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(I-SoftwareNews.Com, September 12, 2019 ) Market Overview:
Debt collection software is used to organize the daily job of the collectors and to minimize the time spent on administrative and unproductive tasks so that they can dedicate working time to high-value tasks.
The growth in the industry is mainly due to increasing financial activities, credit and loan transactions in recent years. With the assistance of debt collection software, organizations help their clients to clear their debt challenges. This allows taking ultimate control over how the collection agency software works for the business to increase the profits.
Increasing consumer debts, and rise in need to improve cash flows are driving the demand for integrated debt collection software solutions globally.
Statistics show that healthcare is the main cause of bankruptcy as people turn to credit cards to pay their medical bills. According to the Consumer Financial Protection Board (CFPB), one in three people with a credit record has been contacted by a creditor or collector. However, these calls are often random and ineffective. Traditional methods of debt collection such as aggressive calling, in-house collections, and sending additional invoices are proving to be ineffective and time-consuming.
High maintenance and implementation cost are the major restraints hindering the growth of debt collection software market.
The Debt collection software market is broadly segmented by offering type, End user and deployment type.
By end user, the global market for Debt collection software is broadly segmented as BFSI, healthcare, telecom, and others. The BFSI segment is valued at USD XX million in 2018 and is estimated to grow at a CAGR of XX% over the forecast period to reach a USD XX Million by 2026. BFSI segment is expected to grab the leading position in terms of market share in the forecasted period.
By offering type, the global market for Debt collection software is broadly segmented as software and services. The Software market segment is valued at USD XX million in 2018 and is estimated to grow at a CAGR of XX% over the forecast period to reach a USD XX million by 2026. The software segment holds XX% of market share in 2018 and is expected to increase to XX% by 2026 in Global Debt Collection Software Market. The growth in the segment is mainly due to its scalable and flexible platform.
Debt collection software has the ability to adapt to the changes within the business. It enables enterprises by gathering and managing their debts while paying off their debt. It is scalable and is flexible enough to adjust with ever-evolving processes. The ability to automate manual tasks and processes are the key drivers for the debt software market. With automated debt recovery software, the data available is real-time, accurate and guaranteed.
The global Debt Collection Software Market is segmented into
Some of the key market players in debt collection software are
Sopra Banking Software,
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