data. The increase in growth is mainly associated with the increase in consumer electronics like smart phones, and laptops, among others coupled with adoption of advanced cloud technology services which allows thousands of customers to access similar resources helping companies to cut down their expenses. Based on statistics, the penetration of advanced cloud based platforms that helps to develop new technology is also a significant factor stimulating market demand.
A debt collection software system is practiced to execute, deploy and solve the complications associated with conventional form of debt collection with the help of technology. The precise implementation of the digital debt collecting automates the method for various debt collection purposes. Thus, the debt collection software is assumed to be adopted at a large scale in the future. Also, it is growing in popularity as it is time saving and customers can operate their services just at the ease of their comfort efficiently. Due to these specialties, the Debt Collection Software Market is anticipated to have latent growth during the forecast period.
Due the presence of advanced economies, like the United States (US) and Canada, North America is estimated to hold the largest share of 27.3% in 2018. North America is the most developed region in the market, as almost all large enterprises are located in this region. The region’s powerful financial position also allows it to invest heavily in advanced testing tools and technologies. These improvements have provided North American organizations a competitive edge in the market.
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Further key findings from the report suggest
- The Debt Collection Software Market is estimated to reach USD 4.49 Billion by 2026, at a CAGR of 6.9% during the forecast period.
- The cloud deployment segment is anticipated to grow at a higher rate of 7.1% during the forecast period.
- The Telecom and utilities end user is anticipated to grow at the highest rate of 7.2% during the forecast period.
- Debt collection software in banks has emerged rapidly due to the growing preference to perform services effortlessly without any inconvenience.
- APAC is forecasted to be the fastest growing market with the highest CAGR of 7.2% during the forecast period.
- The drivers for the growth of this region are the presence of key players, favorable reimbursement policies, and rising use of technology in countries like India, China and Japan, along with several initiatives taken by the government.
- Various players are developing strategies to mark their presence in the industry.
- R&D initiatives by companies to improve healthy products that have a broad application base are anticipated to create tremendous growth possibilities for industry participants.
- The Key players in the Debt Collection Software Market include Chetu, Sopra Banking, Temenos, FICO, Experian, Quantrax Corporation, Indus Software, Intellect Design, Adtec Software, Advantage Software Factory, CSS Impact, and Strategic Information Technology (SIT) Ltd, Pegasystems, FIS, EXUS, Pamar Systems, Kuhlekt, Katabat, Totality Software, Nucleus Software, Coface, Arvato, Ameyo, AgreeYa Solutions, SeikoSoft, and Debtrak.
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the market on the basis of Deployment, Offering, Organization size, End User and region:
Deployment Outlook (Revenue, USD Million; 2018-2026)
- On-premises
- Cloud
Offering Outlook (Revenue, USD Million; 2018-2026)
- Software
- Services
Organization size Outlook (Revenue, USD Million; 2018-2026)
- Large Enterprises
- SMEs
End User Outlook (Revenue, USD Million; 2018-2026)
- Banking
- Telecom and utilities
- Collection Agencies
- Finance Companies
- Healthcare
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Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East and Africa
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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.