Report : North America 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 10.1% CAGR, the North America Debt Collection Software Market is speculated to be worth US$ 2,367.23 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America debt collection software market was valued at US$ 1,327.62 million in 2022 and is expected to reach US$ 2,367.23 million by 2028, registering an annual growth rate of 10.1% from 2022 to 2028. Rising automation in the debt collection process and growing adoption of self-service payment models are the critical factors attributed to the North America debt collection software market expansion.
Debt collection software offers a variety of features, such as reducing human intervention and automating redundant tasks. The debt collection software has made operations more efficient and reduced the excessive costs incurred by these processes, thereby driving the growth of the debt collection software market. Cloud computing technologies are becoming mainstream, with seamless cloud deployment facilitating access and sharing of data and applications. Therefore, the emergence of cloud technology is also boosting the market's growth. Government regulations on data security are becoming more and more stringent, but the spend analytics market is developing due to government policies and increasing investment in BI analytics tools. Many global companies are working with governments to improve their spending and procurement processes and using spending analytics tools to provide actionable solutions to society. Legal notices no longer threaten debtors, and increasing rules and regulations complicate the debt collection process. Businesses are adopting self-service payment platforms to keep track of customers, track bill payments, and maintain authenticity. Thus, rising automation in the debt collection process is driving the demand for North America debt collection software market.
On the contrary, varying debt collection regulation hurdles the growth of North America debt collection software market.
Based on component, the North America debt collection software market is segmented into software and service. The software segment held 78.8% market share in 2022, amassing US$ 1,046.36 million. It is projected to garner US$ 1,919.73 million by 2028 to expand at 10.6% CAGR during 2022–2028.
Based on deployment type, the North America debt collection software market is bifurcated into on-premise and cloud. The cloud segment held 75.3% market share in 2022, amassing US$ 1,000.24 million. It is projected to garner US$ 1,836.86 million by 2028 to expand at 10.7% CAGR during 2022–2028.
Based on organization size the North America debt collection software market is segmented into small and medium enterprises (SMEs) and large enterprises. The large enterprises segment held 65.7% market share in 2022, amassing US$ 872.10 million. It is projected to garner US$ 1,481.84 million by 2028 to expand at 9.2% CAGR during 2022–2028.
Based on verticals, the North America debt collection software market is segmented into IT & Telecom, BFSI, manufacturing, retail, and others. The BFSI segment held 32.9% market share in 2022, amassing US$ 437.27 million. It is projected to garner US$ 808.01 million by 2028 to expand at 10.8% CAGR during 2022–2028.
Based on country, the North America debt collection software market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 84.3% market share in 2022. It was assessed at US$ 1,118.92 million in 2022 and is likely to hit US$ 2,021.61 million by 2028, exhibiting a CAGR of 10.4% during the forecast period.
Key players dominating the North America debt collection software market are CGI INC.; Chetu, Inc.; CSS, Inc.; Experian Information Solutions, Inc.; Exus; FICO; FIS; Pegasystems Inc.; and Quantrax Corporation, 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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