NEW YORK, Aug. 12, 2021 /PRNewswire/ — The debt collection software market is expected to grow by USD 803.50 million during 2021-2025, according to Technavio. The report offers a detailed analysis of the market positioning of market players classified as dominant and strong players. Some of the dominant market participants listed in this market research report include Advantage Software Factory (Romania), Chetu Inc. (US), Experian Plc (Ireland), Fair Isaac Corp. (US), Fidelity National Information Services Inc. (US), Nucleus Software Exports Ltd. (India), Quantrax Corp. Inc. (US), Temenos AG (Switzerland), Totality Software Inc. (US), and Wincollect Pty. Ltd. (Australia).
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The debt collection software market is driven by the pricing strategies of vendors, increasing demand for cloud-based applications, and regulatory compliance. In addition, other trends such as the rise in demand for integrated debt collection software solutions, and the emergence of debt collection mobile apps are expected to trigger the debt collection software market toward witnessing a CAGR of over 5.20% during the forecast period. However, high implementation and maintenance costs will be one of the prominent factors anticipated to impede the market’s growth in the long run.
Companies across the globe are focusing on creating a Resilient Business Model in the Face of COVID-19. Vendors are continuing their ongoing operations while building resilient business models as the path to recovery from the pandemic is being carved out.
The recovery process involves various phases including:
- Recognizing the existing business model
- Build Resilience by making effective resource and investment choices for individual business units, products, and service lines.
- Conceptualize scenario-based planning to mitigate future crisis situations.
Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
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Top 3 Debt Collection Software Market Participants:
Advantage Software Factory
The company offers various business software solutions for the banking and telecom industries. In addition, Advantage Software Factory also caters to the application software industry with services including custom solutions and consulting services for business development. The company offers sells debt collection software in the name of Capone.
The company offers various application software development, web hosting solutions, IT infrastructure, products life cycle management services, and others.
The company’s debt collection software helps organizations and businesses in improving their debt recovery rates by offering better and more accurate data.
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Debt Collection Software Market 2021-2025: Segmentation
Debt collection software market is segmented as below:
- North America
- South America
The on-premises deployment model led the market share in 2020 as most businesses get complete control over their critical data and companies do not have to store their sensitive information in a public cloud environment. In terms of geography, APAC is anticipated to contribute 32% of the incremental growth during the forecast period owing to the economic expansions occurring in India, China, Malaysia, and Thailand.
Furthermore, the growing adoption of on-premise debt collection software among law firms, accounts receivable management companies, debt purchasers, and collection departments in China, Japan, South Korea, and Australia will lead the region to witness the fastest market growth.
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- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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