Industry Background:
Since the past few years, adoption of digitalization in the banking sector has been robustly increased. This has led to increasing awareness about banking facilities as well as encouraging global consumer debt. In addition to this, government legislation such as Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) has increased the credit card debt and further escalated business growth of Debt Collection Software. This software streamlines and administrates debt collection and recovery processes. Moreover, it increases the banking software automation and helps to overcome the limitations of the existing database systems.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Current Value (2023) | USD 788.0 Million |
Unit | Value (USD Million) |
Key Companies Profiled | FICO (United States), Pegasystems Inc. (United States), Temenos AG (Switzerland), Experian PLC (Ireland), Chetu (United States), Fidelity National Information Services, Inc. (United States), EXUS (United Kingdom), Sopra Banking (France), Quantrax Corporation (United States), Indus Software (India), Pamar Systems (United States) and Intellect Design (India) |
According to AMA, the market for Debt Collection Software is expected to register a CAGR of 7.6% during the forecast period to 2030. This growth is primarily driven by Upsurging Demand for Integrated Banking Software, Enhanced Economic Condition led to Improved Cash Flows and Eliminated the Concerns Regarding Existing Database Systems.
Globally, a noticeable market trend is evident Increasing Global Consumer Debt will Upsurge the Demand
The Application Software sector in the Europe region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as FICO (United States), Pegasystems Inc. (United States), Temenos AG (Switzerland), Experian PLC (Ireland), Chetu (United States), Fidelity National Information Services, Inc. (United States), EXUS (United Kingdom), Sopra Banking (France), Quantrax Corporation (United States), Indus Software (India), Pamar Systems (United States) and Intellect Design (India), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The key manufacturers are targeting the innovations of the products with better quality, better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking upon mergers and acquisitions in order to maintain their presence in the market
Key Developments in the Market:
In October 2023, Celergo, a leading provider of debt collection software, announced the acquisition of Revnue, a provider of cloud-based debt collection solutions. The acquisition will expand Celergo's portfolio of solutions and provide customers with a wider range of options to meet their debt collection needs.
In November 2023, Intuit, a leading provider of financial software, launched QuickBooks Debt Management, a new debt collection solution for small businesses. The solution is designed to help small businesses manage their debt collection processes more effectively and efficiently.
Regulatory Insights:
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) made changes to American bankruptcy laws, affecting both consumer and business bankruptcies. The BAPCPA was intended to make it more difficult for debtors to file a Chapter 7 Bankruptcy under which most debts are forgiven (or discharged) and instead required them to file a Chapter 13 Bankruptcy under which the debts they incurred are discharged only after the debtor has repaid some portion of these debts. Thus, BAPCPA has encouraged credit card debt, student loans, and many others.
Influencing Trend:
Increasing Global Consumer Debt will Upsurge the Demand and Credit Card Debt is on the Rise Due to the Bankruptcy Protection Act of 2005
Market Growth Drivers:
Upsurging Demand for Integrated Banking Software, Enhanced Economic Condition led to Improved Cash Flows and Eliminated the Concerns Regarding Existing Database Systems
Challenges:
Stringent Rules and Regulations such as Fair Debt Collection Practices Act (FDCPA) and Federal Trade Commission (FTC)
Restraints:
Higher Initial Investment and Post Maintenance Cost and Lack of Awareness from Economically and Technologically Underdeveloped Regions
Opportunities:
Increasing Need for Customer-Centric Debt Collection Approach, Growing Adoption of Digitalization for Collection methods and Rising Awareness About Self Service Models
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Debt Collection Software Market
- Analysis about New Entrants in Debt Collection Software Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Debt Collection Software Study Sheds Light on
The Debt Collection Software Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Debt Collection Software industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Debt Collection Software industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.