Europe Debt Collection Software Market Outlook – 2027
The Europe debt collection software market size was valued at $961.27 million in 2019 and is projected to reach $2.23 billion by 2027, growing at a CAGR of 11.1% from 2020 to 2027.
Debt collection, which is also known as Accounts Receivables Management (ARM) software, automates the debt collection process and provides real-time information of debtor portfolios to the collectors. It supports the needs of agencies & lenders by providing business compliance assurance, process automation, suitable payment plans, transaction management, and other features. Furthermore, a debt collection software can be on-premises or on cloud depending upon the convenience of organizations.
Increased demand for controlling & automating debt, improving recovery process, enhancing productivity in debt collections are the factors driving the Europe debt collection software market growth. Moreover, rise in Omni channel debt collection services which provides customers with personalization services for preferred payment options are other factors fueling the growth of the market in the region. In addition, factors such as reducing bad debts improving cash flows while optimizing collection costs are enhancing the growth of the Europe debt collection software market.
However, difficulties in tracking & reconciling of accounts and high implementation cost of the debt collection software are some of factors limiting the growth in the region. On the contrary, increasing advance technologies, rise in demand for mobile applications that provides hassle-free operations, and implementation of artificial intelligence (AI) technology are some of the factors, which are expected to create lucrative opportunity for the Europe debt collection software market in the upcoming years.
Based on component, the software segment dominated the Europe debt collection software industry in 2019 and is projected to maintain its dominance during the forecast period. As it represents the complete debt recovery program’s data set and operative plans, including the application programming interface (API). Moreover, it consists of debt analyzer, report printing functions, and others, which therefore propelling the growth of software segment in the region.
The report focuses on the growth prospects, restraints, and trends of the Europe debt collection software market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the Europe debt collection software market.
Segment Review
The Europe debt collection software market is segmented based on component, deployment, organization size, end user, and country. In terms of component, it is bifurcated into software and services. Based on deployment, the market is divided into cloud and on-premise. On the basis of organization size, it is segmented into small & medium enterprises and large enterprises. Based on end user, the market is segmented into institutions, collection agencies, and others. Country wise, it is analyzed across Germany, France, UK, Italy, Russia, Spain, the Netherlands, and Rest of Europe.
By Component
Services is projected as one of the most lucrative segments.
The report analyses the profiles of key players operating in the market Chetu Inc., Codix, Experian Information Solutions, Inc., Fair Isaac Corporation, Ferber-Software GmbH, Nucleus Software Exports Ltd., Pegasystems Inc., Temenos, Headquarters SA, TietoEVRY, and TransUnion LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
COVID-19 Impact Analysis
Key players operating in the market are having significant impact of the COVID-19 outbreak, which are witnessing increased growth rate in their revenue. Due to several lockdowns & business shutdowns, borrowers & lenders have largely engaged into debt transactions, resulting in huge demand & needs toward maintenance of debt collection record & processes. Thus, with these increased debts during the pandemic situation, demand for debt collection software is continuing to rise and is expected to maintain its dominance during the forecast period.
By Enterprise Size
Large Enterprises accounted for the largest market share in 2019.
Top Impacting Factors
Improving the cash flow while optimizing collection costs & reducing bad debt
Debt collection software helps in focusing on value adding activities such as communication with customers, settling disputes, and requesting for payments by automating the regular activities. Therefore, with these advancements provided by the software, increase in need to save the time required for administrative duties, improvement in cash flow, and reduction in bad debts drives the growth of the European debt collection software market. Moreover, the need for optimizing collections while considering external sources such as consumption data, future rates, climate zones, and others, which might prevent or slow down the payment in the future is therefore fueling the market growth in the region.
Introduction of analytics in debt collection
Rise in technologies and introduction of analytics enables segmentation of customers into identical groups based on their attributes and formulates customized debt management & advisory policies in the market. Moreover, it clubs various techniques such as data mining, machine learning, artificial intelligence, and statistical modelling in order to improve debt collection process. Furthermore, analytics helps to acquire the most pertinent information about debtors. Information such as demographic data and behavioral aspects in terms of time at which a debtor will respond to a call makes a huge difference for success of debt collection. Thus, the introduction of analytics in debt collection is expected to be opportunistic to the European debt collection software market.
By End User
Collection Agencies would exhibit the highest CAGR of 11.7% during 2020-2027.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the Europe debt collection software market share along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- An extensive analysis of the key segments of the industry helps to understand the Europe debt collection software market trends.
- The quantitative analysis of the Europe debt collection software market from 2020 to 2027 is provided to determine the market potential.
Europe Debt Collection Software Market Key Segments
By Component
- Software
- Services
By Deployment
- Cloud
- On-premise
By Organization Size
- Small & Medium Enterprises
- Large Enterprises
By End User
- Institutions
- Collection Agencies
- Others
By Country
- Germany
- France
- UK
- Italy
- Russia
- Spain
- The Netherlands
- Rest of Europe
Key Market Players
- Chetu Inc.
- Codix
- Experian Information Solutions, Inc.
- Fair Isaac Corporation
- Ferber-Software GmbH
- Nucleus Software Exports Ltd.
- Pegasystems Inc.
- Temenos Headquarters SA
- TietoEVRY
- TransUnion LLC
Europe Debt Collection Software Market Report Highlights
| Aspects | Details |
 By COMPONENT |
|
 By ORGANIZATION SIZE |
|
 By END USER |
|
 By COUNTRY |
|
 Key Market Players | NUCLEUS SOFTWARE EXPORTS LTD., EXPERIAN INFORMATION SOLUTIONS, INC., TRANSUNION LLC, FERBER-SOFTWARE GMBH, PEGASYSTEMS INC., CHETU INC., TIETOEVRY, CODIX, TEMENOS HEADQUARTERS SA, FAIR ISAAC CORPORATION |
Analyst Review
The debt collection software market is expected to grow at a promising rate during the forecast period. The advancement in collection processes; rise in need for real-time, responsive, commercial, automated debt collection process; and increase in need for satisfaction of customers without compromising on the recovery of debt supplement the market growth. Moreover, the debt collection software offers accounts receivable management, credit/risk management, customer relationship management, analytics, reporting, and workflow automation solutions with integrated payment processing, which drive its adoption, thereby boosting the market growth.
Moreover, during the unprecedented COVID-19 health crisis, demand for the outsourced debt collection services has largely expanded and companies in the region are widely adopting & implementing debt collection software in the market. Furthermore, large number of nonperforming loans has become a major obstacle for a robust economic recovery in Europe. Such issues are further anticipated to be opportunistic for the European debt collection software market.
The Europe debt collection software market is consolidated with the presence of key vendors such as Ferber-Software GmbH, TietoEVRY, and TransUnion LLC. Some of the key players profiled in the report include Chetu Inc., Codix, Experian Information Solutions, Inc., Fair Isaac Corporation, Nucleus Software Exports Ltd., Pegasystems Inc., and Temenos, Headquarters SA. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
The projected market size of Europe debt collection software market is $2.23 billion by 2027.
The market size of Europe debt collection software market was $961.27 million in 2019.
To access more insights and Competitive landscape get the sample report.
The expected CAGR of Europe debt collection software market is CAGR of 11.1% from 2020 to 2027.
The expected revenue generated by the debt collection software market in europe by 2027 is $2.23 billion.
Access company profiles of major key players profiled in the study.
The major factors that are anticipated to drive the Europe debt collection software industry include Need to control, manage, and automate all debt collection & recovery processes, Need to reduce bad debt and improve the cash flow while optimizing collection costs and Rise in omni-channel collection efforts.
Netherland is expected to grow at a highest CAGR during the forecast period due to surge in demand for debt collection software in wholesale and retail industry.
The new opportunities in the Europe debt collection software market Increased demand for mobile applications, Introduction of analytics in debt collection and Usage of artificial intelligence to make debt collection smarter and easier.
The leading palyer in Europe debt collection software market includes 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,BS Software GmbH.
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