Debt Collection Services Market Size, Industry Analysis Report By Debt Type (Bad Debts, Early Out Debts), By End-use Application (Healthcare, Student Loans, Government Debts) & Region – Forecast By 2030
- PUBLISHED ON
- 2024-09-27
- NO OF PAGES
- 221
- CATEGORY
- Banking & Finance
The global debt collection services market is set to reach a valuation of US$ 31.2 billion in 2022. The market is further expected to grow at a CAGR of 2.5% for the next 10 years and end up at US$ 35.4 billion by 2030. The market situation of aggregate consumer debt is wholly dependent on debt collection as a service.
Market - Growth Factors
One of the major causes of spurring demand for debt collection software to remove bad debt and automate revenue cycles globally is the banking industry's rapid digitization.
Market Trends
• The growing need to maintain numerous debt categories in order to increase debt recovery rates, the growing desire to optimize collection costs, and the expanding need to optimize cash flows are the main factors propelling the growth of the global debt collection software market.
• Future market drivers include the requirement to provide customer-centric debt collection management services and the rise in demand for self-service models to boost the collection process. In the near future, it is anticipated that both of these patterns will persist.
Market Segmentation
Segmentation of Debt Collection Services Industry
By Debt Type :
o Bad Debts
o Early Out Debts
By End-use Application :
o Healthcare
o Student Loans
o Government Debts
o Others (Credit Cards, Retail, Telecom, Utility, Mortgages)
Regional Analysis
The Global Debt Collection Software Market is now dominated by North America, and this trend is anticipated to continue during the anticipated time frame. Therefore, debt collection software is required by many BFSI systems. Due to the digital transformation and the desire of consumers to use new technologies, Asia-Pacific is anticipated to experience the quickest growth rate.
Due to rising digitalization, cloud-based services, and cutting-edge software, North America and Europe dominated the global market for debt collection software. The requirement for debt collection software in the Asia Pacific is also anticipated to rise as more corporations implement software to expedite the debt recovery process.
Key Market players
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The global debt collection services market is set to reach a valuation of US$ 31.2 billion in 2022. The market is further expected to grow at a CAGR of 2.5% for the next 10 years and end up at US$ 35.4 billion by 2030.
What are the drivers shaping various markets?
One of the major causes of spurring demand for debt collection software to remove bad debt and automate revenue cycles globally is the banking industry's rapid digitization. Banks and collection agencies use a safe, centralized platform that is simple to access online or on mobile devices.
Who are the key competitors of market Players?
Some of the major players operating within the market are MoretonSmith, iMX, Bectran, ero57, ezCash, Collection Solutions, Esker Collections Management, CollectMax, MY DSO MANAGER, and CollectMORE 2.0.
What are the top performing segments, and countries / regions of each of the markets?
The Global Debt Collection Software Market is now dominated by North America.
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