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Credit Management Software Market to Reach $ 8.7 billion, Globally, by 2032 at 14.2% CAGR: Allied Market Research
The credit management software market has expanded as a result of increase in global wealth, surge in retirement savings, a shift toward professional management, and the need for investment diversification in a complex financial landscape.
PORTLAND, Ore., Dec. 6, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Credit Management Software Market by Component (Software and Service), Deployment Model (On-premise, and Cloud), Application (Credit Risk Assessment, Credit Monitoring, Debt Collection, and Others), and Industry vertical (BFSI, Healthcare, Retail, IT & Telecommunication, Government, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032. According to the report, the global credit management software industry generated $ 2.4 billion in 2022, and is anticipated to generate $ 8.7 billion by 2032, witnessing a CAGR of 14.2% from 2023 to 2032.
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- 151 – Tables
- 58 – Charts
- 464 – Pages
Prime Determinants of Growth
Credit management software is more in demand as companies and financial institutions realize how crucial it is to manage credit well to minimize risk and preserve stability. The need to make better credit decisions and expedite credit-related procedures is what propels industry expansion. Furthermore, credit management becomes more challenging when organizations grow internationally. Credit management software is a vital tool for international organizations seeking to successfully manage credit risk and maintain consistency across several areas. It enables centralized administration and coordination of credit policies. Moreover, businesses across a range of industries must prioritize improving the customer experience and providing flexible finance choices. To do this, credit management software is crucial since it gives consumers access to their credit data and empowers them to make wise decisions. This promotes growth by increasing customer happiness and loyalty.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$ 2.4 billion |
|
Market Size in 2032 |
$ 8.7 billion |
|
CAGR |
14.2 % |
|
No. of Pages in Report |
464 |
|
Segments covered |
Component, Deployment Mode, Application, Industry Vertical, and Region. |
|
Drivers |
Increase in awareness regarding automation and dedication software Rise in international trade Surge in need for efficient credit risk assessment |
|
Opportunities |
Customer relationship enhancement |
|
Restraints |
Increasing cyber attacks Consumer debt concern |
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COVID-19 Scenario
- The impact of COVID-19 on the credit management software market can be described as mixed. At first, firms had to deal with uncertain economic conditions and stricter lending guidelines, which caused market disruption. On the other hand, as the demand for credit management software grew, so did the necessity for effective credit risk assessment and management.
- In addition, when the pandemic persisted and companies adjusted to the new digital and remote work environment, the requirement for effective credit risk assessment and management increased. As a result, businesses looked for ways to improve and automate their credit-related procedures, which raised the need for credit management software. Long-term growth possibilities resulted from a positive shift in the market over time toward automation and improved credit risk reduction.
The software segment to maintain its leadership status throughout the forecast period
By component, the software segment held the highest market share in 2022, accounting for around two-thirds of the global credit management software market revenue. This can be attributed to the fact that it includes all of the fundamental credit management tools required by companies to automate, optimize, and improve their credit-related operations, it is the most important and prominent product on the market. However, the service segment is projected to manifest the fastest CAGR of 16.5% from 2023 to 2032, this is attribute to the fact that A growing demand for support services, training, customization, and implementation to assist companies in successfully implementing and integrating credit management software into their daily operations.
The on-premise segment to maintain its leadership status throughout the forecast period
By deployment mode, the on-premise segment held the highest market share in 2022, more than three-fifths of the global credit management software market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attribute to fact that cloud-based options are becoming more and more popular, some industries and enterprises with stringent data security and compliance requirements preferred the control and customization given by on-premise solutions. However, the cloud segment is projected to manifest the fastest CAGR of 16.1% from 2023 to 2032, this is attribute to the fact that its adaptability, affordability, and scalability, which drew in companies looking for rapid implementation and accessibility—particularly in a remote and digitally native workplace.
The credit risk assessment segment to maintain its leadership status throughout the forecast period
By application, credit risk assessment segment held the highest market share in 2022, accounting for more than two-fifths of the global credit management software market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attribute to fact that the most important and extensively used part of these solutions on the market is the assessment and mitigation of credit risk, which is their primary purpose. However, the debt collection segment is projected to manifest the fastest CAGR of 16.9% from 2023 to 2032, this is attribute to the COVID-19 pandemic’s effects and economic uncertainty’ growing demand for automated and fast debt recovery procedures.
The BFSI credit management software segment to maintain its leadership status throughout the forecast period
By industry vertical, the BFSI segment held the highest market share in 2022, accounting for more than one-third of the global credit management software market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attribute to fact that it is a prominent user of these solutions because of its vital need for sophisticated credit risk management tools to evaluate and manage credit exposure, comply with regulatory requirements, and guarantee the financial stability of institutions. However, the government segment is projected to manifest the fastest CAGR of 17.8% from 2023 to 2032, this is attribute to the public sector is seeing a growth in demand for credit management solutions as a result of a greater emphasis on compliance, transparency, and effective administration of public funds.
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North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global credit management software market revenue. This attributed to the fact that of its sizable financial industry, strict legal framework, and early technological adoption, which positions it as a key hub for credit management software. However, the Asia-Pacific region is expected to witness the fastest CAGR of 39.7% from 2023 to 2032, and is likely to dominate the market during the forecast period, owing to the region’s growing economies, more use of digital solutions, and increased understanding of the significance of credit risk management, all of which are contributing to the favorable conditions that are fostering market acceleration.
Leading Market Players: –
- Aston University
- Coface
- CreditDevice
- Creditsafe USA Inc.
- Equifax, Inc.
- Esker
- Finastra
- Onguard
- Serrala
- TransUnion
The report provides a detailed analysis of these key players of the global credit management software market. These players have adopted different strategies such as expansion and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Fintech PR
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
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Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
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