The Global Debt Collection Software Market 2018: A $3.73 Billion Market Opportunity by 2023
DUBLIN, Sept. 14, 2018 /PRNewswire/ --
The "Debt Collection Software Market by Component (Software and Services), End-User (Banks, Collection Agencies, Finance Companies, Healthcare), Organization Size (Large Enterprises and SMEs), Deployment Type, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The debt collection software market is expected to grow from USD 2.64 billion in 2018 to USD 3.73 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period, owing to the growing need to provide customer-centric debt collection management and the increasing requirement of self-service models to speed up the collection process.
The growing need for customer-centric debt collection approach is expected to create ample opportunities for debt collection software providers. Dependency on debtor's dynamic information and governments' stringent rules and regulations for debt recovery process, such as Fair Debt Collection Practices Act (FDCPA) and Federal Trade Commission (FTC), are expected to be pose a challenge for the debt collection software providers.
The on-premises segment is expected to hold the larger market share during the forecast period, owing to the inclination of organizations to adopt in-house infrastructure. The concern over data privacy and security is a major reason for the larger market size of the on-premises segment. The cloud segment is expected to grow at a higher CAGR during the forecast period, owing to the advantages of the cloud technology, such as agility, scalability, reduced operational costs, flexible payment options, easy access to data, and self-service capabilities, as compared to the on-premises segment.
North America is expected to account for the largest market size and projected to dominate the debt collection software market during the forecast period. The aggressive adoption of technologies by organizations in the region has created huge potential for debt collection software providers in the past decade, and the region is expected to dominate during the forecast period. However, Asia Pacific (APAC) is expected to provide opportunities for debt collection software providers and grow at the highest CAGR during the forecast period. These growth opportunities can be attributed to the increasing commercial investments by organizations in the arena of debt collection, owing to the increased need for effective debt management and recovery in APAC.
Major vendors have adopted several organic and inorganic growth strategies, such as new product launches, partnerships and cllaborations, and mergers and acquisitions, to expand their offerings and enhance their presence in the global debt collection software market.
Key Topics Covered
1 Introduction 1.1 Objectives of the Study 1.2 Market Definition 1.3 Market Scope 1.4 Years Considered for the Study 1.5 Currency 1.6 Stakeholders
2 Research Methodology 2.1 Research Data 2.1.1 Secondary Data 2.1.2 Primary Data 2.1.2.1 Breakdown of Primaries 2.1.2.2 Key Industry Insights 2.2 Market Size Estimation 2.3 Research Assumptions and Limitations 2.3.1 Assumptions 2.3.2 Limitations
3 Executive Summary
4 Premium Insights 4.1 Attractive Market Opportunities in the Debt Collection Software Market 4.2 Market By Component 4.3 Market By Service 4.4 Market By Professional Service 4.5 Market By End-User 4.6 Market By Organization Size 4.7 Market By Deployment Type 4.8 Market Top 3 End-Users and Regions
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Growing Need to Provide Customer-Centric Debt Collection Solutions 5.2.1.2 Need to Outsource Debt Recovery to Specialized Debt Collection Agencies 5.2.1.3 Growing Awareness Amongst Debtors for Self-Service Models 5.2.2 Restraints 5.2.2.1 Inadequacy of the Existing Systems and Lack of IT Resources 5.2.3 Opportunities 5.2.3.1 Exploration of Digital Strategies to Roll Out Collection Services at A Faster Pace 5.2.3.2 Growing Demand By Enterprises to Augment Multi-Channel Communication Technology With Debt Collection Process 5.2.4 Challenges 5.2.4.1 Tracking Delinquent Consumer Debts, and Rising Government Regulations on Debt Collection Activities 5.2.4.2 Debt Collectors' Dependency on Debtors' Dynamic Payment Information and Databases 5.3 Industry Trends 5.3.1 Use Case 1: FICO 5.3.2 Use Case 2: FIS 5.3.3 Use Case 3: Experian 5.3.4 Use Case 4: Experian
6 Debt Collection Software Market, By Component 6.1 Introduction 6.2 Software 6.3 Services
7 Market By Service 7.1 Introduction 7.2 Professional Services 7.3 Managed Services
8 Debt Collection Software Market, By Professional Service 8.1 Introduction 8.2 Implementation 8.3 Consulting 8.4 Training and Support
9 Market By End-User 9.1 Introduction 9.2 Banks 9.3 Collection Agencies 9.4 Finance Companies 9.5 Healthcare 9.6 Consumer Goods and Retail 9.7 Telecom and Utilities 9.8 Others
10 Debt Collection Software Market, By Organization Size 10.1 Introduction 10.2 Large Enterprises 10.3 Small and Medium-Sized Enterprises
11 Market By Deployment Type 11.1 Introduction 11.2 On-Premises 11.3 Cloud
12 Debt Collection Software Market, By Region 12.1 Introduction 12.2 North America 12.2.1 United States 12.2.2 Canada 12.3 Europe 12.3.1 United Kingdom 12.3.2 Germany 12.3.3 France 12.3.4 Rest of Europe 12.4 Asia Pacific 12.4.1 Australia and New Zealand 12.4.2 Japan 12.4.3 China 12.4.4 Rest of Asia Pacific 12.5 Latin America 12.5.1 Brazil 12.5.2 Mexico 12.5.3 Rest of Latin America 12.6 Middle East and Africa 12.6.1 Kingdom of Saudi Arabia 12.6.2 South Africa 12.6.3 United Arab Emirates 12.6.4 Rest of Middle East and Africa
13 Competitive Landscape 13.1 Overview 13.2 Competitive Scenario 13.2.1 New Product Launches and Upgradations 13.2.2 Acquisitions 13.2.3 Partnerships and Agreements 13.2.4 Business Expansions
14 Company Profiles 14.1 Introduction 14.2 FICO 14.3 FIS 14.4 Pegasystems 14.5 Experian 14.6 Temenos 14.7 Intellect Design Arena 14.8 Sopra Banking Software 14.9 Exus 14.10 Katabat 14.11 Advantage Software Factory 14.12 Chetu 14.13 Nucleus Software 14.14 Ameyo (Drishti-Soft) 14.15 Agreeya Solutions 14.16 Coface 14.17 Arvato 14.18 Kuhlekt 14.19 Adtec Software 14.20 Debtrak 14.21 Quantrax Corporation 14.22 Indus Software 14.23 Pamar Systems 14.24 Totality Software 14.25 CSS Impact 14.26 Seikosoft
For more information about this reportvisit https://www.researchandmarkets.com/research/q42dxx/the_global_debt?w=5
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