Press release
With 6.2% CAGR, Keyword Market Growth to Surpass US$ 70.0 Billion Till 2023-28
Report Highlights
How big is the trade finance market?
the global trade finance market size reached US$ 48.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 70.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.
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What are trade finance?
Trade finance encompasses financial support provided to businesses, facilitating their engagement in global trade and commerce. This assistance encompasses a diverse range of financial tools and products that empower enterprises to access working capital. Consequently, they can achieve liquidity necessary for investments, payroll disbursement, and supplier payments. Distinguished from conventional finance, trade finance integrates third-party entities such as banks, insurance companies, exporters, importers, trade finance firms, and credit agencies into the operational framework. These entities collaborate to oversee transactions between buyers and sellers. Beyond this, trade finance plays a pivotal role in supervising goods, monitoring the trade cycle throughout transactions, offering security for receivables, and mitigating risks inherent to international trade dealings.
What are the growth prospects and trends in the trade finance industry?
The growth of global trade is on the rise, primarily due to rapid urbanization and industrialization, particularly in emerging economies. This surge in trade activity is driving the demand for secure financial instruments like trade finance, serving as a pivotal factor for market expansion. Additionally, the digitization of trade finance operations has empowered businesses to automate substantial amounts of financial and transactional data, contributing significantly to this growth.
Furthermore, the adoption of advanced technologies such as optical character recognition (OCR), radio frequency identification (RFID), and quick response (QR) codes for shipment identification and document digitization is further fueling market expansion. Moreover, the integration of trade finance with cutting-edge technologies like blockchain, artificial intelligence (AI), machine learning (ML), and the internet of things (IoT) has enabled organizations to analyze market trends, anticipate future challenges, resolve issues, forecast demand, and take appropriate actions, thereby accelerating transaction flow and creating a positive market outlook.
Additional factors contributing to market growth include increased investments in the banking, financial services, and insurance (BFSI) sector, favorable government policies, and enhancements in supply chain capabilities.
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Who are the key players operating in the industry?
The report covers the major market players including:
Asian Development Bank
Banco Santander SA
Bank of America Corp.
BNP Paribas SA
Citigroup Inc.
Crédit Agricole Group
Euler Hermes
Goldman Sachs Group Inc.
HSBC Holdings Plc
JPMorgan Chase & Co.
Mitsubishi Ufj Financial Group Inc.
Morgan Stanley
Royal Bank of Scotland
Standard Chartered Bank
Wells Fargo & Co.
Key Market Segmentation:
The report has segmented the global trade finance market on the basis of finance type, offering, service provider and end-user.
Breakup by Finance Type:
Structured Trade Finance
Supply Chain Finance
Traditional Trade Finance
Breakup by Offering:
Letters of Credit
Bill of Lading
Export Factoring
Insurance
Others
Breakup by Service Provider:
Banks
Trade Finance Houses
Breakup by End-User:
Small and Medium Sized Enterprises (SMEs)
Large Enterprises
Breakup by Region:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Explore full Report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=2031&flag=E
Key Highlights of the Report:
Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
Contact Us:
IMARC Group
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Brooklyn, NY 11249, USA
Website: https://www.imarcgroup.com/
Email: sales@imarcgroup.com
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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