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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 |
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Forecast Period |
2023–2032 |
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Base Year |
2022 |
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Market Size in 2022 |
$ 2.4 billion |
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Market Size in 2032 |
$ 8.7 billion |
|
CAGR |
14.2 % |
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No. of Pages in Report |
464 |
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Segments covered |
Component, Deployment Mode, Application, Industry Vertical, and Region. |
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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 |
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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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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
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Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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