Debt Collection Software Market to Record Ascending Growth by 2023

MarketsandMarkets forecasts the debt collection software market 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.

Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. APAC comprises key economies, such as Australia and New Zealand, Japan, and China. The region is expected to account for the highest adoption rate of debt collection software, owing to the technological advancements, rapid economic developments, increase in the bad debts rate, and the need to automate the overall debt collection process.

Among end-users, the telecom and utilities segment is expected to be the fastest-growing segment adopting debt collection software during the forecast period, as organizations in this segment face a tough challenge when it comes to the collection of their telecom and utility bills. The growth in the number of subscribers and the geographical barrier restricts collection agencies to recover the debt owned by their customers.

The debt collection software providers’ prime responsibility is to ensure the proper deployment and integration of debt collection solutions as per the specific requirements of debt collection agencies. Services offered by the debt collection software vendors are segmented into implementation, consulting, and training and support. Among these services, the implementation segment is projected to account for the largest market size and expected to be adopted majorly by debt collection organizations and agencies. It becomes necessary for debt collection software vendors to analyze the agencies’ need and understand the operational functionalities of their existing systems and offer tailored products to fulfill their specific requirements.

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Cloud services are provided directly through the cloud-deployed network connectivity. These services help reduce the overall costs and provide highly flexible and scalable access to solutions throughout Information Technology (IT) infrastructures hosted by cloud service providers. Debt collection organizations are moving toward the cloud deployment type from the traditional on-premises deployment type. Debt collection organizations choose their deployment type depending on their requirements and the size of the organization. These organizations have been focusing more on the cloud deployment type in the recent times, as this type empowers them with several benefits, such as increased reliability, scalability, interoperability, and cost-effectiveness. Furthermore, due to the easy deployment and the growth in the awareness of flexibility among vendors, the cloud segment is expected to grow at a higher CAGR during the forecast period.

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