Report : Middle East & Africa 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 6.1% CAGR, the Middle East & Africa Debt Collection Software Market is projected to be worth US$ 204.50 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa debt collection software market was valued at US$ 143.63 million in 2022 and is expected to reach US$ 204.50 million by 2028, registering an annual growth rate of 6.1% from 2022 to 2028. emerging trend of digital multi-channel communications & customer centric approach and increase in need for automation in the accounts receivable process are the critical factors attributed to the Middle East & Africa debt collection software market expansion.
Businesses communicate with their customers through multiple digital channels such as SMS, email, IVR, and WhatsApp. Financial institutions must understand this and develop a communication strategy for each channel. Customers should experience the same high level of service regardless of the communication channel. This multi-channel approach greatly extends to collection spaces where customers prefer to be contacted by SMS or email rather than by phone or letter. The debt collection process should include a multi-channel approach to reach customers according to their channel preferences. A one-size-fits-all approach is no longer optimal and can alienate potential customers. Additionally, it is important to offer customers self-service options. Customer self-service options and empathy are paramount when designing a customer-centric process for collection. Defaulting borrowers can use their channel of choice to settle their debt problems. Thus, the emerging trend of digital multi-channel communications & a customer-centric approach will drive the Middle East & Africa debt collection software market during the forecast period.
On the contrary, varying debt collection regulation hurdles the growth of Middle East & Africa debt collection software market.
Based on component, the Middle East & Africa debt collection software market is segmented into software and service. The software segment held 72.8% market share in 2022, amassing US$ 104.56 million. It is projected to garner US$ 151.37 million by 2028 to expand at 6.4% CAGR during 2022–2028.
Based on deployment type, the Middle East & Africa debt collection software market is bifurcated into on-premise and cloud. The cloud segment held 70.2% market share in 2022, amassing US$ 100.82 million. It is projected to garner US$ 145.57 million by 2028 to expand at 6.3% CAGR during 2022–2028.
Based on organization size the Middle East & Africa debt collection software market is segmented into small and medium enterprises (SMEs) and large enterprises. The large enterprises segment held 85.44% market share in 2022, amassing US$ 122.72 million. It is projected to garner US$ 171.64 million by 2028 to expand at 5.8% CAGR during 2022–2028.
Based on verticals, the Middle East & Africa debt collection software market is segmented into IT & Telecom, BFSI, manufacturing, retail, and others. The BFSI segment held 45.4% market share in 2022, amassing US$ 65.25 million. It is projected to garner US$ 95.32 million by 2028 to expand at 6.5% CAGR during 2022–2028.
Based on country, the Middle East & Africa debt collection software market is segmented into South Africa, Saudi Arabia, UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 33.5% market share in 2022. It was assessed at US$ 48.07 million in 2022 and is likely to hit US$ 69.00 million by 2028, exhibiting a CAGR of 6.2% during the forecast period.
Key players dominating the Middle East & Africa 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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