Letter of Credit Confirmation Market To Cross USD 5,094.7 Million By Value at Exponential CAGR of 2.72% Through 2030
Prime determinants of growth
Increased risk of non-payment and surge in demand for customized trade servicesdrive the growth of the global letter of credit confirmation market. However, increase in fraud and cyber-attacks restrain the market to some extent. On the other hand, new technological developments and untapped potential of emerging economies present new opportunities in the coming years.
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The outbreak of the COVID-19 pandemic has had a negative impact on the global letter of credit confirmation market, owing to reduction of the demand for letter of credit confirmation as the importers and exporters had to stop their trading business lockdown implementation.
Moreover, with the disruption in the economy, banks refused to issue confirmed letter of credit since the chances of bad debt were higher during the pandemic due to surge in the number of bankrupts.
The hardware segment to maintain its leadership status throughout the forecast period
Based on L/C type, the sight L/C segment held the highest market share in 2020, accounting for more than two-thirds of the global letter of credit confirmation market, and is estimated to maintain its leadership status throughout the forecast period, owing to its instant and timely payment features are largely used by traders due to in the market. However, the usance L/C segment is projected to manifest the highest CAGR of 3.4% from 2021 to 2030. This payment method helps in building long-term trust among the buyers & sellers who are involved in international trade transactions.
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The guidance technology segment to maintain its lead position during the forecast period
Based on end user, the large enterprises segment accounted for the largest share in 2020, contributing to around three-fourths of the global letter of credit confirmation market, and is projected to maintain its lead position during the forecast period. These businesses generally trade domestically and have a limited credit term while trading in their country. Moreover, the Small & Medium-Sized enterprises segment is expected to portray the largest CAGR of 4.69% from 2021 to 2030, owing to large companies in the industries such as healthcare, media & technology companies, power & utility industries, and others trade at a large scale and generate higher revenue in their businesses.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global letter of credit confirmation market. This is attributed due to the increasing inclination of the farmers toward the use of digital technology for yield management. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 3.49% during the forecast period, owing to strong economic growth along with the ongoing development in the agriculture sector.
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Leading Market Players:-
Bank of America Corporation
DBS Bank Ltd.
JPMorgan Chase & Co.
Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation
The PNC Financial Services Group, Inc.
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