Experts see that the debt collection industry is undergoing a technology-driven transformation as businesses shift toward automation, artificial intelligence, and predictive analytics to improve recovery rates and streamline operations.

Reinforcing those assertions, a new Kaplan Group study revealed that the debt collection software market is projected to expand from $4.92 billion in 2023 to $8.79 billion by 2030, with a compound annual growth rate of 10.3%.

The collections company founded in 1991 also discovered that the projected 78% growth in the debt collection software industry by 2030 highlights the increasing demand for digital-first recovery solutions.

The Kaplan Group indicated that AI and automation have made traditional debt collection processes more efficient, data-driven, and scalable. The study found that predictive analytics can enable companies to prioritize high-value accounts, while automation reduces human error and collection costs.

With regulatory scrutiny increasing, compliance-focused software solutions are also becoming a necessity, according to the collections company.

“With digital-first tools integrating AI, data analytics, and automated compliance tracking, businesses need to act now to stay competitive. The companies that implement these solutions today will set the industry standard for the next decade,” said Dean Kaplan, president of the Kaplan Group.

Trends like these are set to be part of a conversation focused on loss mitigation at the upcoming Auto Intel Summit, which begins on April 8 in Cary, N.C.

A quartet of industry leaders are set to be on stage during the Auto Intel Summit for a session titled, “Mitigating Risk by Leveraging Experience & Technology.”

Jose Delgado of Location Services, Chris Mitcham of Santander, Brian Pesses of Edge Financial and Jeremiah Wheeler of DRN will share their perspectives during a conversation facilitated by Cherokee Media Group’s Nick Zulovich.

Check out the agenda, the rest of the speaking faculty and the path to register by going to www.autointelsummit.com.