MarketsandMarkets forecasts the debt collection software market to grow from USD 2.64 billion in 2018 to USD 3.73 million by 2023, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.

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The growing need to provide customer-centric debt collection solutions, rising consumer requirements for self-service models for the collection process, and increasing specialized debt collection agencies across the globe are expected to drive the global debt collection software market during the forecast period.

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Debt collection software is adopted by banks, finance companies, collection agencies, telecom and utilities companies, healthcare, law firms, and others across the globe for effective debt collection. Debt collection software boost the debt recovery and collection process, thereby improving the collectors’ productivity and operational efficiency. The adoption of cloud-based debt collection software solutions enables debt collection organizations and agencies to reduce bad debt rates. The growing need for customer-centric debt collection software, and rising need to outsource debt collection tasks to specialized collection agencies and self-servicing models to accelerate the collection process are the factors driving the demand for implementing the debt collection software.

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.

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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).

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