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Factoring Services Market Size Expansion: A Snapshot of Growth Between 2024 and 2029
There has been a significant expansion in the size of the factoring services market in the past few years. It’s projected to increase from $3.7 billion in 2024 to $3.99 billion in 2025, with a compound annual growth rate (CAGR) of 7.9%. The historical growth can be connected to the growing need for alternative financing options, increased banking and trading operations, heightened popularity of factoring services, demand for alternatives to working capital financing, and a boost in global trade activities.
The market size of factoring services is anticipated to witness substantial expansion in the upcoming years, with a projection to reach $5.43 billion in 2029, growing at an 8.0% Compound Annual Growth Rate (CAGR). Various factors fueling this growth during the forecast period include the surge in cross-border factoring, rapid progression, and expansion of factoring services, increasing reliance on digital platforms, a growth in cross-border dealings, and the enlargement of the manufacturing sector. The predictive trends for this period also cover advancements in financial technology, the rise of novel online factoring platforms, acceptance of cryptocurrency solutions, increasing role of artificial intelligence (AI), technological progress, and the amalgamation of supply chain finance with factoring.
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Key Drivers Behind the Expansion of the Factoring Services Market: Insights and Trends
The growth of the factoring services market is anticipated to be driven by an increase in cross-border trade activities. These activities involve the exchange of goods and services between inhabitants and non-inhabitants of different nations. The growth of such trade activities is attributed to technological progress, policy amendments, economic planning, and market requirements. Factoring services are utilized in cross-border trade to enhance cash flow, minimize risks, and grow global operations by selling accounts receivable to third-party factoring firms.
For example, the United Nations Conference on Trade and Development (UNCTD), a Switzerland-based intergovernmental group, reported in February 2022 that global trade reached an all-time high of $28.5 trillion, marking a 25% increase from 2020. Thus, the escalating cross-border trade activities are fueling the expansion of the factoring services market.
Which Segments in the Factoring Services Industry Are Seeing the Fastest Growth?
The factoring servicesmarket covered in this report is segmented –
1) By Type: Recourse, Non-Recourse
2) By Provider: Banks, Non-Banking Financial Institutions
3) By Category: Domestic, International
4) By Application: Small And Medium Enterprise (SMEs), Large Enterprise
5) By End-Use: Manufacturing, Transport And Logistics, Information Technology, Healthcare, Construction, Other End-Uses
Subsegments:
1) By Recourse: Traditional Recourse Factoring, Invoice Discounting With Recourse
2) By Non-recourse: Non-Recourse Factoring With Credit Protection, Full-Service Non-Recourse Factoring
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Which New Trends Will Create Growth Opportunities in the Factoring Services Market?
Key players in the factoring services marketplace are concentrating on developing new solutions, like receivables finance, to strengthen their market position. Receivables financing provides businesses with financial resources based on their unpaid invoices or accounts receivable, which helps in improving cash flow, supervising working capital and propelling business growth by converting receivables into instant cash. For example, Kyriba Corp., a US software firm, introduced Kyriba Receivables Finance in December 2022, a fresh approach to receivables finance. This sophisticated factoring tool simplifies the process of factoring invoices and offers a user-friendly platform to manage payments. The solution advances the visibility of cash flow and lightens the monitoring and handling of customer accounts. The system features automated payment processing and a secure, real-time dashboard displaying the latest data on invoices and payments. Furthermore, the solution grants a range of financing and credit opportunities to facilitate swift access to capital for businesses.
Which Global Regions Are Powering Demand in the Factoring Services Market?
Europe was the largest region in the factoring services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the factoring services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How Key Players Are Driving Growth in the Factoring Services Market?
Major companies operating in the factoring services market are ICBC China Limited, JPMorgan Chase & Co., Banco Santander S.A., HSBC Holdings plc, Wells Fargo & Company, BNP Paribas SA, Banco do Brasil S.A., ING Groep N.V., Barclays Bank plc, Société Générale SA, Banco Bilbao Vizcaya Argentaria S.A., Deutsche Bank AG, Sumitomo Mitsui Banking Corporation, UniCredit S.p.A., Standard Chartered plc, KBC Group NV, Commerzbank AG, Banco Popular Español S.A., TCI Business Capital Inc., RTS Financial Service Inc., Advanon AG
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