What is Credit Management Software Market?
Credit management software is software that allows to record and track payment arrangements. It is designed to help streamline credit processing and management. It reduces manual work that saves time and cost with user-friendlier workflows and smarter automated processes. Credit management software helps to control the entire customer onboarding and credit monitoring experience. The factors such as Increasing Applications of Credit Management Software as well as High Benefits such as Improved Customer Communication and Customer Service and Satisfaction are driving the global credit management software market.
Highlights from Credit Management Software Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | BlackLine, Inc (United States), Emagia Corporation (United States), Innovation Software Limited (United Kingdom), Oracle (United States), Credica Limited (United Kingdom), Cforia Software Inc. (United States), HighRadius Corporation (United States), Finastra (United Kingdom) , SOPLEX Consult GmbH (United States) and DebtPack (South Africa) |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Credit Management Software market throughout the forecasted period.
BlackLine, Inc (United States), Emagia Corporation (United States), Innovation Software Limited (United Kingdom), Oracle (United States), Credica Limited (United Kingdom), Cforia Software Inc. (United States), HighRadius Corporation (United States), Finastra (United Kingdom) , SOPLEX Consult GmbH (United States) and DebtPack (South Africa) are some of the key players profiled in the study. Credit Management Software Market Segmentation:
Scope | Sub-Segments |
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Application / End User | BFSI, Healthcare, IT and Telecommunication, Government and Others |
Enterprise | Small and Medium Enterprises,Large Enterprises |
Deployment | On-Premises,On-Cloud |
Features | Customer Scorecards,Portfolio Alerts,Portfolio Monitoring,Portfolio Benchmarking,Portfolio Consolidation,Credit Workflow,Credit Documentation,Others |
Subscription | Annual Subscription,Monthly Subscription,Others |
On the basis of geography, the market of Credit Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased Adoption of Cloud-based Solutions
Market Growth Drivers:
Increasing Applications of Credit Management Software and Improved Customer Communication and Customer Service and Satisfaction
Challenges:
Less Awareness about Credit Management Software
Restraints:
Technical Issues Related to Software
Opportunities:
Increasing Demand from End-users and Increasing Need for Credit Management Software in Numerous Industries
Key Target Audience
Credit Management Software Developers, Emerging Companies, Research Professionals and End-users
Market Leaders & Development Strategies
In October 2020, BlackLine, Inc. accounting automation software acquired Rimilia, AI-powered cloud-based platform that enables accounts receivable (AR) automation and digital transformation. This helped BlackLine to expand its presence in credit management software market
In October 2020, Emagia, a leading provider of digital order-to-cash automation solutions, has announced its strategic partnership with WNS (Holdings) Limited, a leading provider of global Business Process Management (BPM) services. The partnership is aimed to accelerate the digital transformation of order-to-cash in global enterprises through a comprehensive “Quote-to-Sustain offering.