Debt Collection Software Market To Reach $9.27 Billion By 2030

Debt Collection Software Market Growth & Trends

The global debt collection software market size is anticipated to reach USD 9.27 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.6% from 2024 to 2030. Societies are undergoing digitization in various aspects to achieve better efficiency, automation, and control of several operations. In line with this, the increasing demand for digital transformation platforms and the advent of cloud computing technology are driving the market growth.

The COVID-19 pandemic significantly impacted the market. It led to an increase in debts for individuals and companies due to the economic slowdown and job losses, in turn driving market growth. Moreover, it prompted organizations to adopt remote work models, which resulted in the need for cloud-based solutions. These factors contributed to the growth of the market.

The growing need for advanced solutions to effectively manage debts is driving market growth. As businesses face financial challenges, the demand for debt collection solutions has witnessed a substantial increase. This is particularly true for small and medium-sized businesses that need more resources to manage their debt collection processes.

In addition, the increasing prevalence of defaults and delinquencies in debts is driving market growth. As more individuals and organizations struggle to pay their debts, the need for efficient and reliable solutions has become more prominent. Debt collection platforms can help companies manage their processes more effectively and increase their chances of recovering outstanding debts.

With the increasing adoption of cloud-based solutions, debt collection platforms have become more accessible and affordable for businesses of all sizes. In addition, integrating artificial intelligence and machine learning technologies has made the solution more sophisticated and efficient in predicting and managing customer behavior.

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Debt Collection Software Market Report Highlights

• Based on component, the software segment accounted for the highest revenue share of over 65% in 2023 and is expected to retain its position over the forecast period. This can be attributed to the increasing use of predictive analytics. The services segment is expected to witness the fastest growth, led by the rising demand for SaaS.

• Based on deployment, the on-premise segment dominated the market in 2023 and is expected to grow at a significant CAGR over the forecast period. This can be attributed to the rising need for customization.

• Based on enterprise size, the small & medium enterprises segment is expected to witness the fastest CAGR over the forecast period owing to the increasing adoption of digital technology, enabling operators to quickly reposition and adapt to changing mission requirements or operational environments.

• Based on end-user, the financial institutions segment dominated the market in 2023 on account of the growing focus on risk management arising from bad debts.

• In August 2023, Credgenics, an India-based debt collection solution startup, secured a USD 50 million investment through its funding round. Credgenics plans to allocate the resources toward product improvement, growing its international presence, and venturing into the Banking, Financial Services, and Insurance (BFSI) industry.

Debt Collection Software Market Segmentation

Grand View Research has segmented the global debt collection software market based on component, deployment, enterprise size, end-user, and region:

Debt Collection Software Component Outlook (Revenue, USD Million, 2017 - 2030)

• Software

• Services

• Consulting

• Integration & Implementation

• Training & Support

Debt Collection Software Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• On-premise

• Cloud

Debt Collection Software Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

• Large Enterprises

• Small & Medium Enterprises

Debt Collection Software End-User Outlook (Revenue, USD Million, 2017 - 2030)

• Healthcare

• Financial Institutions

• Collection Agencies

• Government

• Telecom & Utilities

• Others (Real Estate & Retail)

Debt Collection Software Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • Italy

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • UAE

  • Saudi Arabia

  • South Africa

List of Key Players in the Debt Collection Software Market

• Experian

• Fair Isaac Corporation

• Constellation Software Inc.

• CGI Group Inc.

• TransUnion

• Nucleus Software Exports Ltd.

• Chetu Inc.

• CDS Software

• Pegasystems Inc.

• Temenos Group AG

• AMEYO

• PAIR Finance

• Credgenics