Increasing demand for Debt Collection Software among the healthcare industry is one of the major factors expected to fuel the market. There have been significant developments around Debt Collection Software, such as the development of cloud-based service. The surge in incidence of controlling & automating debt, increase in productivity on debt collection institutes, rise in popularity of software, and development of advanced integrated collection system are also fueling the market demand in recent years.
The coronavirus outbreak has caused concern and economic hardship for businesses, consumers, and even for the government worldwide. According to the International Monetary Fund (IMF), the global economy is expected to shrink by over 3% in 2020. This is expected to lead to recession and increase the unemployment rates globally. In the US, Covid-19-related disruptions have led to millions filing for unemployment benefits. In April alone, the figures were at 20.5 million, and are expected to rise as the impact of the pandemic on the US labor market worsens. As per a Reuters report, since March 21, more than 36 million have filed for unemployment benefits, which is almost a quarter of the working-age population. The world trade has also seen decline. According to WTO, the drop is expected to be 13% -32% in 2020.
The Market size for the North America was USD 973.3 Million in 2019. The North American market is witnessing strong growth owing to rise in adoption of advanced digital technologies, and 15 February 2021 Global Research Markets Insights Debt Collection Software Market Trends & Forecast the development of the cloud-based platforms sector.
The U.S. Debt Collection Software market is anticipated to account for the major share of the market, due to rise in Financial Sector. Moreover, high investment in the technological adoption in the healthcare vertical in the U.S. and Canada is expected to increase the market during the forecast period. The market is analyzed across globe. The North America region holds the 35% of market share with the CAGR of 10.26%. North America is the most developed region across the globe, as almost all large enterprises are located in this region. Rising demand from major countries such as US, China, and India, where the population is growing at a higher pace. This is due to the presence of established software service providers across developed region and with continued increase in the demand for Debt Collection Software from end-use industries and inclination towards adoption of latest technology in on-premises as well cloud-based service providers.
The Asia Pacific Debt Collection Software Market is expected to continue to grow fastest in coming years. Asia Pacific especially China has witnessed a major shift in the last 20 years making China, an attractive marketplace both at product and at service level. The Chinese Market was valued at USD 213.4 Million in 2019. With the global Debt Collection Software market witnessing major transition in terms of technological advancements, product & service enhancements, and the growing investments in healthcare industry, the market poses a lucrative option in the coming years. Increasing awareness about cloud-based services, surge in population, and rise in demand for better debt collection automation method are expected to provide lucrative opportunities for the Debt Collection Software market during the forecasted period in Asia Pacific region.