Letter of Credit Confirmation Market to Grow USD 5094.7 Million by 2030 Registering a CAGR of 2.72% | Valuates Reports
BANGALORE, India, Aug. 25, 2022 /PRNewswire/ -- The Global Letter of Credit Confirmation Market is Segmented by L/C Type (Sight L/Cs, Usance L/Cs), by Application (Small Enterprises, Medium-sized Enterprises, Large Enterprises): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Finance Category.
The global letter of credit confirmation market size was valued at USD 3,918.8 Million in 2020 and is projected to reach USD 5,094.7 Million by 2030, registering a CAGR of 2.72% from 2021 to 2030.
Major Factors Driving the Growth of the Letter of Credit Confirmation Market
Increasing trade volume, lack of trust between importers and exporters, and rapid technological developments will drive the market's growth.
The need to maintain strict regulatory compliance during international trade will fuel the growth of the market during the forecast period.
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TRENDS INFLUENCING THE GLOBAL LETTER OF CREDIT CONFIRMATION MARKET
Due to rising globalization, international trade transactions have increased significantly. Letters of credit have become a crucial aspect due to the different laws of each country and the difficulty of knowing each party personally. A letter of credit induces the buyer to pay and the seller can calculate the goods' payment date. The bank will pay the seller as per the terms of the documents. In case of delayed payments the Seller grants credit to the buyer. Furthermore, the buyer can avoid or reduce pre-payment terms. These factors will boost the growth of the letter of credit confirmation market during the forecast period.
Importers and exporters are taking protective measures to their trade documents due to a lack of trust and to avoid the risk of payments. Confirmation of a letter of credit becomes a security mechanism between the exporter and the issuing bank located in a high political or economically uncertain country. This in turn is fostering the growth of the letter of credit confirmation market in the coming years.
Technologies such as blockchain and Distributed Ledger Technology( DLT) will drive the growth of the letter of credit confirmation market. LC providers can create real-time digitized contracts, set auto-notification alerts over trades, and enhance business efficiency. Field-to-field mapping creates the document automatically when the data flows into the system. This significantly reduces the time bank takes to capture the data. Chances of errors are eliminated as the need for manual intervention is removed completely.
The barriers of language, culture, and laws mandate the need for a uniform system in international trade. Various rules and laws govern the boundaries and formalities of letters of credit which ensure compliance with regulations. For instance, as per the rule of strict compliance everything from invoices, and lading bills to an insurance document must conform to the terms and conditions mentioned in the letter of credit. Any discrepancy will lead to rejection. Such stringent rules mandating the use of letters of credit will fuel the growth of the global letter of credit confirmation market during the forecast period.
Fake and fraudulent documents are submitted by exporters and importers. The online process of confirmation is hampered by the presence of several intermediaries between the issuer and beneficiary banks. This leads to cyberattacks on online trading networks resulting in data leakage and loss of trade information. Such factors are expected to limit the growth of the letter of credit confirmation market in the coming years.
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LETTER OF CREDIT CONFIRMATION MARKET SHARE ANALYSIS
Based on L/C type, the sight L/C segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period. Sight payment methods are used by traders due to their instant and timely payment features.
Based on end-user, the large enterprises' segment is expected to witness considerable growth in the letter of credit confirmation market share as large firms from several industry verticals are major adopters of letter of credit services as they trade at a global scale and generate a huge amount of revenues.
Based on region, Asia-Pacific will grow the highest due to changing regulatory environment, traders expanding their businesses, and flourishing trade finance services.
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Key Companies:
- Bank of America Corporation
- Citigroup, Inc.
- DBS Bank Ltd.
- JPMorgan Chase & Co
- Mizuho Bank, Ltd.
- MUFG Bank
- Scotiabank
- Standard Chartered
- Sumitomo Mitsui Banking Corporation
- The PNC Financial Services Group, Inc.
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