Europe Debt Collection Software Market Size is projected to reach $2.23 billion by 2027, registering a CAGR of 11.1% from 2020 to 2027

According to a recent report published by Report Ocean, titled, “Europe Debt Collection Software Market By Component, Deployment, Organization Size, and End User: Opportunity Analysis and Industry Forecast, 2020-2027”, the Europe debt collection software market size was valued at $0.96 billion in 2019, and is projected to reach $2.23 billion by 2027, registering a CAGR of 11.1% from 2020 to 2027.

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Debt collection software is used to organize the daily work of collectors and to decrease the time spent on administrative and unproductive tasks. In addition, it eases the traditional process and allows lenders to focus on other tasks such identifying and resolving the disputes which may prevent debt payment, negotiate with key customers in collaboration, and others. Moreover, debt collection software offers several features such as streamlining communication with clients, suitable payment plans, compliance management, invoice management, automation of transaction management, commission management, payment, and others.

Adoption of analytics in debt collection processes is gaining traction in the European debt collection software market. In addition, integration of software with telephones & email has become an essential aspect to analyze the relevant data of the customers. However, manual transfer of data makes analytics excessively expensive and thus, implementation of the software promotes the growth of the debt collection software market in the region.

On the basis of deployment, the on-premise segment dominated the Europe debt collection software industry in 2019 and is projected to maintain its dominance during the forecast period. It provides full control over the whole infrastructure, including software & hardware and involves a significant investment to implement, which is therefore fueling the growth of on-premise segment in the market.

Based on organization size, the large enterprises segment dominated the Europe debt collection software industry in 2019 and is projected to maintain its dominance during the forecast period. Increased usage & implementation of technology in order to enhance their business processes, large enterprises are utilizing the benefits of debt collection software.

In the wake of COVID-19 pandemic situation, the Europe debt collection software market has attained a significant growth rate and is expected to maintain its dominance during the forecast period. Due to massive recession into world economy, delays in payments & transactions have led to increased borrowing across all businesses in the market. Therefore, for maintaining huge data, tracking debt collections, and maintaining record, the demand for debt collection software is expected to rise in the upcoming years.

Key Findings of the Study

By component, the software segment led the Europe debt collection software market size in terms of revenue in 2019.
By organization size, the large enterprises segment is expected to attain significant growth during the forecasted period.
By deployment mode, the on-premise generated the highest revenue in 2019.
The key players profiled in the Europe debt collection software market analysis are 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.

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This release was published on openPR.