Factoring Services Market Set to Hit USD 6345.43 Billion, Growing at 7.20% CAGR, Fueled by Increased Demand for Working Capital Funding, Projects Kings Research

DUBAI, UAE, Nov. 24, 2023 /PRNewswire/ -- As per a recent report released by Kings Research, the global Factoring Services Market is anticipated to grow from USD 3453.32 billion in 2022 to USD 6345.43 billion by 2030, depicting a CAGR of 7.20% through the forecast period from 2023 to 2030. The primary factors fostering market growth are the surge in the need for working capital funding, the expansion of international trade, and the increasing adoption of factoring services by small and medium-sized enterprises (SMEs).

Factoring services entail financial solutions that encompass the buying and selling of accounts receivable. In this process, companies can transfer their outstanding invoices to a third-party entity, commonly referred to as a factor, in exchange for immediate cash. This service proves particularly advantageous for businesses seeking to enhance their cash flow and accelerate their receivables.

Additionally, global factoring services often grant businesses access to international markets, enabling them to broaden their customer base and augment sales. Furthermore, factoring services provide businesses with a means to mitigate the risk of non-payment by assuming the responsibility of collecting payments from customers. This obviates the need for businesses to hire additional personnel or invest in costly collection tools.

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Trending Now: Universal Partners Join Forces with Fintech Muse Finance to Develop Digital Invoice and Trade Finance Services

In June 2023, Universal Partners partnered with FinTech company Muse Finance to offer digital invoice and trade finance services. Muse Finance provides a range of digital invoice and trade finance services, including supply financing, to UK-based SMEs. The partnership aims to improve cash flow management and mitigate liquidity concerns for businesses expanding internationally. The invoice-based financing solutions allow customers to receive payment before the invoice's settlement date or make payments to suppliers for up to 120 days.

Competitive Landscape

Prominent players in the factoring services industry are employing various business strategies, including partnerships, mergers and acquisitions, product innovations, and joint ventures, to enhance their product portfolios and bolster their market shares across different regions. These endeavors encompass an array of strategic initiatives, such as investments in R&D activities, the establishment of new manufacturing facilities, and the optimization of supply chains.

For instance, in April 2022, Eurobank Factors, a subsidiary of Eurobank, introduced enhancements to its factoring services, along with novel digital reverse factoring services. These updates aim to cater to the needs of businesses and provide them with more efficient and streamlined financial solutions.

Major players in the factoring services market include:

• altLINE
• China Construction Bank
• Deutsche Factoring Bank
• Barclays Bank PLC
• BNP Paribas Fortis
• Factor Funding Co.
• Eurobank Direktna a.d.
• HSBC Group
• RTS Financial Service, Inc.
• ICBC

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Greater Flexibility Offered by Recourse Factoring in Credit Requirements to Fuel Factoring Services Market Expansion

Based on type, the factoring services market is categorized into recourse and non-recourse. The recourse segment is estimated to dominate the market over the review period. Resource factoring involves a personal guarantee from the owner to maintain liquidity in case of bad debt and to reclaim non-performing accounts receivable held as collateral by the factor. It offers several advantages, including reduced costs and greater flexibility in advanced rates and credit requirements, among others, which is fueling the expansion of this segment.

Increasing Significance of Electronic Invoices to Propel Factoring Services Market Growth

Based on category, the factoring services market is segmented into domestic and international. The domestic segment is projected to attain a significant share in the market over the assessment period, driven by the widespread adoption of factoring receivable methods across diverse industries owing to their proven efficacy. Moreover, the increasing significance of electronic invoices has played a pivotal role in strengthening the position of the domestic factoring sector.

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Digitalization of Factoring Processes and Adoption of Cutting-Edge Technologies to Aid Factoring Services Market Progress

The market for factoring services is witnessing robust expansion driven by various factors. These include the escalating demand for working capital financing, the upsurge in international trade activities, and the growing preference for factoring services among small & medium-sized enterprises (SMEs). Moreover, the market growth is being propelled by the digitalization of factoring processes and the prevalent adoption of cutting-edge technologies like artificial intelligence and blockchain.

Increased Focus on Export Business Factoring Services to Foster Europe Factoring Services Market Outlook

Europe is poised to maintain its dominance in the market through the forecast period, primarily driven by the soaring emphasis placed by transportation companies on export business factoring. The emergence of promising start-ups in the factoring services sector across countries such as Italy, Germany, the United Kingdom, Romania, and Sweden are further supporting market growth. Furthermore, substantial investments by the European Union (EU) in factoring services for small and medium-sized enterprises (SMEs) and organizations operating in the manufacturing and engineering domains are significantly boosting regional industry growth.

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Burgeoning Manufacturing Sector in APAC to Aid Global Factoring Services Market Progress

Asia-Pacific is poised to experience remarkable growth in the factoring services market from 2023 to 2030. This regional market expansion is attributed to the burgeoning manufacturing sector in major countries such as India and other nations in South and Southeast Asia. The rapid transformation of these economies from predominantly rural to manufacturing and export-oriented is a key driver, contributing significantly to the robust growth of the factoring services industry in the region.

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Key Points from TOC:

Chapter 1 Introduction of the Global Factoring Services Market 

1.1 Market Definition

1.2 Market Segmentation

1.3 Research Timelines

1.4 Limitations

1.5 Assumptions

Chapter 2 Executive Summary

Chapter 3 Research Methodology

3.1 Data Collection

3.2 Subject Matter Expert Advice

3.3 Quality Check

3.4 Final Review

3.5 Bottom-Up Approach

3.6 Top-down Approach

Chapter 4 Global Factoring Services Market Outlook

4.1 Market Evolution

4.2 Overview

4.3 Market Dynamics

4.4 Pricing Analysis

4.5 Porter's Five Forces Analysis

4.6 Value Chain Analysis

4.7 Macroeconomic Analysis

Chapter 5 Impact of Russia-Ukraine War

Chapter 6 Global Factoring Services Market, By Type

Chapter 7 Global Factoring Services Market, By Category

Chapter 8 Global Factoring Services Market, By Provider

Chapter 9 Global Factoring Services Market, By End User

Chapter 10 Global Factoring Services Market, By Geography

Chapter 11 North America 

Chapter 12 Europe 

Chapter 13 Asia Pacific 

Chapter 14 Middle East & Africa 

Chapter 15 Latin America 

Chapter 16 Global Factoring Services Market Competitive Landscape

16.1 Overview

16.2 Key Developments

16.3 Key Strategic Developments

16.4 Company Market Ranking

16.5 Regional Footprint

16.6 Industry Footprint

Chapter 17 Company Profiles

17.1 altLINE

17.1.1 Key Facts

17.1.2 Financial Overview

17.1.3 Product Benchmarking

17.1.4 Recent Developments

17.1.5 Winning Imperatives

17.1.6 Current Focus & Strategies

17.1.7 Threat from competition

17.1.8 SWOT Analysis

17.2 China Construction Bank

17.2.1 Key Facts

17.2.2 Financial Overview

17.2.3 Product Benchmarking

17.2.4 Recent Developments

17.2.5 Winning Imperatives

17.2.6 Current Focus & Strategies

17.2.7 Threat from competition

17.2.8 SWOT Analysis

17.3 Deutsche Factoring Bank

17.3.1 Key Facts

17.3.2 Financial Overview

17.3.3 Product Benchmarking

17.3.4 Recent Developments

17.3.5 Winning Imperatives

17.3.6 Current Focus & Strategies

17.3.7 Threat from competition

17.3.8 SWOT Analysis

17.4 Barclays Bank PLC

17.4.1 Key Facts

17.4.2 Financial Overview

17.4.3 Product Benchmarking

17.4.4 Recent Developments

17.4.5 Winning Imperatives

17.4.6 Current Focus & Strategies

17.4.7 Threat from competition

17.4.8 SWOT Analysis

17.5 BNP Paribas Fortis

17.5.1 Key Facts

17.5.2 Financial Overview

17.5.3 Product Benchmarking

17.5.4 Recent Developments

17.5.5 Winning Imperatives

17.5.6 Current Focus & Strategies

17.5.7 Threat from competition

17.5.8 SWOT Analysis

Continued…….

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