The debt collection software market was valued at $2,783.2 million in 2018, and is projected to reach $5,660.8 million by 2026, growing at a CAGR of 9.4% from 2019 to 2026.
A debt collection software automates the debt collection process and provides real-time information of debtor portfolios to the collectors. This software offers features such as customer segmentation based on collection scenarios, automation of customer reminders, email & letters, streamlining communication with clients, suitable payment plans, transaction management, commission management, compliance management, invoice management, payment, and others. A debt collection software can be deployed on-premises or on cloud depending upon the convenience of organizations. Various industry players opt for all-in-one debt collection solutions. These solutions include the implementation, support, and maintenance of the software.
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The List of companies covered in these Reports are:
Experian Information Solutions, Inc.
Fair Isaac Corporation
Fidelity National Information Services, Inc.
Nucleus Software Exports Ltd.
High demand for commercial & consumer debt recovery services across the BFSI organizations is a major factor expected to drive the growth of the financial institutions operating across the globe, thereby boosting the adoption of debt collection software. In addition, owing to the ability of debt collection software to organize the daily work of collectors and decrease the time spent on administrative and unproductive tasks, its demand among emerging economies is expected to rise at a significant rate. Moreover, an increase in need to save the time required for administrative duties, such as prioritizing daily activities or preparing for calls to focus on the value-adding tasks such as reducing bad debts, drives the growth of the global debt collection software market.
The software segment was the highest contributor to the debt collection software market in 2018 and is projected to remain dominant during the forecast period, as it represents the complete debt recovery program’s data set and operative plans, including the application programming interface (API). Moreover, it consists of a debt analyzer, report printing functions, and others.
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Name: Sameer Joshi
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This post was originally published on Food and Beverage Herald