Global Debt Recovery Solution Market Overview:
The global debt recovery software market is expected to grow at a healthy pace during the forecast period, according to the AMA study. Growing demand for commercial & consumer debt recovery services specially from the financial institutions is expected to be one of the major factors aiding into the growth for the market. However, the market is expected to witness decline in the growth during FY 2020 but it is again expected to rise with a healthy pace after the COVID-19 pandemic is over.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Implementation of Artificial Intelligence in Debt Recovery Solutions
Market Growth Drivers:
Growing Demand for Commercial & Consumer Debt Recovery Services Across the BFSI Organizations and High Requirement for Effecient Transactions Between the Lenders & Customers
Challenges:
Short-term Challenges due to Reduced Sales & Demand Across Different Markets & Economic Crisis Across the World
Restraints:
Availability of Open Source Platforms
Opportunities:
Opportunities in the Asia Pacific Region
Competitive Landscape:
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time.
Some of the key players profiled in the report are Atradius Collections (Netherlands), Chetu (United States), Experian Information Solutions, Inc. (United States), Fair Isaac Corporation (United States), FIS (United States), Nucleus Software Exports Ltd. (India), Pegasystems Inc. (United States), Temenos AG (Switzerland), TietoEVRY (Finland) and TransUnion LLC (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Debt Recovery Solution market by 2028. Considering Market by End Users, the sub-segment i.e. Financial Institutions will boost the Debt Recovery Solution market. Considering Market by Enterprise SIze, the sub-segment i.e. SMEs will boost the Debt Recovery Solution market. Considering Market by Platform, the sub-segment i.e. Windows will boost the Debt Recovery Solution market. Considering Market by Deployment, the sub-segment i.e. On-Premise will boost the Debt Recovery Solution market.
Latest Market Insights:
In November 2023, RevSpring announced the acquisition of CSI Resource, a provider of debt collection and customer service solutions. The acquisition will expand RevSpring's portfolio of services and enhance its ability to meet the needs of its clients in the healthcare, education, and government sectors.
In November 2023, Intellidebt launched its AI-powered debt negotiation platform, which leverages machine learning to optimize debt negotiation strategies and maximize recoveries for debt collectors. The platform is designed to improve the efficiency and effectiveness of debt collection processes.
Stringent Worldwide Government Regulations Regarding Lockdown of Cities' & States' Organisational Operations Reducing the Demand for Debt Recovery Software
What Can be Explored with the Debt Recovery Solution Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Debt Recovery Solution Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Debt Recovery Solution
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Debt Recovery Solution market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Debt Recovery Solution market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.