With a CAGR of 4.5% between 2022 and 2032, it is predicted that the size of the global trade finance market will reach US$ 68.62 billion in 2032. The market is anticipated to expand steadily throughout the course of the forecast period, with a focus on incorporating blockchain technology in trade finance.
The worldwide trade finance industry should be worth US$ 46.18 Bn in 2022, according to Fact.MR. Importers and exporters are anticipated to contribute the most to revenue by end-user. Trade finance aids in preventing fraudulent behaviour patterns. This maintains the trade finance market’s flag flying high.
The Asia-Pacific rules the trade finance market due to increasing awareness about trade finance in the emerging economies. North America and Europe are already at the matured stage of trade finance market. Collectively, the top three countries leading the global trade finance market at present account for 42% market share.
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Key Takeaways:
- The Asia-Pacific is expected to hold more than 50% of the market share in the years to come due to propagation of SMEs herein.
- By trade activity, export credit is expected to go great guns in the next 10 years.
- Growing Preference for Trade Finance to Enhance Working Capital Efficiency in Businesses.
- Digitalization and utilization of new technologies such as Blockchain will improve efficiency and reduce the cost of players in the trade credit market.
Growth Drivers:
- Better exposure to the developing economies is expected to drive the trade finance market in the near future.
Increased demand for trade finance significantly impacts financial firms to invest in trade finance approaches that are less likely to spread, can collect and monitor multiple structured and unstructured data sets at the same time, and provide financial stability to importers and exporters in the form of payment risk and supply risk.
Technology is important in many businesses, including banking, financial services, and insurance (BFSI). Technological breakthroughs, automation, and a degree of standardization have all been developed in trade financing in recent years. Increasing advancements in data collection technology are driving the demand for AI and automation in banking.
Competitive Landscape:
The key participants in trade finance market are proactively engaging in new product launches as well as joint ventures to make a mark in the trade finance market.
For instance –
Citigroup Inc. does allow access to the advanced and specialized products as well as availability of finance while looking through financial statement’s efficiency targets due to advancement in the technology.
Key Companies Profiled by Fact.MR
- Asian Development Bank
- Bank of America Corporation
- BNP Paribas S.A.
- Citigroup Inc.
- Euler Hermes Group
- HSBC Holdings PLC
- JP Morgan Chase & Co
- Mitsubishi UFJ Financial Inc.
- The Royal Bank of Scotland Group plc
- Standard Chartered Plc
More Valuable Insights on Trade Finance Market
Fact.MR in its latest study offers a comprehensive analysis on the global Trade Finance market. It also provides key information such as latest trends, drivers, and challenges that are expected to influence sales of Trade Finance during the forecast period of 2022 to 2032. It also uncovers critical forecast data for the Trade Finance market through detailed segmentation as follows:
By Trade Activity:
- Factoring
- Export Credit
- Insurance
- Other Activities
By Transaction
- Domestic only
- International Only
By End-user:
- Importers & Exporters
- Banks & Financers
- Insurers & Export Credit Agencies
- Other Service Providers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions Covered in the Trade Finance Market Report
- Who are the leading players in the Trade Finance market?
- Which region is anticipated to dominate the global Trade Finance market during 2022-2032?
- What is the expected value of Trade Finance market in 2022?
- Which are the challenges faced in the Trade Finance market?
- What will be the market size of global Trade Finance market during the forecast period (2022-2032)?
- At what rate will the global Trade Finance market grow until 2032?
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