According to a recent report published by Allied Market Research, titled, Europe debt collection software market by Component, Deployment type: Global Opportunity Analysis and Industry Forecast, 2018-2025, the Europe debt collection software market was valued at $794 million in 2016, and is projected to reach at $1,784 million by 2025, growing at a CAGR of 9.6% from 2018 to 2025.
Rising 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 majorly contribute towards the growth of the market. However, high implementation and integration cost and difficulty to track and reconcile accounts hamper Europe debt collection software market growth.
Based on component, 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 surge in demand for software-as-a-service model, owing to 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 deployment type, the on-premise segment generated the highest revenue in 2016.
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.