According to the latest report by IMARC Group “Debt Collection Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global debt collection software market size reached US$ 3.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 6.8 Billion by 2027, exhibiting a growth rate (CAGR) of 11.6% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
A debt collection software represents a digital tool that automates the debt collection process. It aids in managing accounts receivables, interactions with customers, accounting reviews, etc. Debt collection software helps accelerate cash receipts, negotiate with key customers in collaboration with business managers, identify and resolve disputes, facilitate communication between departments, etc. It also provides a dashboard for both debt collectors and managers, saves time on routine or unproductive tasks, and accelerates debt recovery. Debt collection software is extensively utilized by different businesses across the globe to improve operational efficiency by ensuring greater coverage and seamless connectivity.
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Covid-19 Impact:
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The elevating levels of digitization across banking institutions are primarily driving the debt collection software market to remove bad debt and automate revenue cycles. Besides this, the rising need for a secure and centralized platform, which is easily accessible via smartphones or the web, for utilization by banks and collection agencies is further catalyzing the market growth. Moreover, debt collection software is gaining traction in the healthcare industry to offer care provider contact management, general document management, revenue cycle management, patient lending program administration, batch patient invoices and statements, an online patient portal, etc. This is acting as another significant growth-inducing factor. Apart from this, the escalating adoption of various cloud computing technologies for increasing the ease of sharing data and applications is anticipated to fuel the debt collection software market over the forecasted period.
Debt Collection Software Market Report Scope
Report Coverage
Details
Market size value in 2021
US$ 3.6 Billion
Market forecast in 2027
US$ 6.8 Billion
Growth Rate
CAGR of 11.6% from 2022 to 2027
Base year for estimation
2021
Historical data
2016-2021
Forecast period
2022-2027
Breakup by Component:
Breakup by Deployment Mode:
Breakup by Organization Size:
Breakup by End User:
Market Breakup by Region:
Competitive Landscape with Key Player:
Key Highlights of the Report:
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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