Report : Europe Debt Collection Software Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Software and Service), Deployment Mode (On-Premise and Cloud), Organization Size (SMEs and Large Enterprises), and Industry Vertical (IT & Telecom, BFSI, Retail, Manufacturing, and Others)
At 9.1% CAGR, the Europe Debt Collection Software Market is speculated to be worth US$ 1,781.03 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe debt collection software market was valued at US$ 1,058.77 million in 2022 and is expected to reach US$ 2,367.23 million by 2028, registering an annual growth rate of 9.1% from 2022 to 2028. Growing adoption of self-service payment models and rising automation in the debt collection process are the critical factors attributed to the Europe debt collection software market expansion.
The market growth is attributed to the increasing demand for debt collection software due to the increased adoption of self-service payment models. Growing preference for collections software to streamline collections and automate the loan collection process is expected to drive market growth. The debt collection software market is projected to witness robust growth as businesses increasingly implement self-service payment platforms to keep track of their customers, track bill payments and maintain credibility. I'm here. Additionally, the growing need for multi-channel communication to reach debtors and improve the collection process through automation is expected to drive the growth of the collections software industry over the forecast period. Self-payment solutions help industries improve transaction efficiency, customer experience, and new business opportunities. The system allows for automating all payment services for unbanked or underbanked customers while eliminating the costly processing of individual payments. Overdue and delinquent account management is an important element that fintech needs to have as part of its overall fund management. Using patented machine learning and interaction data from millions of customers, TrueAccord delivers personalized self-service experiences that drive consumer engagement and cutting-edge results. Responding to consumer preference for digital-first services, TrueAccord utilizes many channels, including email, SMS, voicemail suppression, and more. To reduce noise and enhance free customer service and inbound communication. Thus, the growing adoption of self-service payment models drives the demand for Europe debt collection software market.
On the contrary, varying debt collection regulation hurdles the growth of Europe debt collection software market.
Based on component, the Europe debt collection software market is segmented into software and service. The software segment held 76.1% market share in 2022, amassing US$ 805.59 million. It is projected to garner US$ 1,377.80 million by 2028 to expand at 9.4% CAGR during 2022–2028.
Based on deployment type, the Europe debt collection software market is bifurcated into on-premise and cloud. The cloud segment held 64.0% market share in 2022, amassing US$ 677.47 million. It is projected to garner US$ 1,175.12 million by 2028 to expand at 9.6% CAGR during 2022–2028.
Based on organization size the Europe debt collection software market is segmented into small and medium enterprises (SMEs) and large enterprises. The large enterprises segment held 64.5% market share in 2022, amassing US$ 683.11 million. It is projected to garner US$ 1,109.96 million by 2028 to expand at 8.4% CAGR during 2022–2028.
Based on verticals, the Europe debt collection software market is segmented into IT & Telecom, BFSI, manufacturing, retail, and others. The BFSI segment held 35.5% market share in 2022, amassing US$ 375.58 million. It is projected to garner US$ 651.43 million by 2028 to expand at 9.6% CAGR during 2022–2028.
Based on country, the Europe debt collection software market is segmented into Germany, France, UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that UK captured 30.5% market share in 2022. It was assessed at US$ 323.21 million in 2022 and is likely to hit US$ 586.67 million by 2028, exhibiting a CAGR of 10.4% during the forecast period
Key players dominating the Europe debt collection software market are CGI INC.; Chetu, Inc.; Experian Information Solutions, Inc.; Exus; FICO; FIS; Loxon Solutions; and Pegasystems Inc. among others.
- In 2022, FICO is a leading predictive analytics & decision management software company, and Constellation Software Inc. jointly announced that they have completed the sale of FICO’s Collection and Recovery business to Constellation’s Jonas Software operating group, a leading provider of enterprise management software solutions.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: firstname.lastname@example.org