The increasing demand for alternative sources of financing for MSMEs, increase in various factoring businesses, raised liquidity for efficient working capital management, and other factors are driving the Factoring Market growth.
JERSEY CITY, N.J., May 11, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Factoring Market" By Type (Domestic Factoring, International Factoring), By Application (Small And Medium Enterprise, Large Enterprise), and By Geography. According to Verified Market Research, the Global Factoring Market size was valued at USD 3354.52 Million in 2021 and is projected to reach USD 5632.97 Million by 2030, growing at a CAGR of 6.12% from 2023 to 2030.
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Global Factoring Market Overview
The primary factor driving the market growth is increasing demand for alternative sources of financing for MSMEs, increase in various factoring businesses delivering a combination of financing options, raised liquidity for efficient working capital management, and enhanced inventory management. The improvement in the banking, financial services, and insurance (BFSI) industry is the primary factor increasing the market growth. The increased awareness and understanding of supply chain financing benefits contribute to market expansion, like factoring. Also, blockchain technology and cryptocurrency in factoring services expand market growth. The rising advancements and unique identification for fast funding, complete transactional security, and innovative contract capabilities.
It is changing the way exchanges like the stock market, patent awards, and factoring operate. Many developed countries are setting technology to the test in business finance to see if it is reasonable. The advanced technology helps in the easy availability of information about buyers and sellers in a single platform, helping all the stakeholders lower their risks. Therefore, the increasing trend positively impacts the Factoring Market growth. Furthermore, the other factors, like the rising use of digital platforms in trade financing and growing cross-border trade activities, will drive the market growth. Enhanced inventory management through factoring business will help in expanding the market growth.
Key Developments
- In December 2019, China Construction Bank launched the blockchain-based refactoring platform, BCTrade. The platform helps commercial factoring businesses reduce risks associated with refactoring.
Key Players
The major players in the market are Advanon AG, Aldermore Bank Plc, BNP Paribas Cardif, Deutsche Leasing AG, Eurobank Ergasias SA, HSBC Holdings Plc, Mizuho Financial Group Inc., Riviera Finance of Texas Inc., Societe Generale SA, The Southern Bank Co. Inc.
Verified Market Research has segmented the Global Factoring Market On the basis of Type, Application, and Geography.
- Factoring Market, By Type
- Domestic Factoring
- International Factoring
- Factoring Market, By Application
- Small and Medium Enterprise
- Large Enterprise
- Factoring Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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