Automation in the accounts receivable process, increase in multichannel collection models and need to reduce bad debt and optimize collection costs have boosted the growth of the global debt collection software market. However, high maintenance costs associated with debt collection services and diversified debt collection regulations across the globe hamper market growth. On the contrary, analytics-enabled collections models are expected to create lucrative opportunities in the near future. According to the report, the global debt collection software industry accounted for $2.78 billion in 2018 and is projected to reach $5.66 billion by 2026, registering a CAGR of 9.4% from 2019 to 2026.
Key Factors Behind Collections' Growth: Software Market 2020
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- Written by: Allied Market Research for Guru Focus
- Category: Breaking News - Daily