Debt Collection Services Market to Attain US$ 39.4 Billion Valuation at 2.7% CAGR by 2033

The global debt collection services market is set to reach a valuation of US$ 30.2 billion in 2023. The market is further expected to grow at a CAGR of 2.7% for the next 10 years and end up at US$ 39.4 billion by 2033.

A lending institution evaluates a borrower's creditworthiness before approving a loan by considering a number of variables, including monthly income and spending, any outstanding EMIs, and previous credit histories. When a person refuses to comply with the lending institution's demand for payment, debt collection agencies are involved. Debt typically turns into a non-performing asset (NPA) for a lending institution after 90 to 180 days, depending on local laws and regulations. After the grace period, a debt collection agency receives the NPA.

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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.

Competitive Landscape:

Key providers of debt collection services are ACA International, 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, and TrueAccord Vericore.

The global debt collection services industry is still considered to be unorganized due to the presence of several small and medium enterprises. Local players tend to account for a high market share in comparison to those who are from different locations/geographies. Market players are trying to differentiate themselves by offering more tech-driven services.

• In October 2022, Wakefield & Associates, an ACA International member company, completed the acquisition of Choice Recovery, an Ohio-based recovery agency. The acquisition will help the company grow in the Great Lakes region of the U.S.

• In March 2021, Atradius Collections completed the acquisition of a Portuguese-based collection agency Gestifatura. With this acquisition, Atradius Collection now has operations in 34 countries.
Fact.MR has provided detailed information about the providers of debt collection services positioned across regions, revenue growth, and service offering expansion, in the recently published report.

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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Questionnaire answered in the Market outlook Report of Debt Collection Services include:

• What is the key strategy deployed by large players to maximize Debt Collection Services growth?

• What are the main challenges faced by players in the Debt Collection Services Demand?

• With the advent of technological advancement, how will the Debt Collection Services landscape change over the forecast period?

• What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Debt Collection Services size?

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This release was published on openPR.