About Credit and Collections Software
The credit and collection software is a part of the financial management suite of integrated business applications that is needed to integrate with accounting software and ERP systems or any other accounting tools and software such as AR automation software. The credit and collection software suite extends the company’s account receivable and accounting system to help in credit management, remittance processing, billing & invoicing, dispute management and collection process of the credit in an organization. Many small-medium to large enterprise use credit and collection software for ensuring the customer pay for the products and services delivered by the company. It is used by the accounting team to manage the customer credits to lessen the risk of not getting payments. These types of software are also used by collection agencies who recover the outstanding payments on behalf of their customers.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Technology Group International (United States), Comtech Systems Inc. (Collect) (Canada), Fair Isaac Corporation (FICO) (United States), Tesorio (United States), FIS (United States), WorkflowAR (United States), HighRadius Corporation (United States), Esker (France), HubSolv ltd. (United Kingdom), Cforia Software Inc. (United States), CollBox Inc. (United States), Borrowell Inc. (Canada) and Anytime Collect (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Credit and Collections Software market by and Region.
On the basis of geography, the market of Credit and Collections 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). If we see Market by Platform, the sub-segment i.e. Desktop will boost the Credit and Collections Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. Cloud-Based will boost the Credit and Collections Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Features, the sub-segment i.e. Credit Facilitation will boost the Credit and Collections Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Large Enterprises will boost the Credit and Collections Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Emergence of Mobile-based Credit and Collection Software and Increasing Use of Cloud-based Credit and Collection Software
Market Growth Drivers:
The need for businesses to ensure the customer pay for their products and services provided by the company. And to also recover the amount due on time for the consistent influx of money to finance their operations.
Challenges:
Intense Competition in Credit and Collection Software Market
Restraints:
Data Privacy Related Concerns with Credit and Collection Software
Opportunities:
Adoption of AI-based Technology in Credit and Collection Software and Other Technological Advancements in Upgradation in Credit and Collection Software
On 5th September 2019, HighRadius fintech software company specializing in automating the order-to-cash and treasury management processes announced a partnership with Confirmation, now part of Thomson Reuters, a leading online provider of bank reference automation. This partnership allows credit managers using the HighRadius Online Credit Application to connect with Confirmation’s existing global network of over 1,000 banks, including 50 of the top 100. HighRadius Credit Cloud enables HighRadius to automate the credit process for online credit applications.
Key Target Audience
Credit and Collections Software Providers, Industry Associations, Software Developers, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.