NEW YORK, March 22, 2022 /PRNewswire/ -- The latest Trade Finance Market research report by Technavio infers that the increased consumer spending on home renovation and household furnishing is driving this market's growth.
Resulting in the market growth of USD 11.25 billion from 2019 to 2024, read additional information about the market, get a FREE sample report.
Vendor Landscape
The market structure is expected to remain fragmented during the forecast period. Vendors are deploying different organic and inorganic growth strategies to compete in the market.
Banco Santander SA, Bank of America Corp., BNP Paribas SA, Citigroup Inc., Crédit Agricole Group, Goldman Sachs Group Inc., HSBC Holdings Plc, JPMorgan Chase & Co., Morgan Stanley, and Wells Fargo & Co. among others are some of the few key vendors competing to maintain their market position in the market.
Various players in the market are engaging in strategic partnerships and joint ventures coupled with launching differentiated products to up their game in the Trade Finance Market industry.
View more about the market's vendor landscape highlights with a comprehensive list of vendors and their offerings.
Key Market Segmentation
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Regional Market Outlook
APAC will contribute 56% of the market growth during the forecast period. The growth of this region can be attributed to the exponential growth of the real estate industry owing to the growing support from governments to strengthen trade finance, for increased exports.
Apart from regions, if we look at the country-wise market growth, the APAC, Europe, MEA, North America, and South America will contribute to the highest market growth.
Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.
Latest Trends, Driving the Trade Finance Market
Globalization is fast rising, and the World Trade Organization (WTO) is lowering trade barriers, resulting in an increase in exports around the world, which will contribute to an increase in trade finance during the forecast period. When it comes to exports, once the shipment leaves domestic customs, it can take a long time to reach the consumer in transit. Domestic businesses will benefit from trade finance vendors who will provide them with the worth of their product as soon as the cargo leaves domestic customs.
These vendors also handle the letter of credit, which is required when things are shipped across international borders to customers. This, in turn, aids in the development of trust between the vendor and the customer, as well as the facilitation of simple trade.
Another element supporting the trade finance market share increase is the integration of technology with trade finance. Across industries, such as banking, financial services, and insurance, technology plays an essential role (BFSI). In the previous few years, technological advancements, automation, and a certain amount of uniformity have been established in trade financing.
For example, a bank payment obligation (BPO) is an irreversible promise made by one bank to pay another bank if a mutually agreed set of data is successfully matched within SWIFT's trade service utility. This helps banks maximize their working capital by reducing manual processes, acting as a risk mitigation tool, and reducing manual processes.
Find additional information about various other market drivers & trends mentioned in our FREE sample report.
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Trade Finance Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4% |
Market growth 2020-2024 |
$ 11.25 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.98 |
Regional analysis |
APAC, Europe, MEA, North America, and South America |
Performing market contribution |
APAC at 56% |
Key consumer countries |
China |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Banco Santander SA, Bank of America Corp., BNP Paribas SA, Citigroup Inc., Crédit Agricole Group, Goldman Sachs Group Inc., HSBC Holdings Plc, JPMorgan Chase & Co., Morgan Stanley, and Wells Fargo & Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Other 1
Customer landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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