Trade Finance Software Market, Industry Size, Current Trend, Competition, Growth, Product

According to our latest market study on "Trade Finance Software Market to 2027 - COVID-19 Impact, and Global Analysis and Forecast - by Component (Solution and Services); Deployment (Cloud and On-Premise); Enterprise Size (Large Enterprises and SMEs); and End-Use (Banks, Traders, and Others)and Geography," the market was valued at US$ 1,573.8 million in 2021 and is projected to reach US$ 2920.4 million by 2027; it is expected to grow at a CAGR of 10.3% from 2020 to 2027.

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The Key Players in The Global Market Are:

CGI INC.
AWPL
Comarch SA
IBSFINtech
ICS FINANCIAL SYSTEMS LTD
MITech - Make Intuitive Tech SA
Newgen Software Technologies Ltd.
Persistent Systems
Surecomp
BT Systems, LLC.

In 2019, Europe stoodsecond in the trade finance softwaremarket with a decent market share and it is anticipated to witness a steady CAGR from 2020 to 2027.Over the past five years, capital invested in European technology has grown by 124%, rising by 39% between 2018 and 2019, to reach US$ 34.3 billion of capital investment in 2019. This compares to the cutbacks between 2018 and 2019 in capital investment in both the US and Asia. Europe's software development services are increasingly in demand. An increase in adoption of IT and telecommunication and digital transformation and automation are the key drivers of this growth. Moreover, European countries house a number of industries offering critical and important products. The medical sector in the region is advancing at a rapid rate.

The report segments the global Market as follows:

By Component (Solution and Services)
By Deployment (Cloud and On-Premise)
By Enterprise Size (Large Enterprises and SMEs)
By End-Use (Banks, Traders, and Others)

Companies adopt inorganic market strategies to expand their footprints across the world and meet the growing demand. The trade finance software market players mainly focus on the acquisition strategy to expand their business and maintain their brand name globally. For instance, in 2020, ClickSWITCH, declared a combined partnership with Newgen Software Technologies to deliver mutual customers with a seamless integrated experience.

Impact of COVID-19 on Trade Finance Software market

The commencement of the COVID-19 epidemic has brought about momentous supply chain and logistics disruptions across the world. The COVID-19 pandemic is one of the largest disrupting forces, with the region's three countries continuing to combat outbreaks and significant community spread. The huge increase in the number of confirmed cases and rising reported deaths in the country has affected software providers to some extent due to the decrease in demand for their products. The business shutdowns as well as disruption in supply chain across the world are impacting the adoption of the trade finance software market. The North America region is home to a large number of technology companies, and the impact of coronavirus outbreak is anticipated to be moderate in the year 2020 and likely in first quarter of 2021. The impact of COVID-19 is short-term; it is likely to decrease in the coming years.

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This release was published on openPR.