Report : Asia-Pacific Debt Collection Software Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Software and Service), Deployment Mode (On-Premise and Cloud), Organization Size (SMEs and Large Enterprises), and Industry Vertical (IT & Telecom, BFSI, Retail, Manufacturing, and Others)
At 11.5% CAGR, the Asia-Pacific Debt Collection Software Market is speculated to be worth US$ 1,531.02 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia-Pacific debt collection software market was valued at US$ 797.31 million in 2022 and is expected to reach US$ 1,531.02 million by 2028, registering an annual growth rate of 11.5% from 2022 to 2028. Increase in need for automation in the accounts receivable process and emerging trend of digital multi-channel communications & customer centric approach are the critical factors attributed to the Asia-Pacific debt collection software market expansion.
A claim is a legally enforceable claim from a company that has not been paid for the products or services selected by the end user. The need to speed up day-to-day operations by reducing labour-intensive administration and shifting the burden to technology drives the demand for automation. The debt collection software market is expected to grow significantly as the automation of accounts receivable processes can move to digital practices. Additionally, automating the collection and collection process increases collection productivity by identifying reasons sequentially and reducing the time it takes to process cases. As debt collection firms are under intense pressure to improve processes to reduce costs while increasing revenue, the demand for automated debt collection solutions is expected to grow significantly. This factor is expected to contribute significantly to the growth of the global debt collection software market. Furthermore, in May 2022, Quadient (Euronext Paris: QDT), a pacesetter in assisting companies in creating significant purchaser connections thru virtual and bodily channels, introduced these days the release in France of YayPay through Quadient, a cloud-primarily based shrewd debts receivable (AR) answer that automates the whole AR procedure from credit score to coins application.
On the contrary, varying debt collection regulation hurdles the growth of Asia-Pacific debt collection software market.
Based on component, the Asia-Pacific debt collection software market is segmented into software and service. The software segment held 76.6% market share in 2022, amassing US$ 610.85 million. It is projected to garner US$ 1,197.07 million by 2028 to expand at 11.9% CAGR during 2022–2028.
Based on deployment type, the Asia-Pacific debt collection software market is bifurcated into on-premise and cloud. The cloud segment held 73.0% market share in 2022, amassing US$ 582.38 million. It is projected to garner US$ 1,138.73 million by 2028 to expand at 11.8% CAGR during 2022–2028.
Based on organization size the Asia-Pacific debt collection software market is segmented into small and medium enterprises (SMEs) and large enterprises. The large enterprises segment held 74.4%market share in 2022, amassing US$ 592.87 million. It is projected to garner US$ 1,103.46 million by 2028 to expand at 10.9% CAGR during 2022–2028.
Based on verticals, the Asia-Pacific debt collection software market is segmented into IT & Telecom, BFSI, manufacturing, retail, and others. The BFSI segment held 34.8% market share in 2022, amassing US$ 277.41 million. It is projected to garner US$ 546.98 million by 2028 to expand at 12.0% CAGR during 2022–2028.
Based on country, the Asia-Pacific debt collection software market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia-Pacific. Our regional analysis states that China captured 37.3% market share in 2022. It was assessed at US$ 297.31 million in 2022 and is likely to hit US$ 602.03 million by 2028, exhibiting a CAGR of 12.5% during the forecast period.
Key players dominating the Asia-Pacific debt collection software market are CGI INC.; Chetu, Inc.; Experian Information Solutions, Inc.; Exus; FICO; FIS; Loxon Solutions; and Pegasystems Inc. among others.
- In 2022, FICO is a leading predictive analytics & decision management software company, and Constellation Software Inc. jointly announced that they have completed the sale of FICO’s Collection and Recovery business to Constellation’s Jonas Software operating group, a leading provider of enterprise management software solutions.
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