North America and Europe Debt Collection Software Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component, Deployment Type, Organization Size, and Industry Vertical

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The NA and EU debt collection software market size is expected to grow from US$ 2386.4 million in 2022 to US$ 4148.3 million by 2028; the debt collection software market share is estimated to grow at a CAGR of 9.7% during 2022-2028.

Emergence of big data analytics & predictive analytics and digital multi-channel communications & customer centric approaches create ample demand for debt collection software during the forecast period.

Information is the most powerful weapon when it comes to debt collection. Big data analytics can help to get the most relevant information about debtors. Simple information such as demographics and behavioral aspects such as the time a debtor answers a call can significantly affect how a debt collection call is handled. Big Data allows data collection and segregation with a laser-sharp focus related to a single debtor. Big data opens up possibilities such as speech analysis to confirm current collection. Voice analytics helps to hear 100% of every call. A feat that is impossible or recommended for humans. Input from speech analytics can contribute significantly to training and operational efficiency savings. Furthermore, predictive analytics, a form of advanced analytics, brings breakthroughs to collections. It combines various techniques such as data mining, machine learning, artificial intelligence, and statistical modeling to predict future events. It may sound cryptic, but it has been successful in debt collection. WNS, a leading utility company, used predictive analytics to increase its debt collections by 50%. A more focused strategy for delinquency management was developed based on the predictive analytics findings. Thus, the emergence of big data and predictive analytics will drive the debt collection software market growth during the forecast period.

Moreover, businesses communicate with their customers through multiple digital channels such as SMS, email, IVR, and WhatsApp. Financial institutions must understand this and develop a communication strategy for each channel. Customers should experience the same high level of service regardless of the communication channel. This multi-channel approach greatly extends to collection spaces where customers prefer to be contacted by SMS or email rather than by phone or letter. The debt collection process should include a multi-channel approach to reach customers according to their channel preferences. Furthermore, customers are accustomed to personalizing services and offers when accessing products and services. A one-size-fits-all approach is no longer optimal and can alienate potential customers. Additionally, it is important to offer customers self-service options. It shows that 57% of people prefer self-service channels. Customer self-service options and empathy are paramount when designing a customer-centric process for collection. Defaulting borrowers can use their channel of choice to settle their debt problems. Thus, the emerging trend of digital multi-channel communications and a customer-centric approach is driving the debt collection software demand in the debt collection software market during the forecast period.

The revenue of the debt collection industry in North America declined in recent years. Due to market consolidation, the number of debt collection agencies also continues to decline. The COVID-19 pandemic created a significant impact on potential corporate growth. North America was among the worst-hit regions by COVID-19. The economy lost about 10 million jobs, but consumers used the stimulus package to save and pay their debt. Stimulus packages are putting more money in people's pockets. However, this "surge'' in "after-tax'' incomes will soon end without further cuts in stimulus spending and unemployment benefits. Consumers had the common sense to pay back high-yield bonds with stimulus. Also, slowing payment delays were a "high precautionary measure" (forgiveness and other concessions offered by student loan lenders, banks, mortgage owners, and credit card companies). The CARES Act "brought hundreds of billions of dollars in stimulus checks to Americans and increased unemployment benefits while relieving pressure on them by foreclosures, evictions, and stopping student loan payments. Encore Capital, the country's largest bond buyer, made more than US$ 200 million in profits in 2020, rewarding shareholders with 40% year-over-year earnings growth. Even though the courts were temporarily closed, bond buyers filed thousands of lawsuits weekly. The flurry of government aid, combined with the sharp decline in spending due to COVID-19, resulted in an 'unpredictable economy' where unemployment skyrocketed without the usual spate of delinquencies, bankruptcies, and foreclosures. However, banks now predict that the tide will finally be on their side in the coming months.

The debt collection software market is analyzed on the basis of component, deployment type, organization size, and industry vertical. The debt collection software market analysis by component, the debt collection software market is segmented into solution and service. The debt collection software market analysis by deployment type, the debt collection software market is segmented into on premise and cloud based. Based on organization size, the debt collection software market is segmented into small and medium enterprises (SMEs) and large enterprises. Based on vertical industry, the debt collection software market is bifurcated into BFSI, manufacturing, retail, IT & Telecom, and others.

The overall NA and EU debt collection software market size has been derived using primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the NA and EU debt collection software market. The process also serves the purpose of obtaining an overview and forecast for the NA and EU debt collection software concerning all the segments. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. This process includes industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the NA and EU debt collection software market.

A few leading players operating in the NA and EU debt collection software market are Chetu Inc.; FICO; CSS, Inc.; Experian Information Solutions Inc.; EXUSl Loxon Solutions; FIS; Pegasystems; Quantrax Corporation, Inc.; and CGI Inc.

Reasons to Buy:

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America and Europe debt collection software market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the North America and Europe debt collection software market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth regional market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

Product Code: TIPRE00029682

1. Introduction

1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Research Methodology
- 3.1.1 Data Collection:
- 3.1.2 Primary Interviews:

4. NA and EU Debt Collection Software Market Landscape

4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion

5. NA and EU Debt Collection Software Market - Key Industry Dynamics

5.1 Market Drivers
- 5.1.1 Rising Automation in the Debt Collection Process
- 5.1.2 Growing Adoption of Self-Service Payment Models
- 5.1.3 Growing Adoption of Debt Collection Software in the Healthcare Industry
5.2 Market Restraints
- 5.2.1 Varying Debt Collection Regulation
5.3 Market Opportunities
- 5.3.1 Data-Driven Debt Collection Using Machine Learning and Artificial Intelligence
- 5.3.2 Increase in Need for Automation in the Accounts Receivable Process
5.4 Future Trends
- 5.4.1 Emergence of Big Data Analytics and Predictive Analytics
- 5.4.2 Emerging Trend of Digital Multi-channel Communications & Customer Centric Approach
5.5 Impact Analysis of Drivers and Restraints

6. NA and EU Debt Collection Software Market Overview

6.1 Market Overview
6.2 NA and EU Debt Collection Software Market Forecast and Analysis
6.3 Market Positioning -Key Players

7. Debt Collection Software Market Analysis - By Component

7.1 Overview
7.2 NA and EU Debt Collection Software Market Breakdown, By Component, 2021 & 2028
7.3 Software
- 7.3.1 Overview
- 7.3.2 Software Market Revenue and Forecast to 2028 (US$ Million)
7.4 Service
- 7.4.1 Overview
- 7.4.2 Service Market Revenue and Forecast to 2028 (US$ Million)

8. Debt Collection Software Market Analysis - By Deployment Type

8.1 Overview
8.2 NA and EU Debt Collection Software Market Breakdown, By Deployment Type, 2021 & 2028
8.3 On Premise
- 8.3.1 Overview
- 8.3.2 On Premise Market Revenue and Forecast to 2028 (US$ Million)
8.4 Cloud based
- 8.4.1 Overview
- 8.4.2 Cloud based Market Revenue and Forecast to 2028 (US$ Million)

9. Debt Collection Software Market Analysis - By Organization Size

9.1 Overview
9.2 NA and EU Debt Collection Software Market Breakdown, By Organization Size, 2021 & 2028
9.3 Small and Medium Enterprises (SMEs)
- 9.3.1 Overview
- 9.3.2 Small and Medium Enterprises Market Revenue and Forecast to 2028 (US$ Million)
9.4 Large Enterprises
- 9.4.1 Overview
- 9.4.2 Large Enterprises Market Revenue and Forecast to 2028 (US$ Million)

10. Debt Collection Software Market Analysis - By Industry Vertical

10.1 Overview
10.2 NA and EU Debt Collection Software Market Breakdown, By Industry Vertical, 2021 & 2028
10.3 IT and Telecom
- 10.3.1 Overview
- 10.3.2 IT and Telecom Market Forecast and Analysis
10.4 BFSI
- 10.4.1 Overview
- 10.4.2 BFSI Market Forecast and Analysis
10.5 Retail
- 10.5.1 Overview
- 10.5.2 Retail Market Forecast and Analysis
10.6 Manufacturing
- 10.6.1 Overview
- 10.6.2 Manufacturing Market Forecast and Analysis
10.7 Others
- 10.7.1 Overview
- 10.7.2 Others Market Forecast and Analysis

11. Debt Collection Software Market Analysis - By Region

11.1 North America: Debt Collection Software Market
- 11.1.1 Overview
- 11.1.2 North America: Debt Collection Software Market - Revenue and Forecast to 2028 (US$ Million)
- 11.1.3 North America: Debt Collection Software Market Revenue and Forecast, by Component
- 11.1.4 North America: Debt Collection Software Market Revenue and Forecast, by Deployment Type
- 11.1.5 North America: Debt Collection Software Market Revenue and Forecast, by Organization Size
- 11.1.6 North America: Debt Collection Software Market, by Industry Vertical
- 11.1.7 North America: Debt Collection Software Market Revenue and Forecast, by Country (2021 and 2028)
  - 11.1.7.1 US: Debt Collection Software Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.1.7.1.1 US Debt Collection Software Market Breakdown, By Component
    - 11.1.7.1.2 US Debt Collection Software Market Breakdown, By Deployment Type
    - 11.1.7.1.3 US Debt Collection Software Market Breakdown, By Organization Size
    - 11.1.7.1.4 US Debt Collection Software Market Breakdown, By Industry Vertical
  - 11.1.7.2 Canada: Debt Collection Software Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.1.7.2.1 Canada Debt Collection Software Market Breakdown, By Component
    - 11.1.7.2.2 Canada Debt Collection Software Market Breakdown, By Deployment Type
    - 11.1.7.2.3 Canada Debt Collection Software Market Breakdown, By Organization Size
    - 11.1.7.2.4 Canada Debt Collection Software Market Breakdown, By Industry Vertical
  - 11.1.7.3 Mexico: Debt Collection Software Market - Revenue and Forecast to 2028 (US$ Million)
    - 11.1.7.3.1 Mexico Debt Collection Software Market Breakdown, By Component
    - 11.1.7.3.2 Mexico Debt Collection Software Market Breakdown, By Deployment Type
    - 11.1.7.3.3 Mexico Debt Collection Software Market Breakdown, By Organization Size
    - 11.1.7.3.4 Mexico Debt Collection Software Market Breakdown, By Industry Vertical
11.2 Europe: Debt Collection Software Market
- 11.2.1 Overview
- 11.2.2 Europe Debt Collection Software Market Revenue and Forecast to 2028 (US$ Million)
- 11.2.3 Europe: Debt Collection Software Market Revenue and Forecast, by Component
- 11.2.4 Europe: Debt Collection Software Market Revenue and Forecast, by Deployment Type
- 11.2.5 Europe: Debt Collection Software Market Revenue and Forecast, by Organization Size
- 11.2.6 Europe: Debt Collection Software Market, by Industry Vertical
- 11.2.7 Europe Debt Collection Software Market Breakdown, By Key Country
  - 11.2.7.1 Germany Debt Collection Software Market Revenue and Forecast to 2028 (US$ Million)
    - 11.2.7.1.1 Germany Debt Collection Software Market Breakdown, By Component
    - 11.2.7.1.2 Germany Debt Collection Software Market Breakdown, By Deployment Type
    - 11.2.7.1.3 Germany Debt Collection Software Market Breakdown, By Organization Size
    - 11.2.7.1.4 Germany Debt Collection Software Market Breakdown, By Industry Vertical
  - 11.2.7.2 France Debt Collection Software Market Revenue and Forecast to 2028 (US$ Million)
    - 11.2.7.2.1 France Debt Collection Software Market Breakdown, By Component
    - 11.2.7.2.2 France Debt Collection Software Market Breakdown, By Deployment Type
    - 11.2.7.2.3 France Debt Collection Software Market Breakdown, By Organization Size
    - 11.2.7.2.4 France Debt Collection Software Market Breakdown, By Industry Vertical
  - 11.2.7.3 Italy Debt Collection Software Market Revenue and Forecast to 2028 (US$ Million)
    - 11.2.7.3.1 Italy Debt Collection Software Market Breakdown, By Component
    - 11.2.7.3.2 Italy Debt Collection Software Market Breakdown, By Deployment Type
    - 11.2.7.3.3 Italy Debt Collection Software Market Breakdown, By Organization Size
    - 11.2.7.3.4 Italy Debt Collection Software Market Breakdown, By Industry Vertical
  - 11.2.7.4 UK Debt Collection Software Market Revenue and Forecast to 2028 (US$ Million)
    - 11.2.7.4.1 UK Debt Collection Software Market Breakdown, By Component
    - 11.2.7.4.2 UK Debt Collection Software Market Breakdown, By Deployment Type
    - 11.2.7.4.3 UK Debt Collection Software Market Breakdown, By Organization Size
    - 11.2.7.4.4 UK Debt Collection Software Market Breakdown, By Industry Vertical
  - 11.2.7.5 Russia Debt Collection Software Market Revenue and Forecast to 2028 (US$ Million)
    - 11.2.7.5.1 Russia Debt Collection Software Market Breakdown, By Component
    - 11.2.7.5.2 Russia Debt Collection Software Market Breakdown, By Deployment Type
    - 11.2.7.5.3 Russia Debt Collection Software Market Breakdown, By Organization Size
    - 11.2.7.5.4 Russia Debt Collection Software Market Breakdown, By Industry Vertical
  - 11.2.7.6 Rest of Europe Debt Collection Software Market Revenue and Forecast to 2028 (US$ Million)
    - 11.2.7.6.1 Rest of Europe Debt Collection Software Market Breakdown, By Component
    - 11.2.7.6.2 Rest of Europe Debt Collection Software Market Breakdown, By Deployment Type
    - 11.2.7.6.3 Rest of Europe Debt Collection Software Market Breakdown, By Organization Size
    - 11.2.7.6.4 Rest of Europe Debt Collection Software Market Breakdown, By Industry Vertical

12. Impact of COVID-19 Pandemic on Debt Collection Software Market

12.1 Overview
12.2 North America
12.3 Europe

13. Industry Landscape

13.1 Overview
13.2 Market Initiative
13.3 Merger and Acquisition
13.4 New Product Launch

14. Company Profiles

14.1 FICO
- 14.1.1 Key Facts
- 14.1.2 Business Description
- 14.1.3 Products and Services
- 14.1.4 Financial Overview
- 14.1.5 SWOT Analysis
- 14.1.6 Key Developments
14.2 CSS, Inc.
- 14.2.1 Key Facts
- 14.2.2 Business Description
- 14.2.3 Products and Services
- 14.2.4 Financial Overview
- 14.2.5 SWOT Analysis
- 14.2.6 Key Developments
14.3 Experian Information Solutions, Inc.
- 14.3.1 Key Facts
- 14.3.2 Business Description
- 14.3.3 Products and Services
- 14.3.4 Financial Overview
- 14.3.5 SWOT Analysis
- 14.3.6 Key Developments
14.4 Exus
- 14.4.1 Key Facts
- 14.4.2 Business Description
- 14.4.3 Products and Services
- 14.4.4 Financial Overview
- 14.4.5 SWOT Analysis
- 14.4.6 Key Developments
14.5 Loxon Solutions
- 14.5.1 Key Facts
- 14.5.2 Business Description
- 14.5.3 Products and Services
- 14.5.4 Financial Overview
- 14.5.5 SWOT Analysis
- 14.5.6 Key Developments
14.6 FIS
- 14.6.1 Key Facts
- 14.6.2 Business Description
- 14.6.3 Products and Services
- 14.6.4 Financial Overview
- 14.6.5 SWOT Analysis
- 14.6.6 Key Developments
14.7 Pegasystems Inc.
- 14.7.1 Key Facts
- 14.7.2 Business Description
- 14.7.3 Products and Services
- 14.7.4 Financial Overview
- 14.7.5 SWOT Analysis
- 14.7.6 Key Developments
14.8 Quantrax Corporation, Inc.
- 14.8.1 Key Facts
- 14.8.2 Business Description
- 14.8.3 Products and Services
- 14.8.4 Financial Overview
- 14.8.5 SWOT Analysis
- 14.8.6 Key Developments
14.9 CGI INC.
- 14.9.1 Key Facts
- 14.9.2 Business Description
- 14.9.3 Products and Services
- 14.9.4 Financial Overview
- 14.9.5 SWOT Analysis
- 14.9.6 Key Developments
14.10 Chetu, Inc.
- 14.10.1 Key Facts
- 14.10.2 Business Description
- 14.10.3 Products and Services
- 14.10.4 Financial Overview
- 14.10.5 SWOT Analysis
- 14.10.6 Key Developments

15. Appendix

15.1 About The Insight Partners
15.2 Glossary of Terms