In 2023, the market for debt collection services is anticipated to be worth $30.2 billion. The market is projected to expand at a CAGR of 2.7% during the following ten years, reaching US$ 39.4 billion by 2033.Depending on the nature of the debt and other factors, debt collection firms often receive between 7% and 10% of the total amount recovered.
The offer in this portion accompanies many open doors including fabricating items, appropriation, retail, and showcasing administrations. Broad rounds of essential and a far reaching optional exploration have been utilized by the examiners at Fact.MR to show up at different assessments and projections for Demand of Debt Collection Services Market both at worldwide and provincial levels.
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Market Players: –
- 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
- Wakefield & Associates
Key partners in Market including industry players, policymakers, and financial backers in different nations have been persistently realigning their systems and ways to deal with carry out them to take advantage of new open doors. Numerous lately have updated their procedures to stay coordinated in the setting of overall disturbances brought about by the COVID-19 pandemic.
Segmentation of Debt Collection Services Industry
- By Debt Type :
- Bad Debts
- Early Out Debts
- By End-use Application :
- Student Loans
- Government Debts
- Others (Credit Cards, Retail, Telecom, Utility, Mortgages)
- By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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.
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