The turnover in the UK activities of collection agencies and credit bureaus sector is forecasted to grow each year, with values of £3.21 billion in 2024, £3.28 billion in 2025, up to £3.5 billion by 2028. This steady incline represents an average compound annual growth rate (CAGR) over five years. Given 2023's actual turnover, we observe a consistent upward trend with diminishing fluctuations, showcasing consumer demand for credit services. Year-on-year growth rates further underscore this stable expansion trajectory.
Future trends to watch for include technological advancements in data collection and credit assessment, regulatory changes affecting the sector, and economic factors impacting consumer credit behavior. Additionally, more enhanced privacy practices could alter market dynamics.
