Dublin, Sept. 02, 2024 (GLOBE NEWSWIRE) -- The "Factoring Services Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The factoring services market size has grown strongly in recent years. It will grow from $3.43 billion in 2023 to $3.7 billion in 2024 at a compound annual growth rate (CAGR) of 8.%. The growth during the historic period can be attributed to several factors, including increasing demand for alternative financing solutions, expanding banking and trading activities, the rising popularity of factoring services as a flexible financing option, growing need for working capital financing alternatives among businesses, and increased international trade activities driving the demand for financial liquidity solutions.
The factoring services market size is expected to see strong growth in the next few years. It will grow to $5.09 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to several factors, including the increase in cross-border factoring transactions, rapid growth and development of factoring services globally, enhanced utilization of digital platforms for financial transactions, rising volume of cross-border trade activities, and the expanding manufacturing sector's need for working capital solutions.
Major trends anticipated during this period include advancements in financial technology, the emergence of new online factoring platforms, exploration of cryptocurrency solutions in financial transactions, increasing adoption of artificial intelligence (AI) for financial services, ongoing technological innovations in the factoring industry, and integration of supply chain finance with factoring to streamline financial operations.
The factoring services market is poised for growth driven by an increase in cross-border trade activities. Cross-border trade involves the exchange of goods and services between residents and non-residents of different countries, spurred by advancements in technology, policy shifts, economic strategies, and market demands. Factoring services play a crucial role in cross-border trade by optimizing cash flow, managing risks, and supporting global expansion through the sale of accounts receivable to third-party factoring companies. For instance, the United Nations Conference on Trade and Development reported in February 2022 that global trade reached a record high of $28.5 trillion, marking a 25% increase from 2020. This surge in cross-border trade activities is a key driver behind the growth of the factoring services market.
Leading companies in the factoring services market are innovating with solutions such as receivables finance to gain competitive advantages. Receivables finance enables businesses to access funds based on their outstanding invoices, enhancing cash flow management and supporting business growth by converting receivables into immediate cash. For example, Kyriba Corp. launched Kyriba Receivables Finance in December 2022, an advanced factoring solution designed to streamline invoice factoring processes. The platform simplifies payment management with automated processing and provides real-time visibility through a secure dashboard, facilitating efficient monitoring of invoices and payments. It also offers businesses access to various financing and credit options, ensuring quick access to capital.
Major companies operating in the factoring services market are ICBC China, JPMorgan Chase, Banco Santander, HSBC Holdings, Wells Fargo, BNP Paribas, Banco do Brasil, ING Groep, Barclays Bank, Societe Generale, Banco Bilbao Vizcaya Argentaria, Deutsche Bank, Sumitomo Mitsui Banking Corporation, UniCredit, Standard Chartered, KBC Group, Commerzbank, Banco Popular Espanol, TCI Business Capital, RTS Financial Service and Advanon.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Markets Covered:
- By Type: Recourse; Non-Recourse
- By Provider: Banks; Non-Banking Financial Institutions
- By Category: Domestic; International
- By Application: Small And Medium Enterprise (SMEs); Large Enterprise
- By End-Use: Manufacturing; Transport And Logistics; Information Technology; Healthcare; Construction; Other End-Uses
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Company Coverage:
- ICBC China
- JPMorgan Chase & Co.
- Banco Santander
- HSBC Holdings
- Wells Fargo & Company
- BNP Paribas
- Banco do Brasil
- ING Groep
- Barclays Bank
- Societe Generale
- Banco Bilbao Vizcaya Argentaria
- Deutsche Bank
- Sumitomo Mitsui Banking Corporation
- UniCredit
- Standard Chartered
- KBC Group
- Commerzbank
- Banco Popular Espanol
- TCI Business Capital
- RTS Financial Service
- Advanon
For more information about this report visit https://www.researchandmarkets.com/r/f4pwkg
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