About Outsource Debt Collection Services
Businesses around the world are increasingly facing unprecedented financial pressures thanks to the current economic scenario. Businesses are particularly stressed by customers who are struggling to pay their debts on time. Entrepreneurs find debt recovery a stressful activity that distracts them from achieving their core business goals and creates unnecessary expenses. According to a recent market study, 30 million Americans are struggling to pay their debts and pay outstanding bills and payments, which in turn adversely affects businesses both large and small. If you are one of these companies, you will understand how difficult it is to retrieve the debt while following industry best practices. Debt collection is not only a time-consuming process, it can also distract from achieving core business goals and at the same time spend an unnecessarily large amount of money. Outsourcing debt collection services help customers to further reduce the burden of bad debts, to improve the existing cash flow, and at the same time to preserve the image of a reputable brand. These are the services provided by a third-party company to track individuals or companies with criminal accounts. Businesses often face the challenge of tracking debtors whose contact information has either changed or is inaccurate. The debt management system uses the capabilities of big data analysis to access the debtor's online profile, which contains important information about the collection. All of this speeds up the collection process and improves the collection ratios of companies while reducing unnecessary costs.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that European Players will contribute the maximum growth to Global Outsource Debt Collection Services market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Alorica (United States), Encore Capital Group (United States), PRA Group Inc. (United States), Intrum AB (Sweden), Cerved Group S.p.A. (Italy), EOS Holding GmbH (Germany), Hoist Finance AB (Sweden), B2Holding (United Kingdom), Magellan Solutions, Inc. (United States), Arrow Global Group (United Kingdom), Lowell (United Kingdom), KRUK Group (Poland), MCS Group (iQera) (France), TCM Group (Iceland), Axactor (Germany), TSI, Transworld Systems (United States), GC Services (United States), Bierens Debt Recovery Lawyers (Netherlands), Federation of Creditreform Associations (Germany), Altus (United States), IQOR (United States), Link Financial Outsourcing Limited (United Kingdom), Arvato Financial Solutions (Germany) and coeo Group (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Go4Customer (India), Prestige Services Inc. (United States), Atradius Collections (Netherlands), UNIVERSUM INKASSO (Germany) and Weltman, Weinberg & Reis Co., LPA (United States).
Segmentation Overview
AMA Research has segmented the market of Global Outsource Debt Collection Services market by Type (Customer Tracking and Data Validation Services, Early and Late-Stage Debt Collections, Debt Dispute Management Services, Debt Collection Call Center Services and Debt Portfolio Management), Application (Healthcare, Student Loans, Financial Services, Government, Retail/Telecom, Utility/Mortgage and Others) and Region.
On the basis of geography, the market of Outsource Debt Collection Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Organization Size, the sub-segment i.e. Large Enterprises will boost the Outsource Debt Collection Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rise in Need to Reduce Bad Debt and Improve the Cash Flow and Increasing Trend in the Automation of the Debt Collection Process
Market Growth Drivers:
Increasing Amount of Debt and Other Financial Pressures, Increased Purchasing Power, Enhancement in Cash Flow and Profitability Index and The Increasing Debt Globally
Challenges:
Inefficient Collection Methods Based On Poor Strategies and Imperfect Models
Restraints:
Inadequacy of Legacy Systems
Opportunities:
High Demand For Commercial and Consumer Debt Recovery Services across the BFSI Organizations and Technology-Based Debt Collection Is Expected To Lead To Better Client Engagement
Key Target Audience
Providers of Outsource Debt Collection Services, Potential Investors, Market Research Firms, Regulatory Bodies, End-Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.