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)
The North America debt collection software market is expected to grow from US$ 1,327.62 million in 2022 to US$ 2,367.23 million by 2028. It is estimated to grow at a CAGR of 10.1% from 2022 to 2028.
Growing Adoption of Self-Service Payment Models in North America Debt Collection Software Market
The market growth is attributed to the increasing demand for debt collection software due to the increased adoption of self-service payment models. Growing preference for collections software to streamline collections and automate the loan collection process is expected to drive market growth. The debt collection software market is projected to witness robust growth as businesses increasingly implement self-service payment platforms to keep track of their customers, track bill payments and maintain credibility. I'm here. Additionally, the growing need for multi-channel communication to reach debtors and improve the collection process through automation is expected to drive the growth of the collections software industry over the forecast period. Self-payment solutions help industries improve transaction efficiency, customer experience, and new business opportunities. The system allows for automating all payment services for unbanked or underbanked customers while eliminating the costly processing of individual payments. Overdue and delinquent account management is an important element that fintech needs to have as part of its overall fund management. Using patented machine learning and interaction data from millions of customers, TrueAccord delivers personalized self-service experiences that drive consumer engagement and cutting-edge results. Responding to consumer preference for digital-first services, TrueAccord utilizes many channels, including email, SMS, voicemail suppression, and more. To reduce noise and enhance free customer service and inbound communication. Thus, the growing adoption of self-service payment models drives the demand for North America debt collection software market.
North America Debt Collection Software Market Overview
North America is segmented into the US, Canada, and Mexico. The increasing need for self-service payment models to accelerate the debt collection process is projected to fuel the demand for debt collection software in this region during the forecast period. Countries in North America have been proactively adopting cloud-based platforms and digital technologies in a bid to keep the increasing bad debt rate in check. The region has a wide presence of major players offering debt collection software solutions, creating competition among themselves and further driving the market. It includes North American Recovery, FIS, FICO, TransUnion LLC, Pegasystems Inc., Chetu Inc., KATABAT, Gaviti, Metropolitan Credit Adjusters Ltd., Ameyo, LeadSquared, receeve GmbH, and other players. The pandemic's emergence created a financial burden that led certain businesses into debt. Despite significant economic headwinds in 2021, factors, such as inflation, supply shortages, and restrictions on several business operations, have created an environment to go under debt.
North America Debt Collection Software market Revenue and Forecast to 2028 (US$ Million)
North America Debt Collection Software market Segmentation
The North America debt collection software market is segmented on the basis of component, deployment type, organization size, industry vertical, and country. Based on component, the debt collection software market is segmented into software and service. The software segment registered a larger market share in 2022.
Based on deployment type, the North America debt collection software market is bifurcated into on-premise and cloud. The cloud segment registered a larger market share in 2022.
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 registered a larger market share in 2022.
Based on verticals, the North America debt collection software market is segmented into IT & Telecom, BFSI, manufacturing, retail, and others. The BFSI segment registered the largest market share in 2022.
Based on country, the North America debt collection software market is segmented into US, Canada, and Mexico. US dominated the market share in 2022.
CGI INC.; Chetu, Inc.; CSS, Inc.; Experian Information Solutions, Inc.; Exus; FICO; FIS; Pegasystems Inc.; and Quantrax Corporation, Inc. are the leading companies operating in the North America debt collection software market.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Debt Collection Software Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.2.1 North America
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. North America Debt Collection Software Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Automation in the Debt Collection Process
5.1.2 Growing Adoption of Self-Service Payment Models
5.2 Market Restraints
5.2.1 Varying Debt Collection Regulation
5.3 Market Opportunities
5.3.1 Increase in Need for Automation in the Accounts Receivable Process
5.4 Future Trends
5.4.1 Emerging Trend of Digital Multi-channel Communications & Customer Centric Approach
5.5 Impact Analysis of Drivers and Restraints
6. Debt Collection Software Market – North America Market Analysis
6.1 North America Debt Collection Software Market Overview
6.2 North America Debt Collection Software Market Revenue Forecast and Analysis
7. North America Debt Collection Software Market Analysis – By Component
7.1 Overview
7.2 North America Debt Collection Software Market, by Component (2021 & 2028)
7.3 Software
7.3.1 Overview
7.3.2 Software: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Service
7.4.1 Overview
7.4.2 Service: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
8. North America Debt Collection Software Market Analysis – By Deployment Mode
8.1 Overview
8.2 North America Debt Collection Software Market, by Deployment Mode (2021 & 2028)
8.3 On-Premise
8.3.1 Overview
8.3.2 On-Premise: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Cloud
8.4.1 Overview
8.4.2 Cloud: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
9. North America Debt Collection Software Market Analysis – By Organization Size
9.1 Overview
9.2 North America Debt Collection Software Market, by Organization Size (2021 & 2028)
9.3 SMEs
9.3.1 Overview
9.3.2 SMEs: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Large Enterprises
9.4.1 Overview
9.4.2 Large Enterprises: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
10. North America Debt Collection Software Market Analysis – By Industry Vertical
10.1 Overview
10.2 North America Debt Collection Software Market, by Industry Vertical (2021 & 2028)
10.3 IT & Telecom
10.3.1 Overview
10.3.2 IT & Telecom: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
10.4 BFSI
10.4.1 Overview
10.4.2 BFSI: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
10.5 Retail
10.5.1 Overview
10.5.2 Retail: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
10.6 Manufacturing
10.6.1 Overview
10.6.2 Manufacturing: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
10.7 Others
10.7.1 Overview
10.7.2 Others: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
11. North America Debt Collection Software Market – Country Analysis
11.1 Overview
11.1.1 North America: Debt Collection Software Market, by Country
11.1.1.1 US: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.1.1 US: Debt Collection Software Market, by Component
11.1.1.1.2 US: Debt Collection Software Market, by Deployment Mode
11.1.1.1.3 US: Debt Collection Software Market, by Organization Size
11.1.1.1.4 US: Debt Collection Software Market, by Industry Vertical
11.1.1.2 Canada: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.2.1 Canada: Debt Collection Software Market, by Component
11.1.1.2.2 Canada: Debt Collection Software Market, by Deployment Mode
11.1.1.2.3 Canada: Debt Collection Software Market, by Organization Size
11.1.1.2.4 Canada: Debt Collection Software Market, by Industry Vertical
11.1.1.3 Mexico: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.3.1 Mexico: Debt Collection Software Market, by Component
11.1.1.3.2 Mexico: Debt Collection Software Market, by Deployment Mode
11.1.1.3.3 Mexico: Debt Collection Software Market, by Organization Size
11.1.1.3.4 Mexico: Debt Collection Software Market, by Industry Vertical
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Merger and Acquisition
12.4 New Product Launch
13. Company Profiles
13.1 FICO
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 CSS, Inc.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Experian Information Solutions, Inc.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Exus
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 FIS
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Pegasystems Inc.
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Quantrax Corporation, Inc.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 CGI INC.
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Chetu, Inc.
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. North America Debt Collection Software Market Revenue and Forecast to 2028 (US$ Million)
Table 2. North America: Debt Collection Software Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Debt Collection Software Market, by Component – Revenue and Forecast to 2028 (US$ Million)
Table 4. US: Debt Collection Software Market, by Deployment Mode – Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Debt Collection Software Market, by Organization Size – Revenue and Forecast to 2028 (US$ Million)
Table 6. US: Debt Collection Software Market, by Industry Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Debt Collection Software Market, by Component– Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Debt Collection Software Market, by Organization Size – Revenue and Forecast to 2028 (US$ Million)
Table 9. Canada: Debt Collection Software Market, by Industry Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 10. Mexico: Debt Collection Software Market, by Component– Revenue and Forecast to 2028 (US$ Million)
Table 11. Mexico: Debt Collection Software Market, by Deployment Mode – Revenue and Forecast to 2028 (US$ Million)
Table 12. Mexico: Debt Collection Software Market, by Organization Size – Revenue and Forecast to 2028 (US$ Million)
Table 13. Mexico: Debt Collection Software Market, by Industry Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 14. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Debt Collection Software Market Segmentation
Figure 2. North America Debt Collection Software Market Segmentation – By Country
Figure 3. North America Debt Collection Software Market Overview
Figure 4. North America Debt Collection Software Market, by Component
Figure 5. North America Debt Collection Software Market, by Country
Figure 6. North America – PEST Analysis
Figure 7. Debt Collection Software Market – Ecosystem Analysis
Figure 8. North America Debt Collection Software Market: Impact Analysis of Drivers and Restraints
Figure 9. North America Debt Collection Software Market Revenue Forecast and Analysis (US$ Million)
Figure 10. North America Debt Collection Software Market Revenue Share, by Component (2021 & 2028)
Figure 11. Software: North America Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. Service: North America Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. North America Debt Collection Software Market Revenue Share, by Deployment Mode (2021 & 2028)
Figure 14. On-Premise: North America Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Cloud: North America Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. North America Debt Collection Software Market Revenue Share, by Organization Size (2021 & 2028)
Figure 17. SMEs: North America Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Large Enterprises: North America Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. North America Debt Collection Software Market Revenue Share, by Industry Vertical (2021 & 2028)
Figure 20. IT & Telecom: North America Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. BFSI: North America Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Retail: North America Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Manufacturing: North America Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Others: North America Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. North America Debt Collection Software Market, by Key Country – Revenue (2021) (US$ Million)
Figure 26. North America: Debt Collection Software Market Revenue Share, by Country (2021 & 2028)
Figure 27. US: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Canada: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Mexico: Debt Collection Software Market – Revenue and Forecast to 2028 (US$ Million)
- CGI INC.
- Chetu, Inc.
- CSS, Inc.
- Experian Information Solutions, Inc.
- Exus
- FICO
- FIS
- Pegasystems Inc.
- Quantrax Corporation, Inc.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America debt collection software market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the North America debt collection software market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the debt collection software market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution