Factoring Services Market Research, 2031
The global factoring services market size was valued at $3,271.45 billion in 2021, and is projected to reach $5,872.00 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
Factoring service is a process of collection of receivables and maintains sales ledgers, credit control and credit protection. Furthermore, services are helpful in many ways, such as the need for secure financing, which is subject to strong fluctuations due to seasonal changes in the marketplace. Moreover, businesses involved in logistic and manufacturing services make factoring as an ideal way of financing, as these firms have numerous accounts receivable from other businesses.
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ncreasing implementation of open account in small and medium enterprises (SMEs), is that propel growth of the market owing to the expansion of the manufacturing industry in Asian countries and the growing need among startups and SMEs for an alternate source of finance are further driving the market growth. In addition, BFSI companies are adopting and developing machine learning techniques to analyze large volume of data and to deliver valuable insights to customers.
Moreover, increase in investments in AI and advanced machine learning by fintech & banks to enhance the automation process and to offer more streamlined and personalized customer experience propels the growth of the market. For instance, in November 2020, The International Trade Centre (ITC) and partners launched the SME Trade Finance Guide at the SME Finance Forum this aims to help SMEs exporters and importers.
In addition, it is helping SMEs learn and access finance for trade, methods of payment, including cash advances, letters of credit, documentary collections and open accounts. Thus, that propel growth of the factoring service industry.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the factoring services market analysis from 2021 to 2031 to identify the prevailing factoring services market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the factoring services market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global factoring services market outlook.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global factoring services market trends, key players, market segments, application areas, and factoring services market opportunity.
- The study provides an in-depth analysis of the global factoring services market forecast along with current & future trends to explain the imminent investment pockets.
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Factoring Services Market Report Highlights
| Aspects | Details |
|---|---|
| Industry Vertical | ConstructionManufacturingHealthcareTransportation & LogisticsEnergy & UtilitiesIT & TelecomStaffingOthers |
| Provider | BanksNBFCs |
| Enterprise Size | Large EnterprisesSMEs |
| Application | DomesticInternational |
| By Region | North America (U.S., Canada)Europe (United Kingdom, Germany, France, Italy, Spain, Netherlands, Rest of Europe)Asia-Pacific (China, India, Japan, South Korea, Australia, Singapore, Rest of Asia-Pacific)LAMEA (Latin America, Middle East, Africa) |
| Key Market Players | Advanon AG, ALAMI Technologies, Aldermore Bank, AwanTunai, Barclays, BNP Paribas, China Construction Bank, Deutsche Factoring Bank, Eurobank, Hitachi Capital (UK) PLC, HSBC group, ICBC, KUKE Finance JSC, Mizuho Financial Group, Inc., Riviera Finance of Texas, Inc., Societe Generale, The Southern Bank Company |
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