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Equipment Finance Services Market to Reach $3,083.8 Billion, Globally, by 2032 at 9.7% CAGR: Allied Market Research
The rise in technological advancements, evolving consumer preferences and demands for flexible financing options and value-added services, and growth in trend towards sustainability and environmental consciousness to offer green financing solutions drive the growth of the equipment finance services market.
PORTLAND, Ore., March 4, 2024 /PRNewswire/ — Allied Market Research published a report, titled, ‘Equipment Finance Services Market by Type (Equipment Loan, Equipment Lease, and Others), Provider (Banks, NBFCs, and Others), and Application (Transportation, Aviation, IT and Telecom, Manufacturing, Healthcare, Construction, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032′. According to the report, the global equipment finance services market was valued at $1.2 trillion in 2022, and is projected to reach $3.1 trillion by 2032, growing at a CAGR of 9.7% from 2023 to 2032.
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- 287– Pages
- 157– Tables
- 54– Charts
Prime determinants of growth
The equipment finance services market is driven by technological advancements such as AI, blockchain, and IoT, which revolutionize the asset management and financing processes, thereby attracting both providers and consumers toward equipment finance solutions. Furthermore, evolving consumer preferences and demands for flexible financing options and value-added services drive the market growth. However, regulatory compliance and economic uncertainties restrain the equipment finance services market growth. On the contrary, the growing trend towards sustainability and environmental consciousness to offer green financing solutions is raising the demand for eco-friendly equipment and practices. Moreover, partnerships and collaborations across industries enable equipment finance companies to leverage complementary expertise and resources, expanding their market reach and enhancing their service offerings to meet diverse customer needs in the upcoming years.
|
Report Coverage |
Details |
|
Forecast Period |
2022–2032 |
|
Base Year  |
2022 |
|
Market Size in 2022 |
$1.2 trillion |
|
Market Size in 2032 |
$3.1 trillion |
|
CAGR |
9.7 % |
|
Segments Covered |
Type, Provider, Application, and Region. |
|
Drivers |
Rise in technological advancements Consumer preferences and demands for flexible financing options |
|
Opportunities |
Growth in trend toward sustainability and environmental consciousness |
The equipment loan segment to maintain its leadership status throughout the forecast period
By type, the equipment loan segment held the highest market share in 2022, accounting for more than two-thirds of the global equipment finance services market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increasing demand for modernized equipment across various industries, coupled with favorable financing terms and accessibility for businesses of all sizes. Moreover, the need for flexible repayment options and the potential tax benefits associated with equipment loans further contribute to its expansion. However, the equipment lease segment is projected to manifest the highest CAGR of 12.3% from 2023 to 2032. This is attributed to the fact that it offers businesses the flexibility to acquire necessary equipment without a substantial upfront investment, preserving capital for other operational expenses or investments. Furthermore, leasing allows businesses to access the latest equipment technology without the burden of ownership, enabling them to remain competitive and adaptable to evolving industry standards and customer demands.
The banks segment to maintain its leadership status throughout the forecast period
By provider, the banks segment held the highest market share in 2022, accounting for more than two-thirds of the global equipment finance services market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that banks possess substantial financial resources, enabling them to offer competitive rates and terms to borrowers. Furthermore, their established reputation and credibility inspire trust among customers, attracting businesses seeking reliable financing partners. Bank’s extensive networks and distribution channels allow them to reach a broader customer base, including small and medium-sized enterprises (SMEs) and large corporations alike. However, the NBFCs segment is projected to manifest the highest CAGR of 11.9% from 2023 to 2032, owing to their agile decision-making processes and streamlined operations enabling quicker loan approvals and disbursements, appealing to customers seeking expedited financing.
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The transportation segment to maintain its leadership status throughout the forecast period
By application, the transportation segment held the highest market share in 2022, accounting for around one-fourth of the global equipment finance services market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increasing global trade and commerce necessitating the expansion and modernization of transportation infrastructure, including fleets of trucks, ships, and aircraft, driving the demand for financing solutions to acquire new vehicles and equipment. However, the healthcare segment is projected to manifest the highest CAGR of 14.4% from 2023 to 2032. This is attributed to the technological advancements in medical equipment, such as advanced imaging systems, robotic surgery systems, and telemedicine solutions, which are driving the demand for equipment upgrades and replacements to enhance patient care and operational efficiency.
North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the equipment finance services market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the technological advancements that are driving the demand for updated equipment across various industries, necessitating flexible financing options to facilitate equipment acquisition in the region. However, Asia-Pacific is expected to witness the fastest CAGR of 13.1% from 2023 to 2032. This is attributed to the rapid industrialization and urbanization in countries such as China, India, and Southeast Asian nations, thereby fueling the demand for modern equipment across various sectors, including manufacturing, construction, and infrastructure development.
Leading Market Players: –
- The PNC Financial Services Group, Inc.
- Keystone Equipment Finance Corp.
- JPMorgan Chase & Co.
- Crest Capital
- First-Citizens Bank & Trust Company
- OnDeck
- Bank of America Corporation
- Wells Fargo
- Balboa Capital
- Smarter Finance USA
The report provides a detailed analysis of these key players in the global equipment finance services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the equipment finance services market analysis from 2022 to 2032 to identify the prevailing equipment finance services market opportunity.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- The Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the equipment finance services market segmentation assists to determine the prevailing equipment finance services market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as equipment finance services market trends, key players, market segments, application areas, and market growth strategies.
By Type
- Equipment Loan
- Equipment Lease
- Others
By Provider
- Banks
- NBFCs
- Others
By Application
- Transportation
- Aviation
- IT and Telecom
- Manufacturing
- Healthcare
- Construction
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- Latin America (Brazil, Argentina, Rest of Latin America)
- Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East And Africa)
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Fintech PR
24 Exchange Receives SEC Approval of its New National Securities Exchange, “24X National Exchange”
24X National Exchange Plans to be the First Exchange to Offer U.S. Equities Trading 23 Hours-Per-Day on Weekdays
STAMFORD, Conn., Nov. 27, 2024 /PRNewswire/ — 24 Exchange announced today that it has received approval from the U.S. Securities and Exchange Commission to operate 24X National Exchange as the first national securities exchange in the U.S. that allows trading of U.S. securities 23 hours each workday. The extended hour trading is subject to Equity Data Plans making changes that would facilitate overnight trading hours and 24X National Exchange making an additional rule filing with the SEC confirming the changes and the Exchange’s ability to comply with the Securities Exchange Act.
24X National Exchange will be subject to the SEC’s ongoing regulatory oversight and full range of investor protections. The new Exchange will enable retail and institutional customers anywhere in the world to trade in U.S. equities via broker-dealers who are approved members of 24X National Exchange.
24X National Exchange will be launched in two stages. A first stage will open in the second half of 2025, with the Exchange operating from 4:00AM ET to 7:00PM ET on weekdays. The second stage, which will launch once the conditions noted above are met, will offer trading in U.S. equities from 8:00PM ET on Sunday through 7:00PM ET on Friday. A one-hour operational pause will occur during each trading day to accommodate routine software upgrades and functionality testing.
24 Exchange CEO and Founder Dmitri Galinov said: “The SEC’s approval of our new exchange is a thrilling development that the 24X Team has been working toward for many years. Traders are most at-risk when the market is closed in their geographic location. 24X National Exchange will seek to alleviate this problem by facilitating around-the-clock U.S. equities trading for broker-dealers and their institutional and retail customers.”
As the first national securities exchange approved by the SEC to operate 23 hours each weekday, subject to the conditions noted above, 24X National Exchange will initially focus on capturing the expanding demand in the APAC region for overnight liquidity in U.S. equities.
The 24X National Exchange will run on a proven, state-of-the-art technology platform provided by MEMX Technologies. The new Exchange’s executive team will place a high priority on enhancing client experience through continuous technology innovations and improvements.
“With this historic SEC approval in place, we will build and operate a customer-driven Exchange that can rapidly align with market demands and adapt quickly to client feedback,” Galinov added. “We look forward to bringing a superior trading experience to global customers. 24X National Exchange will deliver the cost efficiency, speed, resilience, and adaptability that the company’s financial institutional customers have long come to expect.”
24X National Exchange will close on U.S. market holidays, similar to the schedules maintained by the NYSE and Nasdaq.
24 Exchange through 24X Bermuda Limited, an affiliate of 24X National Exchange, will continue to offer FX NDFs, Swaps and Spot trading to institutional clients. Since its launch in 2019, 24 Exchange’s multi-asset offering through a single trading interface has enabled clients to access increased liquidity at lower cost.
About 24 Exchange
24 Exchange allows market participants to seamlessly exchange their exposures at the lowest possible cost. 24 Exchange’s mission is to enable members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day. 24 Exchange lowers the cost of exchanging assets in the global markets while delivering creative and unique workflows catered to each asset class. More information is available at https://24exchange.com/.
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DUBAI, UAE, Nov. 28, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, unveiled a new candidate for a potential Bybit Spot listing via ByVotes, HPOS10I (HarryPotterObamaSonic10Inu). Voting is now open for Bybit users with an opportunity to divide a prize pool of 1,800,000 HPOS10I.
From now to Nov. 29, 8AM UTC, supporters of HPOS10I may cast their votes for the project in two simple steps: deposit eligible assets into their Bybit account to produce a holdings snapshot, and head over to ByVotes to cast their votes. With sufficient votes from the community, the project will be listed on Bybit Spot, and the voters will receive a share of the airdrop from HPOS10I.
The iconic memecoin was the first of its kind to fuse the realm of fantasy and the chaotic lure of crypto, leaving its mark in crypto history since its launch in May 2023. It is known for its vibrant community, the Sproto Gremlins, an NFT collection of 3,333 exclusive unique manifestations of HPOS10I’s egregore.
Bybit has recently revamped ByVotes to raise the bar for listing requirements and yield more power to the community. Users now have more control over the number of votes they get by increasing holdings or by referrals, while unlocking more earning potentials from project listings.
The new mechanism enhanced both project quality and community engagements. A variety of tokens have achieved 100% listing odds via ByVotes, including CHILLGUY, LUCE, and NEIROCTO, among others. Multiple projects featured exclusive airdrops for the community that helped them become listed on Bybit Spot.
ByVotes provides an arena for niche projects where participants stand to be rewarded from various prize pools if the projects they vote for succeed in getting listed status on Bybit Spot: ByVotes Spot.
#Bybit / #TheCryptoArk
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
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Mobile Wallet and Payment Market Skyrockets to $71.28 Billion by 2031 Dominated by Tech Giants – Paytm E-Commerce Pvt Ltd, Telefonaktiebolaget LM Ericsson and Early Warning Services, LLC | The Insight Partners
The global mobile wallet and payment market is set for explosive growth, with projections indicating a surge to $71.28 billion by 2031. This remarkable expansion, driven by increase in demand for multi-currency mobile wallets and growing demand for contactless payment solutions.
NEW YORK, Nov. 27, 2024 /PRNewswire/ — According to a new comprehensive report from The Insight Partners, the global Mobile Wallet and Payment market is observing significant growth owing to the demand for multi-currency mobile wallets. Remitting money from one home country to another can be a time-consuming operation owing to the varied conversion rates, high remittance fees, and related taxes. A multi-currency wallet allows businesses to pay, receive, and save various currencies in a single digital wallet rather than maintaining separate accounts for each international currency. The multi-currency digital wallet eases overseas payments and currency conversions. Moreover, the multi-currency wallet provides various guaranteed benefits for cross-border payments.
For Detailed Market Insights, Visit: https://www.theinsightpartners.com/reports/mobile-wallet-and-payment-market
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the mobile wallet and payment market comprises a vast array of components that are expected to register strength during the coming years.
Market Overview and Growth Trajectory:
Mobile Wallet and Payment Market Growth: According to an exhaustive report by The Insight Partners, the Mobile Wallet and Payment Market is experiencing significant growth, driven by increasing government initiatives for adoption of mobile wallet and payment solutions and expansion of e-commerce industry. The market, valued at $10.28 billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 27.4% during 2023–2031.
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The global mobile wallet and payment market is observing substantial growth and is expected to maintain its upward trajectory in the foreseeable future. This growth can be accredited to numerous factors. Firstly, contactless payment adoption has risen dramatically across the globe, as it eliminates consumers’ need to carry cash while making purchases. Digital payments, which include near-field communication (NFC) and QR code-based transactions, are becoming more popular. Consumers are highly preferring contactless payment solutions for speeding financial transactions. The demand for a quick, safe, and clean payment method, particularly in the post-pandemic era, has accelerated the use of contactless technology. This has transformed the checkout experience in both physical and digital stores, making faster and more convenient transactions.
Increasing Government Initiatives for Adoption of Mobile Wallet and Payment Solutions: Mobile wallet and payment solutions are critical for consumers and businesses, as they increase accessibility, improve security, reduce transactional costs, and make payments faster. Increasing technological advancements, rising consumer demand for two-factor authentication (2FA) security, and other factors are boosting the demand for mobile wallets and payment solutions. This also encourages government bodies to take initiatives to support the adoption of mobile wallets and payment solutions in order to secure their business from financial risks. For instance, the DigiDhan Mission, established under the Ministry of Electronics and Information Technology (MeitY) in India, aims to promote a cashless economy and provide a smooth digital payment experience for all citizens.
Expansion of E-Commerce Industry: The rise in the e-commerce business and consumers’ preference for online shopping has increased the adoption of mobile wallets and payment solutions for making quick payments. In May 2024, The Census Bureau of the Department of Commerce revealed that the estimate of the US retail e-commerce sales for the first quarter of 2024 was US$ 289.2 billion due to the seasonal variation adjustments and not price change. This represents a 2.1% (±0.7%) rise from the fourth quarter of 2023. Retail sales in the first quarter of 2024 stood at US$ 1,820.0 billion, with a fall of 0.1 % (±0.4%) from the fourth quarter of 2023. In the first quarter of 2024, e-commerce expanded by 8.6% (±1.1%) compared with the first quarter of 2023. Total retail sales were increased by 1.5% (±0.5%). In the first quarter of 2024, e-commerce sales made up 15.9% of the total sales.
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Emergence of Real-Time Payments in Developing Nations: Efficient and secure ways to make transactions are increasing the demand for real-time payments (RTPs). These technologies have made payments more convenient, quick, and secure, as well as eliminating the need for cash or cheques. The acceptance of RTPs has enabled rapid payment between businesses and organizations. Users can initiate payments at a minimal or no cost using a mobile number or QR code, eliminating the necessity for bank account details. Countries, including Kenya, Mexico, Brazil, and Sweden, are increasingly demanding mobile wallets and payment solutions to conduct transactions in real-time. The usage of mobile devices has been one of the most significant advances in real-time payment systems. With the growth of smartphones and mobile payments, consumers can easily send and receive payments on the go, eliminating the need for a computer or physical card reader.
Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by APAC and Europe. APAC is expected to register the highest CAGR during the forecast period.
Mobile Wallet and Payment Market Segmentation, Applications, Geographical Insights:
- Based on type, the mobile wallet and payment market is bifurcated into remote and proximity. The proximity segment held the largest share of the Mobile Wallet and Payment market in 2023
- In terms of technology, the market is divided into near-field communication, QR code, text-based, and others. The QR code segment held the largest share of the Mobile Wallet and Payment market in 2023.
- By end user, the mobile wallet and payment market is segmented into personal and business. The personal segment held the largest share of the Mobile Wallet and Payment market in 2023.
- The mobile wallet and payment market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Key Players and Competitive Landscape:
The Mobile Wallet and Payment Market is characterized by the presence of several major players, including:
- Paytm E-Commerce Pvt Ltd
- Telefonaktiebolaget LM Ericsson
- Early Warning Services, LLC
- PayU
- One MobiKwik Systems Limited
- Apple Inc
- Alphabet Inc
- AT&T Inc
- Paypal Holdings Inc
- Samsung Electronics Co Ltd
- Mastercard Inc
- Fitbit LLC
- American Express
- Visa Inc
- FIS Global
- Alipay
- Bharti Airtel
- SoftwareGroup
- PhonePe
- ACI Worldwide Inc.
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
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Mobile Wallet and Payment Market Recent Developments and Innovations:
- “PhonePe announced that it has enabled UPI payment acceptance in collaboration with LankaPay across LankaQR merchant points at a grand event held in Colombo.”
- “Zeepay, the fastest-growing wholly Ghanaian-owned fintech in Ghana, introduced new digital financial solutions in partnership with Software Group, a global financial technology provider, to scale its business and accelerate financial inclusion.”
- “Mobily (a leading digital partner of the international technical conference LEAP 23) announced the launch of Mobily Pay during LEAP 23 in partnership with Ericsson in the Kingdom of Saudi Arabia (KSA). Mobile Pay is a mobile financial service that is available to all the users in the Kingdom to conduct personalized financial services such as contactless payments, money transfers, international remittance, digital card payments, cash-back, bill payments, mobile top-up, and more, secure and at their convenience.”
Mobile Wallet and Payment Market Drivers, Challenges, Future Outlook and Opportunities:
According to Primer, debit card usage in the UK exceeds the usage levels in any other European country; ~90% of the population in the country owns Visa or Mastercard cards, which are instrumental in enabling digital transactions. Alternative payment methods also hold considerable importance in the country. Merchants in the UK are required to provide mobile wallet options, particularly Apple Pay and Google Pay, to manage their widespread operations. BNPL services are also well-received, with 36% of adults utilizing BNPL at least once in one year. While open banking payments are gaining traction, they currently represent a small portion of overall payment volumes.
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Mobile wallets are the second most favored online payment option among consumers in France. Global companies such as Google Pay, Apple Pay, and PayPal operate alongside France-based service providers such as Lyf, Lydia, and PayLib. PayLib is one of the most popular digital wallets in the country because of its integration with Cartes Bancaires. According to Pay.com, approximately 38% of online purchases made in France were paid for using a digital gadget in 2023. Various options available for French consumers for making payments using phones and watches include Amazon Pay, digital wallet brands such as Lyf, bank-specific apps, and mobile-only payment solutions such as Revolut and Monese.
Conclusion:
Multi-currency wallets provide enhanced security features and multiple authentication methods to protect account information and funds. It helps make secured overseas transfers and currency exchange. Consumers can switch currencies, pay bills, and create transactions in multiple currencies without managing multiple accounts. Multi-currency wallet allows consumers to make smooth cross-border payments with one tap. Multi-currency wallets allow consumers to swap currencies without the stress of foreign exchange. This enables consumers to carry any currency for all their foreign transactions without difficulties. Multi-currency wallets help in reducing international transaction expenses by eliminating currency translation fees. Furthermore, foreign transfers with banks incur additional prices and hidden fees; however, with a multi-currency wallet, consumers no longer have to bother with these unneeded costs. Therefore, multi-currency mobile wallets allow businesses to ensure that there are no issues with promoting and distributing products and services worldwide. They also support businesses in enhancing customer experiences.
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With projected growth to $71.28 Billion by 2031, the Mobile Wallet and Payment Market represents a significant opportunity for component providers, system technology integrators, system manufacturers, investors, industry stakeholders, end users and others. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
Related Report Titles:
- Mobile Wallet Market Size Forecast and Report Analysis by 2031
- Digital Payment Market Size, Share, Trends, Report 2028
- E-commerce Payment Market Share, Size & Forecast to 2025
- Asset and Wealth Management Market Size and Share by 2031
- Real Time Payments Market Forecast – Global and Regional Share 2031
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