Dublin, Oct. 07, 2022 (GLOBE NEWSWIRE) -- The "North America and Europe Debt Collection Software Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component, Deployment Type, Organization Size, and Industry Vertical" report has been added to ResearchAndMarkets.com's offering.
The NA and EU debt collection software market size is expected to grow from US$ 2386.4 million in 2022 to US$ 4148.3 million by 2028; the debt collection software market share is estimated to grow at a CAGR of 9.7% during 2022-2028.
Emergence of big data analytics & predictive analytics and digital multi-channel communications & customer centric approaches create ample demand for debt collection software during the forecast period.
Information is the most powerful weapon when it comes to debt collection. Big data analytics can help to get the most relevant information about debtors. Simple information such as demographics and behavioral aspects such as the time a debtor answers a call can significantly affect how a debt collection call is handled. Big Data allows data collection and segregation with a laser-sharp focus related to a single debtor.
Big data opens up possibilities such as speech analysis to confirm current collection. Voice analytics helps to hear 100% of every call. A feat that is impossible or recommended for humans. Input from speech analytics can contribute significantly to training and operational efficiency savings. Furthermore, predictive analytics, a form of advanced analytics, brings breakthroughs to collections. It combines various techniques such as data mining, machine learning, artificial intelligence, and statistical modeling to predict future events. It may sound cryptic, but it has been successful in debt collection.
WNS, a leading utility company, used predictive analytics to increase its debt collections by 50%. A more focused strategy for delinquency management was developed based on the predictive analytics findings. Thus, the emergence of big data and predictive analytics will drive the debt collection software market growth during the forecast period.
Moreover, businesses communicate with their customers through multiple digital channels such as SMS, email, IVR, and WhatsApp. Financial institutions must understand this and develop a communication strategy for each channel. Customers should experience the same high level of service regardless of the communication channel. This multi-channel approach greatly extends to collection spaces where customers prefer to be contacted by SMS or email rather than by phone or letter. The debt collection process should include a multi-channel approach to reach customers according to their channel preferences. Furthermore, customers are accustomed to personalizing services and offers when accessing products and services. A one-size-fits-all approach is no longer optimal and can alienate potential customers.
Additionally, it is important to offer customers self-service options. It shows that 57% of people prefer self-service channels. Customer self-service options and empathy are paramount when designing a customer-centric process for collection. Defaulting borrowers can use their channel of choice to settle their debt problems. Thus, the emerging trend of digital multi-channel communications and a customer-centric approach is driving the debt collection software demand in the debt collection software market during the forecast period.
The debt collection software market is analyzed on the basis of component, deployment type, organization size, and industry vertical.
Market Dynamics
Market Drivers
- Rising Automation in the Debt Collection Process
- Growing Adoption of Self-Service Payment Models
- Growing Adoption of Debt Collection Software in the Healthcare Industry
Market Restraints
- Varying Debt Collection Regulation
Market Opportunities
- Data-Driven Debt Collection Using Machine Learning and Artificial Intelligence
- Increase in Need for Automation in the Accounts Receivable Process
Future Trends
- Emergence of Big Data Analytics and Predictive Analytics
- Emerging Trend of Digital Multi-channel Communications & Customer Centric Approach
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. NA and EU Debt Collection Software Market Landscape
5. NA and EU Debt Collection Software Market - Key Industry Dynamics
6. NA and EU Debt Collection Software Market Overview
7. Debt Collection Software Market Analysis - By Component
8. Debt Collection Software Market Analysis - By Deployment Type
9. Debt Collection Software Market Analysis - By Organization Size
10. Debt Collection Software Market Analysis - By Industry Vertical
11. Debt Collection Software Market Analysis - By Region
12. Impact of COVID-19 Pandemic on Debt Collection Software Market
13. Industry Landscape
14. Company Profiles
15. Appendix
Companies Mentioned
- CSS, Inc.
- Experian Information Solutions, Inc.
- Exus
- Loxon Solutions
- FIS
- Pegasystems Inc.
- Quantrax Corporation, Inc.
- CGI Inc.
- Chetu Inc.
For more information about this report visit https://www.researchandmarkets.com/r/gaczvq
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