Debt Collection Software Market Revenues to expand $4.6 billion by 2024

Debt Collection Software Market

Northbrook, IL 60062, USA, 2019-Nov-19 —

The report Debt Collection Software Market by Component (Software, Services), Organization Size, Deployment Type, User Type (Financial Institutions, Collection Agencies, Healthcare, Government, Telecom & Utilities), and Region – Global Forecast to 2024″, published by MarketsandMarkets, the global debt collection software market size is expected to grow from USD 2.9 billion in 2019 to USD 4.6 billion by 2024, at a CAGR of 9.6% during the forecast period.

The growing demand for automation in the collection process, rising need for self-service payment models to speed up the collection process, and increasing adopting of cloud-based debt collection software are some of the major factors driving the growth of the market.

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 fulfil their specific requirements.

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Key Debt Collection Software Market Players

The major vendors that offer debt collection software across the globe include FICO (US), Pegasystems (US), Temenos (Switzerland), Experian (Ireland), Chetu (US), FIS (US), EXUS (UK), Sopra Banking (France), Quantrax Corporation (US), Indus Software (India), Pamar Systems (US), Intellect Design (India), Kuhlekt (Australia), Adtec Software (UK), Katabat (US), Advantage Software Factory (Romania), Totality Software (US), CSS Impact (US), Nucleus Software (India), Coface (France), Arvato (Germany), Ameyo (India), AgreeYa Solutions (US), SeikoSoft (US), and Debtrak (UK). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings and mark the presence in the debt collection software market.

FICO is another top player in the debt collection software market. The company has undertaken several growth strategies, such as partnerships, product developments, and enhancements, to achieve the expertise in the debt collection software market.

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