Global credit management software market expected to rise to over $2,550 million by the end of 2025
According to the latest report published by Zion Market Research, the global Credit Management Software Market was valued at around $1,620 million in the year 2016 and is predicted to soar to over $2,550 million by the end of 2025. The report estimates that the market will experience a Compound Annual Growth Rate (CAGR) of more than 5.50% between 2017 and 2025.
These figures come as no surprise to Veritas Commercial Services, the credit management pioneers at the vanguard of the new ‘Credit-Tech’ revolution.
Veritas launched Visibility™, the real-time sales ledger management and query resolution tool (powered by OnCloud) in 2018 and it is rapidly becoming regarded as the most advanced collaboration tool within the space. The new release of this unique cloud-hosted software suite sets new standards with real-time functionality benefitting both customers and credit controllers alike, including summary level overview and categorisation and one-click cash forecasting. This ground-breaking dedicated credit control system utilises SharePoint technology in the Office 365 environment.
The findings of the report confirm the experience of the Veritas team by highlighting how credit management software is now being utilised to streamline and prioritise workflows. It also emphasises how day-to-day tasks performed by team members can be enhanced dramatically, including storing and sharing key information.
The key advantages offered by credit management software such as efficiency in credit management, better cash flow management, maximum insights pertaining to customer behaviour, and much more is said to be driving the demand for credit management software over the forecast period.
Innovations within the Cloud segment registered the highest market share of 58.10% in 2016 and it is also expected to grow at a higher CAGR of around 5.5% over the forecast period. The cloud segment primarily offers online credit application, collaborative workflow, data aggregation, and easy retrieval and storage of data that can be accessed from any remote location. Such advantages, it has been observed, overcome the comparative shortfalls associated with the on-premise segment.
Large enterprises dominated the credit management software market in 2016 by contributing a market share of 66.38%. It was stated that the major factor that will limit the growth of the credit management software market is a high capital investment.
Commenting on these findings, Jenny Oldfield, CEO of Veritas Commercial Services, said: “We are seeing a transformational shift in terms of how credit management software is being developed, implemented and applied, leading to an explosion of applications within the sector. However, until Visibility™ was developed none of these approaches truly captured the dynamics of the real-life interactions between all of the stakeholders that we are seeing every day, including clients, outsourced credit controllers, lenders and professional advisors. With the advent of Visibility™, companies are now able to benefit from collaborative cloud-based credit management software that will allow teams to perform smarter and more productively and transparently, connecting key stakeholders through a scalable platform that encourages best practice in knowledge and information sharing, driving enhanced credit management performance.”
“Another key point that the report makes is the dominant position that credit management software has within the large enterprise sector due to high capital investment. We believe that widespread transformation will come from the democratisation of technology through the Software-as-a-Service (SaaS) model, making the software easily accessible to businesses of all sizes and sectors. With the advantages of anytime, anywhere working, which has led to the wide acceptance and recognition of our Veritas Virtual™ model, the vision of the ‘collaborative working environment’ (CWE), that was being talked about just before I founded Veritas has now become a reality.”
“Like an electronic sinew that binds teams together, the new groupware aims to place the computer squarely in the middle of communications among managers, technicians, and anyone else who interacts in groups, revolutionising the way they work.”
Richman and Slovak (1987)
Our CEO, Jenny Oldfield, wins the Entrepreneur of the Year at the Women In Credit Awards 2020It is this Visibility app and the benefits it brings to both us and our clients, that was recognised by the judges when awarding Jenny the Entrepreneur of the Year Award at the Women in Credit Awards 2020.
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HM Treasury Women in Finance Charter - Target AchievedWe are delighted to confirm we have achieved our Women In Finance Charter 75% Target for women in senior management roles.