Debt Collection Software Market Projected to Reach $5,660.8 million by 2026 - Atradius Collections, Chetu, Experian Information Solutions, Fair Isaac, Fidelity National Information Services

The debt collection software market was valued at $2,783.2 million in 2018, and is projected to reach $5,660.8 million by 2026, growing at a CAGR of 9.4% from 2019 to 2026.

A debt collection software automates the debt collection process and provides real-time information of debtor portfolios to the collectors. This software offers features such as customer segmentation based on collection scenarios, automation of customer reminders, email & letters, streamlining communication with clients, suitable payment plans, transaction management, commission management, compliance management, invoice management, payment, and others. A debt collection software can be deployed on-premises or on cloud depending upon the convenience of organizations. Various industry players opt for all-in-one debt collection solutions. These solutions include implementation, support, and maintenance of the software.

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Top impacting factors

The global debt collection software market is influenced by several factors such as rise in demand to reduce bad debt & improve cash flow; need to control, manage, and automate debt collection process; and rise in need for mobile applications & adoption of analytics in debt collection. These factors positively impact the market. However, high integration and implementation cost is a key factor that hampers the debt collection software market growth.

Automation in the accounts receivable process

Automating debt collection and recovery processes improves productivity in collections by sequentially determining reasons and reduces time required to processes the cases. As organizations collecting debt are under extreme
pressure to cut costs while improving processes and increasing revenue, the demand for automated debt collection solutions is expected to increase substantially. This in turn is anticipated to drive growth of the global market during the forecast period.

Increase in demand for analytics-enabled collections models

Collection models that are capable to analyze massive volume of data at a single instance are expected to witness high demand among the debt collection agencies to provide predictive insights of customer returns. Predictive analytics has emerged as a key enabler, which helps segment customers into identical groups based on their attributes, and formulates customized debt management and advisory policies targeted to a particular customer segment. Hence, analytics technology is expected to create significant revenue growth opportunities for players willing to adopt and explore analytical debt collection solutions. This in turn is expected to drive the growth of the global debt collection software market forecast in the coming years.

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