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Credit Management Software Market to Reach $ 8.7 billion, Globally, by 2032 at 14.2% CAGR: Allied Market Research
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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
Board the TOKEN2049 Treasure Express With Bybit and Dive Into an $80,000 Prize Pool
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, set out to make the community’s TOKEN2049 journey more rewarding. Gearing up for the most anticipated blockchain and Web3 event in the region, Bybit is thrilled to announce three bonus events to enable both attendees and remote fans to both be part of the experience.
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An advocate for a sustainable Web3 ecosystem, Bybit will be featured prominently at TOKEN2049 on a series of keynote panels, thought leadership and community events, and booth M50.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
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For more information, please visit: https://www.bybit.com
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Fintech PR
Bybit Expands Global Reach, Receives Formal Consent for Full Authorization in Kazakhstan
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce it’s among the first to be granted consent to a full authorization by the Astana Financial Service Authority (AFSA). This milestone brings Bybit closer to becoming a fully regulated Digital Asset Trading Facility (DATF).
As part of a rigorous process, Bybit Kazakhstan has passed a full AML check, business conduct audit, and detailed compliance inspections. This is part of Bybit’s focus on securing new user opportunities in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.
“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market,” said Ben Zhou, co-founder and CEO of Bybit. “We are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”
Once the full license is in place, Bybit Kazakhstan will offer various digital assets related products and services. The expansion into Kazakhstan aligns with Bybit’s mission to provide reliable and transparent services, catering to the unique needs of crypto traders and investors in the region.
This development follows Bybit’s receipt of its initial operating and custody licenses from AFSA in June 2023, reinforcing its commitment to local regulatory requirements. Bybit’s ongoing efforts to strengthen its presence in Kazakhstan underscore its belief in responsible growth and ensuring a compliant and secure trading environment.
Kazakhstan has quickly emerged as a hub for crypto innovation, and Bybit is proud to play a leading role in fostering this development. For example, Bybit hosted a “Foundations of Blockchain, Web3 and Crypto Exchange Activities” course for Banks of Kazakhstan in 2024. This event was part of Bybit’s drive to make blockchain education more accessible in the CIS region.
By securing this full authorization, Bybit is poised to enhance crypto adoption, provide institutional-grade security, and offer advanced trading features to its growing regional user base.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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Fintech PR
Integrum ESG and CSRHub enable fund managers to monitor both long-term trends and short-term movements in ESG ratings for companies, across a 10-year time series
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LONDON, Sept. 6, 2024 /PRNewswire/ — Integrum ESG, the leading alternative ESG data provider, has today announced the launch of their Consensus ESG Ratings module.
Just as investors monitor movements in consensus earnings estimates or credit ratings, investors now are aware of the demand for the ability to monitor long-term trends and short-term movements in consensus ESG ratings.
This new feature enables Integrum ESG’s asset manager clients to now see the consensus ESG score for any company, either as an absolute rating or a relative percentile ranking, across a 10-year time series.
These scores will indicate to any investor what the capital markets have ‘priced in’ for a company’s ESG performance, allowing users to quickly understand the market’s view on a company and easily conduct relative ESG analysis on the positions they hold within their Portfolio.
This regularly updated data is provided by CSRHub, the world’s leading provider of consensus ESG ratings. CSRHub has spent years aggregating and normalising a vast range of licensed sources – from large ESG ratings firms such as MSCI, ISS, S&P Global, and Sustainalytics to specialists such as CDP and Better World Companies.
Shai Hill, Founder and CEO of Integrum ESG, commented: “Many investors have told us they want a sense of ‘what is priced in’ in terms of a company’s ESG performance, so they can compare this to what anyone ESG ratings firm is saying. CSRHub is the only firm to have credibly achieved this, thanks to a model refined over years and a vast data lake – so we are delighted to be partnering with them.”
Bahar Gidwani, Co-Founder of CSRHub, added: “Investors need to fine tune their ESG-related investment strategies to improve their returns and better match the preferences of their clients. Combining CSRHub’s expert outside-in, consensus view of ESG with Integrum ESG’s detailed real-time data stream provides a strong solution for these needs.”
About Integrum ESG
Integrum ESG is the leading alternative ESG data and ratings platform for investors, blending human analysis and award-winning artificial intelligence models to capture, verify and display granular and relevant ESG data for analysis and assessment. Their Platform allows clients to dissect ESG scores, real-time sentiment, and more with a variety of unique-to-market features, empowering industry professionals and investors and giving them complete oversight of ESG risk across their portfolio.
For more information, visit www.integrumesg.com
About CSRHub
CSRHub offers the most comprehensive global set of Consensus ESG (Environmental, Social, and Governance) ratings, information, and tools. CSRHub’s business intelligence system measures the ESG business impact that drives corporate and investor sustainability decisions. Founded in 2007, CSRHub covers 56,545 public and private companies, and provides ESG performance scores on over 37,899 companies from 135 industries in 210 countries. Our Big Data platform uses algorithms to aggregate, normalize and weight ESG metrics from 957 sources to produce a strong consensus signal on corporate sustainability performance.
For more information, visit www.csrhub.com
Media Contact
Harish Karunalingam
Integrum ESG
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