Why UAE’s Debt Collection Industry is poised for growth despite the many challenges it faces in a competitive market? : Ken Research

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In this enlightening whitepaper, we delve into the intricacies of the UAE's debt collection industry, which has witnessed a formidable surge in growth over the last five years. Amidst this backdrop of remarkable expansion, the industry now confronts a shifting terrain marked by emerging challenges and evolving bottlenecks. But with newer challenges and evolving bottlenecks, will the industry’s robustness decline? Check out the entire whitepaper to find out more.

1. The Debt Collection Industry in UAE experienced a high volume of cases due to ease of credit availability & the industry saw a ~11% Compound Annual Growth Rate (CAGR) between 2017-22

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2. The increasing use of technology for better recovery predictions, enhancement of people skills of collectors and improvement in KSA legal system act as catalysts for the industry…

2.1…While, talent shortage, increasing labor costs and high default rates are major concerns for the incumbent players in the market

2.2 Moreover, High capital requirements and switching costs for customers create barriers for new entrants within the industry

3. But, the Debt collection platforms integrated armed with latest tech is starting to transform the entire debt recovery process for clients

4. The pandemic-induced financial trends, a greater emphasis on NLP techniques, and maintaining proper documentation will act as key growth drivers that will enable a double-digit CAGR over the next 5 years

Some of the Intelligence Curated by Ken Research in Debt Collection Market Space:

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• Brazil Cards and Payment Market Outlook to 2027F By Cards (Debit Cards, Credit Cards, Prepaid Cards), By Payment Terminals (POS and ATMs), By Payment Instruments (Credit Transfers, Direct Debit, Cheques, Cash and Payment Cards)
• Global Remittance Market Outlook to 2027 segmented by mode of transfer (digital, traditional), type of channel (Banks, online platforms, money transfer operators), type of end use (migrant labour workforce, personal, small business & others) Geography (Latin America, Africa, Asia Pacific, Europe, Middle East)
• India Payment Service Market Outlook to 2027F driven by government initiatives & rising need for faster payment modes

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UAE Debt Collection Market

UAE Debt Collection Market is Expected to Reach More Than AED 5Bn by 2027 Owing to Rise in digital collection techniques and Improvement in UAE legal system related to debt collection, bankruptcy and insolvency: Ken Research

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UAE Debt Collection Market Ecosystem

Tahseel, First Solution Management Service are the market leaders in UAE Debt Collection Market; the market is highly fragmented consisting of many players. The UAE Debt Collection Market is composed of many players which are operating across the borders and not just within the UAE.

 Key Market Findings:

• Digital collections are being extensively used which leverages analytics to make the process more
• Collection agents are being trained to equip them with latest technology and to adept them to various consumer situations for providing more feasible solutions.
• The industry is slowly becoming more customer-centric in its approach.

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IT Policies and Proper Documentation: Companies are maintaining proper documentation and proof for all debt provided by them to corporates and individuals. This makes it much easier for debt collection agencies to recover the debt in case of a default both amicably and legally as well through payment order method. Collection companies which provide settlement plans to debtors have start taking post-dated cheques as a proof for future payment. Changing IT policies require companies to maintain complete confidentiality of client information due to threat of data breach. All this factors will provide more growth to collection industry.

Emphasis on NLP Techniques: Collection agencies are extensively using various speech analytics tools to record and analyse customer conversations. This enables to maintain security and gain insights into client expectations. In addition, the information gathered can further be used for training of employees adapting them to different situations while negotiating and hence, improving their performance which would act as a key growth driver for debt collection companies.

Favorable Changes in UAE Legal System: The new legal system at UAE makes it possible to recover debts via court in merely within 7 days if all the documents are readily available. The new Bankruptcy law also provides safety for debtors and changes the shape of debt collection industry. Ultimately, act as catalysts for the industry.

Analysts at Ken Research in their latest publication- “UAE Debt Collection Market Outlook to 2027- Characterized by fierce competition and high growth prospects” by Ken Research provides a comprehensive analysis of the potential of the debt collection market in UAE. Rise in digital collection techniques and increasing use of AI and ML for recovery predictions are expected to contribute to the market growth over the forecast period.

UAE debt collection market is expected to grow at a robust CAGR over the forecasted period 2022-2027.

Key Segments Covered

Segmentation by Segment

• Non-Finance
• Finance
• Insurance

Segmentation by Type of Firm

• Debt Collection Agency
• Law Firm

Segmentation by Age of Firm:

• 0 to 10 yrs
• 10 to 20 yrs
• 20 to 30 yrs

Segmentation by Geographical Presence

• Abu Dhabi
• Dubai
• Fujairah
• Sharjah
• Ajman
• Umm Al-Quwain
• Ras Al-Khaimah

Sub-segmentation of insurance segment & financing segment

Sub-segmentation of insurance segment:

• Motor & Transportation
• Property/Fire
• Liability & Others

Sub-segmentation of financing segment:

• Real State
• Personal
• Financial institution
• Services
• Manufacturing
• Trade
• Others

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Key Target Audience

• Existing Debt Collection Companies
• Law Firms
• Financing Companies
• Non-Financing Companies
• Insurance Companies
• Debt Collection & Management software providers
• Government Agencies
• Finance Consultants
• Others

Time Period Captured in the Report:

• Historical Period: 2017-2022
• Base Year: 2022
• Forecast Period: 2022–2027

Companies Covered:

SUPPLY SIDE:

Debt Collection Companies

• Tahseel
• CMS
• Aman Debt Collection
• First Solution
• Credit Recovery
• AW Holding
• Bilkish
• Derby Group of Companies
• Alpha Debt Collection
• Fort Equity
• Quick Action
• ATDC
• com
• ALQADA

Law firms/Debt Collection

• Taswiyeh
• ASKTHELAW
• HHS LAWYERS
• DUBAI DEBT RECOVERY
• STA
• AE
• AL ROWAAD
• AL SAFAR
• BIN EID

Regulatory Bodies and Judiciary

• Central Bank of the UAE
• Judicial Department

DEMAND SIDE:

Insurance companies

• Etihad Credit Insuranc
• Atradiuse
• CIGNA
• COFACE
• PACIFIC PRIME
• MetLIFE
• ACE
• Emirates RE

Financing companies

• Emirates NBD
• ADCB
• DUBAI FIRST
• Mashreq
• Commercial Bank of Dubai
• Dubai Islamic Bank
• HSBC
• RAKBANK
• ADIB
• FAB
• CITYBANK

Non-Finance companies

• Etisalat
• Emircom
• Etihad Water and Electricity
• Abu Dhabi Distribution Companies
• Emaar
• Nakheel
• Lufthansa
• Choithrams
• Asian Paints
• Majid UL Futaim
• Naseej

Key Topics Covered in the Report                            

• Global Debt Collection Market Overview
• Ecosystem of UAE Debt Collection Market – Demand and Supply Side
• Value Chain Analysis – Amicable Settlement and Litigation Settlement
• Market Size and Segmentation of Debt Collection Industry in UAE, 2017-2022
• UAE Debt Collection Market Industry Analysis
• Software used in UAE Debt Collection Market
• Market Shares of Major Debt Collection Companies in UAE on the basis of Debt Collected, 2022
• Competitive Analysis
• Future Outlook and Projections, 2022-2027 

For More Insights On Market Intelligence, Refer to the Link Below: –

UAE Debt Collection Market Outlook to 2027

Related Reports by Ken Research: –

KSA Debt Collection Market Outlook to FY’2026