Europe Debt Collection Software Market Size, Share, Growth Analysis, By Component(Software, Services), By Deployment(Cloud, On-premise) - Industry Forecast 2024-2031

Report ID: SQMIR45E2214 | Region: Regional | Published Date: April, 2024
Pages: 197 | Tables: 61 | Figures: 75

Europe Debt Collection Software Market News

In April 2024, Jefferies Financial Group Inc. (JEF) revealed an expansion of its global strategic alliance with Japan-based SMBC Group. The initiative aims to strengthen cooperation within the Canadian market, particularly in corporate and investment banking business opportunities. This strategic move aligns with the growing trend of U.S. investment banks intensifying their efforts in Canada to bolster their competitive position.
In February 2024, Goldman Sachs Asset Management (AM) introduced a Private Credit Fund tailored for affluent individuals in Europe. The Senior Lending Fund has already amassed over €550 million in investments. This initiative reflects a broader trend in which private debt funds are expanding their investor base to include individual investors.
In November 2023, Nokia reported substantial market share increases in India and Europe, highlighting the success of its strategic shift in 5G technology approach initiated by Veijo Kontas in 2019. To address production delays from Intel for 10-nanometer designs crucial for 5G basestation equipment, Nokia initially adopted field-programmable gate arrays (FPGAs), partially sourced from Xilinx. However, this decision resulted in a decline in gross margin to 29% by Q3 of the same year due to elevated product costs.

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Europe Debt Collection Software Market size was valued at USD 1.05 billion in 2022 and is poised to grow from USD 1.15 billion in 2023 to USD 2.30 billion by 2031, growing at a CAGR of 9.1% in the forecast period (2024-2031).

The competitive landscape of Europe debt collection software market can be defined as highly diverse and this can be ascribed to the presence of several domestic as well as international market players. Debt collection software companies are focusing on resolving the issues associated with debt collection to improve the debt recovery success rate in European countries. Debt collection software providers are focusing on providing their products and services to financial businesses and banks to boost revenue generation. Debt collection software companies are providing advanced analytics and deploying advanced technologies to improve the capability of their products and maximize the debt recovery success rate in Europe. The evolving regulatory landscape of this region is projected to promote innovation in companies and this is where companies will have a chance to distinguish themselves from the crowd. 'FICO (Fair Isaac Corporation)', 'Quantrax Corporation', 'TransUnion', 'Pegasystems Inc.', 'COFACE', 'Simplicity Collection Software', 'Indus Software Technologies', 'NICE Ltd.', 'Temenos AG', 'CGI Inc.', 'Experian', 'Chetu Inc.', 'Adtec Software', 'Advatech Healthcare', 'Katabat', 'CollectMax', 'TietoEVRY', 'Equifax', 'AME Collections', 'DebtBench'

Consumer as well as commercial debt levels are rising and this is why demand for debt collection software is soaring in Europe. As companies opt for new ways to collect their debt, they are slated to boost market growth.

Digital Transformation: Digital transformation of the financial landscape in Europe is setting the tone for debt collection software providers. Integration of advanced technologies such as artificial intelligence (AI), machine learning, and automation are projected to offer new opportunities for market players as they can leverage them to improve the debt collection process.

The United Kingdom is leading the demand for debt collection software and services in the European region owing to the presence of a robust financial services industry in the country. The presence of different lending institutions and banks in the United Kingdom is projected to spearhead demand for debt collection software and services over the coming years. The presence of a stringent regulatory framework also facilitates the demand for debt collection services and the need for software to ensure compliance is met.

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Europe Debt Collection Software Market Size, Share, Growth Analysis, By Component(Software, Services), By Deployment(Cloud, On-premise) - Industry Forecast 2024-2031

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