About Debt Collection & Debt Purchase-
The Company and Agency Collecting Past-due Debts from Borrowers is Debt Collection. The overdue debts can be anything, like Medical debt, Car/auto loan debt, Personal loan debt etc. Debt collectors are third-party companies that work on behalf of another company to collect debts. Debt Purchase is a type of debt collector who purchases a creditor's debt at a discount in order to collect on it. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period.
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The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Debt Collection & Debt Purchase- 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.
Atradius Collections (Netherlands), The Kaplan Group (United States), Summit Account Resolution (United States), Rocket Receivables (United States), Prestige Services Inc. (United States), PRA Group (United States), MNS Credit Management Group (India), Rozlin Financial Group (United States), Encore Capital Group (United States), ACA International (United States), Consumer Financial Protection Bureau (United States), National Consumer Law Center (United States), ARRMS Private Limited (India) and Direct Recovery Associates Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are The EOS Group (Germany), Maxim Credit Management Services (India), Cedar Financial (United States), Debt Nirvana (India), Unified Credit Solutions Pvt. Ltd. (India) and Afford Motors India Pvt. Ltd (India).
AMA Research has segmented the market of Global Debt Collection & Debt Purchase- market by Type (First-party agencies, Third-party agencies and Debt selling), Application (Healthcare, Student Loans, Financial Services, Government, Retail/Telecom, Utility/Mortgage and Others) and Region.
On the basis of geography, the market of Debt Collection & Debt Purchase- has been segmented into . If we see Market by Organization Size, the sub-segment i.e. Large Enterprises will boost the Debt Collection & Debt Purchase- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:Increasing Trend of website to accept collection accounts in medium sized Collection Agencies
Market Growth Drivers:Increased Buying and Selling of Debt, Enhancement in Cash Flow and Profitability Index and Technological advancements in debt collection has radically transformed the industry
Challenges:Increasing Innovation in Technologically Advanced Mobile Generation of Today
Restraints:Debt collectors charge for their services Can Hamper the Growth
Opportunities:Increasing New Number of Agency in Emerging Countries and High Demand For Commercial and Consumer Debt Recovery Services across the BFSI Organizations
Market Leaders and their expansionary development strategiesOn 1st May 2021, Atradius Collections has acquired the Portuguese collections agency Gestifatura and expanded its presence to 34 countries. After opening new offices in Dubai, Morocco, and Indonesia in the past two years, Atradius Collections has expanded its international presence into Portugal. The acquisition supports the long-term goals of Atradius Collections of continuously advancing its knowledge of and presence in local markets.
On 24th August 2022, Summit Account Resolution: Best Collection Agency for Small Businesses. Launched an inquiry into the debt collection practices of Venmo Small business owners have a lot to worry about. Getting customers to pay is among the big ones. Thatís where a collection agency comes in. When searching for one, you need to consider the rates they charge, their ability to recover unpaid bills, the services they offer and the approach the collection agency takes.
Key Target AudienceProviders of Debt Collection & Debt Purchase, Regulatory Bodies, Potential Investors, New Entrants, Research and Development Institutes and Others
About ApproachTo 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.