Allied Market Research published a report, titled, “Europe Debt Collection Software Market by Component, Deployment type: Global Opportunity Analysis and Industry Forecast, 2018–2025.” The report states that the Europe debt collection software market would generate $1,784 million by 2025, from $794 million in 2016, registering a CAGR of 9.6% from 2018 to 2025.
Increase in need for control, management, and automation of processes for debt collection & recovery, the requirement for lowering down bad debt and enhance the cash flow while optimization of collection costs and a surge in efforts for omnichannel collection contribute toward the growth of the industry. However, huge implementation and integration costs along with concerns related to the tracking and reconciliation of accounts restrain the growth in the Europe debt collection software market.
The Europe debt collection software market is segmented into the component, deployment type, and country. Based on the component, the market is bifurcated into software and services. Based on the component, the service segment dominated the market in 2016 and is expected to continue this trend during the forecast period. Also, the segment is expected to grow at the highest CAGR during the forecast period, owing to a surge in demand for the software-as-a-service model, owing to the adoption of cloud-based technologies to minimize the investments cost and increase the scalability
On the basis of deployment type, the Europe debt collection software market was led by on-premise in 2016, owing to better maintenance of servers and continuous system security checks facilitate the implementation of on-premise security solutions. However, the Cloud-based debt collection software is expected to witness the highest growth, owing to its increasing adoption among large enterprises and SMEs to reduce infrastructure investment.
Key Findings of the Europe Debt Collection Software Market:
- By component, service segment is expected to exhibit significant growth in the Europe debt collection software market during the forecast period.
- In 2016, the UK accounted for the highest revenue among the other countries.
- Based on the deployment type, the on-premise segment generated the highest revenue in 2016.
Leading Industry Players:
Some of the key market players profiled in the report include Concent AS, Codix S.A., Advantage Software Factory, EXUS, Altitude Software Solutions, QUALCO, Atradius Collections, Experian Information Solutions, Inc., Scorto, Inc., Aptic, Ferber-Software GmbH, Onguard, TIETO, and BS Software GmbH. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain the strong position in the industry.
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