Rockville, Dec. 21, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global debt collection services market is expected to reach a valuation of US$ 30.2 billion in 2023 and exhibit a growth rate of 2.7% over the next 10 years.
The debt collection industry is witnessing a technological evolution. The overall economic environment is also suitable for the growth of debt recovery businesses. Low-interest rate, hybrid lending products/services, rising disposable income, and easy credit have led to the hyper demand for loans/credit. Lending, as an industry, is a cyclical business. For every 8 to 10 years, it follows the same pattern. Hyper-lending activity leads to sub-prime lending, which results in a higher default rate, ultimately leading to increased demand for debt recovery services.
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The advancement of technology in borrowing and lending has made access to finance easier for everyone. To get a loan from any financial enterprise, a borrower does not have to visit the institution in person. Rather, with the help of technology, the person can simply fill out an online application, and depending upon their creditworthiness, can avail of the loan. Nowadays, there is hardly any human communication happening in the whole lending process.
Key Takeaways from Market Study
- The global debt recovery services market is expected to reach a valuation of US$ 39.2 million by 2033.
- The market in East Asia is expected to grow at a CAGR of 3.1%.
- India’s debt collection services industry is expected to expand at a CAGR of 4.5%.
- Bad debts account for almost 3/4 of the total debt type.
- Demand for debt collection for student loans is expected to increase faster than any other type of loan.
“Demand for debt collection services will increase considering the expected global economic slowdown,” says a Fact.MR analyst.
Segmentation of Debt Collection Services Industry
- By Debt Type :
- Bad Debts
- Early Out Debts
- By End-use Application :
- Healthcare
- Student Loans
- Government Debts
- Others (Credit Cards, Retail, Telecom, Utility, Mortgages)
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Market Development
The debt collection market is highly competitive owing to the presence of many local players. The industry is still considered to be highly unorganized as less than 10% of the market players have a multi-country presence. In the recent past, the industry has witnessed some mergers and acquisitions and increase in service offerings.
- In May 2022, Firstsource completed the acquisition of American Recovery Services Incorporated (ARSI). This acquisition will expand Firstsource’s services offerings amid an expected rise in default cases.
Key Companies Profiled
- Aspen National Financial Inc
- Atradius Collections
- Capital Collections LLC
- Cedar Financial
- Encore Capital Group
- IC System
- PRA Group
- Prestige Services Inc.
- Rocket Receivables
- Rozlin Financial Group, Inc.
- Summit Account Resolution
- The Kaplan Group
- TrueAccord
- Wakefield & Associates
- Vericore
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the debt collection services market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights based on Debt Type (Bad Debts, Early Out Debts) and End-use Application (Healthcare, Student Loans, Government Debts, Others (Credit Cards, Retail, Telecom, Utility, Mortgages)), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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