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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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