Letter of Credit Confirmation Market Size by L/C Type and End User, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021-2030

Letter of Credit Confirmation Market:

The letter of credit confirmation market was valued at USD 3918.8 million in 2020, and it is anticipated to reach USD 5094.7 million by 2030, registering a CAGR of about 2.72% during the forecast period (2021-2030).

Download Free Sample: https://reports.valuates.com/request/sample/ALLI-Manu-1V31/Letter_of_Credit_Confirmation_Market

Growing Concerns Related To Non-Payment Of Dues

The expansion of international trade has increased trade-related concerns as exporters and importers barely know each other. They belong to different countries. The political, social, and economic conditions are totally different increasing risks in international trade transactions. The extra security through the confirmation of the letter of credit by the confirming bank provides a payment guarantee even if the issuing bank or the importer fails to make the transaction. The banks check whether the letter of credit is valid or not. Hence it is preferred by traders. This in turn is expected to drive the growth of the letter of credit confirmation market during the forecast period.

Cybercrimes, And Online Frauds

Fraudulent activities have increased substantially as several intermediaries are involved in the online trading mechanism of issuer and beneficiary banks. Financial services are the prime targets for hackers as this gives them access to sensitive trade information. The data leakage and fake documents provided by importers and exporters are also a huge menace in the industry. These factors are expected to restrain the growth of the letter of credit confirmation market in the coming years. Globalization has increased operational risks.

Technological Innovations

The emergence of advanced technologies such as blockchain and DLT(Distributed Ledger Technology) has changed the entire landscape of the global trade finance industry. LCs(letters of credits) suffer from a variety of factors such as inefficiencies in the trading mechanism, contractual delays, high costs, and disputes over ambiguous terms and conditions. Automating contractual agreements on blockchain assures faster compliance, guaranteed payments, and elimination of lengthy paperwork thereby increasing convenience. These factors will augment the growth of the letter of credit confirmation market in the subsequent years.

View Full Report: https://reports.valuates.com/market-reports/ALLI-Manu-1V31/letter-of-credit-confirmation

Key Players

• Bank of America Corporation
• Citigroup, Inc.
• DBS Bank Ltd.
• JPMorgan Chase & Co
• Mizuho Bank, Ltd.
• MUFG Bank
• Scotiabank
• Standard Chartered
• Sumitomo Mitsui Banking Corporation
• The PNC Financial Services Group, Inc.

Inquire for Regional Data: https://reports.valuates.com/request/regional/ALLI-Manu-1V31/Letter_of_Credit_Confirmation_Market

Similar Reports:

1. Trade Surveillance System Market: https://reports.valuates.com/reports/ALLI-Manu-0Q70/trade-surveillance-systems

2. C4ISR Market: https://reports.valuates.com/reports/QYRE-Auto-29A2167/global-command-control-communications-computers-intelligence-surveillance-reconnaissance-c4isr

3. Surveillance Market: https://reports.valuates.com/reports/QYRE-Auto-J216/global-surveillance

4. Trade Finance Market: https://reports.valuates.com/market-reports/QYRE-Auto-6X849/global-trade-finance

5. Investment Banking & Trading Services Market: https://reports.valuates.com/market-reports/ALLI-Manu-4U36/investment-banking-trading-services

6. Trade Credit Insurance Market: https://reports.valuates.com/market-reports/QYRE-Othe-4N372/global-trade-credit-insurance

Phone:
U.S. (TOLL FREE) : +1 (315) 215-3225
India: +91 8040957137

Email Id:
Please reach us at sales@valuates.com

Valuates offers an extensive collection of market research reports that helps companies to take intelligent strategical decisions based on current and forecasted Market trends.

This release was published on openPR.