Europe Debt Collection Software Market Overview:
A debt collection software automates the debt collection process and provides real-time information of debtor portfolios to the collectors. This software offers features such as customer segmentation based on collection scenarios, automation of customer reminders, email & letters, streamlining communication with clients, suitable payment plans, transaction management, commission management, compliance management, invoice management, payment, and others. A debt collection software can be on-premises or on cloud, depending upon the convenience of organizations. The Europe debt collection software market size 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.
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The services segment dominated the overall market in 2016, and is expected to continue this trend in the near future, owing to surge in demand for software-as-a-service model.
The on-premise segment dominated the overall market in 2016. However, the cloud-based debt collection software is expected to grow at a highest CAGR during the forecast period, due to factors such as upsurge in adoption of data analytics tools, the prevalent use of mobile devices, and increase in maturity of cloud computing models, which are enabling major enhancements in these software.
The UK dominated the overall market in 2016. However, the debt collection software market in the Netherland is expected to grow at a highest CAGR during the forecast period, owing to surge in demand for debt collection software in wholesale and retail industry, as they majorly face intentional late payment.
The report focuses on the growth prospects and restraints of the market based on the analysis of regional trends. The study provides Porter’s Five Forces analysis of the industry 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 growth of the market.
Segment Review
The Europe debt collection software market is segmented into component, deployment type, and country. Based on component, the market is bifurcated into software and services. On the basis of deployment type, it is categorized into on-premise and cloud. Country wise, it is analyzed across the UK, Italy, Spain, France, Germany, Netherland, Denmark, Sweden, Poland, Finland, Norway, Iceland, and rest of Europe.
The key players operating in the Europe debt collection software market 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.
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Top Impacting Factors
Need to control, manage, and automate all debt collection & recovery processes; need to reduce bad debt & rise in omni-channel collection efforts, and increase in demand for mobile applications act as the major drivers of the market. However, high implementation & integration cost and difficulty to track & reconcile accounts are expected to hamper the market growth during the forecast period.
Need to Control, Manage, and Automate All Debt Collection & Recovery Processes
Organizations collecting debt are under extreme pressure to cut costs while improving processes and increasing revenue. Automation of debt collection and recovery process improves productivity in collections by sequentially determining reasons and reduces time required to processes the cases. Furthermore, automation of debt collection process eliminates the need for spreadsheets and provides the tools necessary to focus on critical revenue-driving activities.
Need to Reduce Bad Debt & Improve the Cash Flow While Optimizing Collection Costs
Increase in need to save the time required for administrative duties, such as prioritizing daily activities or preparing for calls to focus on the value adding tasks, such as reducing bad debts, drives the Europe debt collection software market growth.
Increase in Demand for Mobile Applications
The ubiquity of mobile phones offers a major opportunity for more effective collection practices. Creditors realize the need of getting the customers’ attention through all the mediums, which will increase the likelihood of contact. Collector can use the app for debt prevention, debts, letters, and follow-up items, all as part of a comprehensive debt collection practice. This values fair debt collection practices when working with debtors to collect debt and receive payment. In addition, it has additional advantages such as hassle-free operations, reduction of paper work, and real-time access to data. Debt collection mobile applications are available for iPhone, iPad, Android, and Windows phones.
Key Benefits
- This study includes the analytical depiction of the Europe debt collection software market along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities.
- The current market is quantitatively analyzed from 2016 to 2023 to highlight the financial competency of the industry.
- Porter’s Five Forces analysis illustrates the potency of buyers & suppliers in the Europe debt collection software industry…
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