The factoring services market has demonstrated robust growth, projected to rise from $3.43 billion in 2023 to $3.70 billion in 2024, achieving a CAGR of 8.0%. This growth is driven by rising demand for alternative financing, increased banking activities, and growing popularity of factoring services. The market is expected to continue growing, reaching $5.09 billion by 2028 at a CAGR of 8.3%. This future growth is attributed to an increase in cross-border factoring, digital platform usage, and expansion in manufacturing. Key trends include advancements in financial technology, new online factoring platforms, crypto solutions, and AI adoption.
Major Driver In The Factoring Services Market
The rise in cross-border trade activities is expected to propel the factoring services market. Facilitated by technological advancements and policy shifts, cross-border transactions are becoming more prevalent. Factoring services play a vital role in optimizing cash flow and managing risks associated with these transactions. According to the United Nations Conference on Trade and Development, global trade reached $28.5 trillion in February 2022, marking a 25% increase from 2020. This trend is significantly driving the growth of the factoring services market.
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Factoring Services Market Competitive Landscape
ICBC China Limited, JPMorgan Chase & Co., Banco Santander S.A., HSBC Holdings plc, Wells Fargo & Company, BNP Paribas SA, Banco do Brasil S.A., ING Groep N.V., Barclays Bank plc, Societe Generale SA, Banco Bilbao Vizcaya Argentaria S.A., Deutsche Bank AG, Sumitomo Mitsui Banking Corporation, UniCredit S.p.A., Standard Chartered plc, KBC Group NV, Commerzbank AG, Banco Popular Español S.A., TCI Business Capital Inc., RTS Financial Service Inc., Advanon AG
Key Factoring Services Market Trend
In the factoring services market, firms are innovating with solutions like receivables finance to enhance cash flow and support business growth. Kyriba Corp. launched Kyriba Receivables Finance in December 2022, offering a streamlined platform for managing invoice factoring. This solution enhances cash flow visibility, automates payment processing, and provides businesses with a secure dashboard for real-time insights into their financial status.
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Factoring Services Market Segmentation
The factoring services market covered in this report is segmented –
1) By Type: Recourse, Non-Recourse
2) By Provider: Banks, Non-Banking Financial Institutions
3) By Category: Domestic, International
4) By Application: Small And Medium Enterprise (SMEs), Large Enterprise
5) By End-Use: Manufacturing, Transport And Logistics, Information Technology, Healthcare, Construction, Other End-Uses
By Geography:The regions covered in the factoring services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the factoring services market in 2023.
The Factoring Services Global Market Report 2024 furnishes information about the global factoring services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
