LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global credit collection and collection agency services market and the market is poised to experience spend growth of more than USD 40 billion between 2019-2024 at a CAGR of over 12% during the forecast period. Request Free Sample Pages.
Read the 121-page research report with TOC and LOE on "The Global Credit Collection and Collection Agency Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
The provision of business credits to customers by enterprises from the manufacturing and utility industries to drive their sales will cater to the spend momentum in the credit collection and collection agency services market. Meanwhile, buyers from the BFSI sector face the necessity to reduce their NPA which will further contribute to spend growth in the credit collection and collection agency services market.
Despite signs of spend growth in the market in Europe owing to the outsourcing of debt receivable to specialized debt collection agencies, the eventual maturity of the key end-user segments such as BFSI will affect the spend momentum.
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Insights into the market price trends
Service providers will witness a major hike in their compliance expenditure owing to factors like the rise in complexity of regulation, regulatory reporting and monitoring requirements, and stringency of enforcement of these regulations.
- Labor expense that is a key cost component of service providers’ OPEX will increase substantially owing to the increase in minimum wages across the globe, standards of living, and need to retain skilled employees.
What are the strategies to adopt to optimize procurement spend in this market?
Rationalize supply base
Top service providers usually offer multiple services such as credit collection financial services, financial/customer risk management services, and back-office services. This provides buyers the opportunity to rationalize their supply base and to bundle multiple services within a single procurement contract. This results in a substantial reduction in buyers’ overall procurement cost and contract management complexities.
Evaluate the mathematical model and techniques used by service providers in risk/fraud identification
It is critical for buyers to evaluate the appropriateness of the mathematical model and techniques used by credit collection service providers for identifying fraud and segmenting customers based on their credit risk. It is also important for buyers to ensure that such calculations are in line with industry standards. This helps buyers to benchmark, validate, and compare the effectiveness of the risk/fraud identification model provided by suppliers with industry-accepted practices and with other competitors.
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Some of the key topics covered in this report are:
- Credit collection and collection agency services market spend segmentation by region
- Total cost of ownership analysis in the credit collection and collection agency service providers
- Regional spend opportunity for credit collection and collection agency service providers
- Courier express and parcel service providers cost structure
- Credit collection and collection agency service providers pricing models analysis
- Credit collection and collection agency services procurement best practices
- Category management objectives
- Cost saving opportunities in the credit collection and collection agency services market
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