Rising Automation in the Debt Collection Process to Create Lucrative Opportunities for NA and EU Debt Collection Software Market During 2022-2028
According to our latest market study on "NA and EU Debt Collection Software Market Forecast to 2028 - COVID-19 Impact and Country Analysis - by Component, Deployment Type, Organization Size, and Industry Vertical," the debt collection software market size is expected to grow from US$ 2386.4 million in 2022 to US$ 4148.3 million by 2028; the debt collection software market share is expected to grow at a CAGR of 9.7% from 2022 to 2028.
Debt collection software offers a variety of features, such as reducing human intervention and automating redundant tasks. The debt collection software made operations more efficient and reduced the excessive costs incurred by these processes, thereby driving the growth of the debt collection software market. Cloud computing technologies are becoming mainstream, with seamless cloud connectivity facilitating access and sharing of data and applications. According to Right Scale's 2019 annual State of the Cloud Report, 91% of organizations use public clouds, and 72% use private clouds. Most businesses use both options, with 69% choosing a hybrid cloud solution. Therefore, the emergence of cloud technology is also boosting the market's growth. Government regulations on data security are becoming more and more stringent, but the spend analytics market is developing globally due to government policies and increasing investment in BI analytics tools. Many global companies are working with governments to improve their spending and procurement processes and using spending analytics tools to provide actionable solutions to society. Legal notices no longer threaten debtors, and increasing rules and regulations complicate the debt collection process. As a result, many telecommunications and utility companies are using collections software to take advantage of the vastly increased number of online transactions. Businesses are adopting self-service payment platforms to keep track of customers, track bill payments, and maintain authenticity. Thus, rising automation in the debt collection process is driving the demand for debt collection software.
The debt collection software market is segmented into component, deployment mode, organization size, and industry vertical. The debt collection software market analysis by component, the debt collection software market is segmented into solution and service. The debt collection software market analysis by deployment type, the debt collection software market is segmented into on premise and cloud based. Based on organization size, the market is segmented into small and medium enterprises (SMEs) and large enterprises. Based on vertical industry, the market is segmented into BFSI, manufacturing, retail, IT & Telecom, and others.
Impact of COVID-19 Pandemic on NA and EU Debt Collection Software Market
The COVID-19 pandemic increased patient costs and bad debts in the healthcare sector, driving the demand for debt collection software. Debt collection software sales are expected to increase during the forecast period as the adoption of debt collection software to address internal medical debt collection by major healthcare organizations will become significant, driving the debt collection software market growth. The COVID-19 outbreak introduced new obstacles to debt collection. Several state agencies and regulators took the following steps to ease financial restrictions imposed on consumers within their jurisdictions due to the COVID-19 pandemic. Due to this factor, developers of debt collection software experienced a temporary setback that also affected debt collection software sales. Debt collectors and creditors are prohibited under this law from attacking citizens. Deviations in enforcement and dunning procedures during COVID-19 and severe economic impacts, such as an increase in the unemployment rate, impeded the growth of the debt collection software market. Several state authorities and regulators worldwide took initiatives to minimize the financial burden of COVID-19 on consumers in their states by imposing additional restrictions on debt collection practices. For example, on March 25, 2020, Massachusetts Attorney General (AG) Maura Healey and the Office of the Secretary of State launched an emergency lawsuit to curl federal debt collections during the pandemic. This ordinance prevents creditors from harassing residents.
Chetu Inc.; FICO; CSS, Inc.; Experian Information Solutions Inc.; EXUSl Loxon Solutions; FIS; Pegasystems; Quantrax Corporation, Inc.; and CGI Inc. are a few key players operating in the NA and EU Debt Collection Software market. Several market players have been analyzed to understand the NA and EU Debt Collection Software market.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com