Europe Debt Collection Software Market – Top Participant To Focus On Regional Expansion | 2023
The Netherland is expected to grow at the highest CAGR during the forecast period, as 70% of wholesale and retail industry face intentional late payment in the Netherlands. Moreover, the adoption of debt collection software has increased in these sectors, as they are well-protected against poor payment performance and use debt collection software as precautions. The Europe debt collection software market was valued at $794 million in 2016 and is projected to reach $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 omnichannel 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.
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Based on the component, the 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 a surge in demand for the software-as-a-service model, owing to the adoption of cloud-based technologies to minimize the cost of the investment 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.
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