[UKPRwire, Thu May 30 2019] Global Factoring Market is projected to reach USD 9,275.15 billion by 2025. Growing awareness, technological advancement, need for financing, efficiency in process of receiving payment for invoices, increasing trade activities between countries and growing small and medium enterprises are some of the major factors due to which the demand for factoring is expected to grow during the forecast period. The global market is fragmented with the presence of many established international and domestic players.
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The factors such as fess, price, process, eligibility, number of days an invoice can be overdue and maximum amount a company factor monthly based on which one can evaluate and differentiate among factoring companies. Domestic factoring segment had the highest revenue share in 2017 and will continue to dominate in the forecast period owing to its growing popularity in both developed as well as developing nations. However, the international factoring market segment is expected to grow with the highest growth rate owing to its rising number of applications and awareness among export-import businesses. The international factoring market is poised to grow at a growth rate of 15.8% during the period 2018 to 2025.
The growth in international factoring has been mainly driven by the rise in open account trade, specifically from suppliers in the developing countries. The major importers in the developed countries are pushing the demand, including the acceptance of factoring as an appropriate alternative to traditional forms of trade finance. China has played the most important role in this impressive international factoring growth over the past decade, growing at a rate of above 50% per annum, and becoming one of the largest factoring markets globally.
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The Global Factoring Market is fragmented with a large number of domestic and international players. There are around more than 7,000 banks and technology companies that provide factoring services globally. Each region has a list of top players which covers the majority of the market by offering its services. Moreover, banks are integrating with technology to improve efficiency in the process of factoring. Blockchain, the latest technology is also being implemented in this service which is further enhancing the process of factoring by reducing the overall cost and increasing the profit margins. For instance, American International Group collaborated with TradeIX, an open platform for trade finance implemented blockchain in the factoring process.
Some Key Highlight Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Scope of the Report
Chapter 3. Research Methodology
Chapter 4. Market Landscape
Chapter 5. Market Sizing
Chapter 6. Porters Five Forces Analysis
Chapter 7. Customer Landscape
Chapter 8. Market Segmentation by Type
Chapter 9. Regional Landscape
Chapter 10. Company Profiles
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