Factoring Service Market Size Worth $5.68 Billion by 2028 | CAGR: 8.5%

The global factoring service market size is expected to reach USD 5.68 billion by 2028 according to a new study by Polaris Market Research. The report “Factoring Service Market Share, Size, Trends, Industry Analysis Report, By Category (Domestic, International), By Type (Recourse, Non-recourse), By Financial Institution (Banks, Non-Banking Financial Institutions), By End-Use, By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The industry is emerging at a noteworthy pace owing to factors such as rapid development in the BFSI industry tied with the increasing requirement for funding in an alternative way in Small and Medium Enterprises (SMEs). Growth in cross-border financing activities and increasing competition among companies to maintain financial leverage across the globe also contributed to the market development. Moreover, the emergence of blockchain and artificial intelligence technologies also mitigated the operational inefficiencies, favoring the industry growth.

Have Questions? Request a sample or make an Inquiry before buying this report by clicking the link below:https://www.polarismarketresearch.com/industry-analysis/factoring-service-market/request-for-sample

The arrival of information technology (IT) in the financial sector has significantly developed the industry. The growing penetration of automated solutions also enhanced the planning and security solutions chiefly in the financial sector. Implementation of blockchain is also increasing for improving transactions by encrypted and centralized approach through incorporating deals in this sector. Hence, the advent of IT creates a lucrative development in the financial industries in the foreseen future.

Market participants such as ABS Global Factoring, American Receivable, Barclays Bank PLC, BNP Paribas, CapitalPlus Construction Services, China Construction Bank Corporation, CreditGate24, Deutsche Factoring Bank, eCapital Corp., Eurobank, Factor Funding Co, Hitachi Capital (UK) PLC, HSBC Group, ICBC China, Kuke Finance, Mizuho Financial Group, Inc., New Century Financial Inc., Universal Funding Corp are some of the key players operating in the global industry.

Market competitors are launching new services to stay competitive in the industry. For instance, in August 2021, Dutch FinTech Face value unveiled its exclusive Accounts Receivable Finance solution for the European Small and Medium Enterprises (SMEs), which challenges traditional factoring. Similarly, in July 2021, Singapore-based Tinvo is planning to introduce financial services that comprise credit card issuing and financing. The company invested USD 12 million Series A for creating its B2B transactions platforms. The series was brought out by AppWorks Ventures with the contribution of MUFG Innovation Partners (MUIP).

Polaris Market Research has segmented the factoring service market report on the basis of category, type, financial institution, end-use, and region:

Factoring Service, Category Outlook (Revenue - USD Million, 2016 - 2028)

• Domestic
• International

Factoring Service, Type Outlook (Revenue - USD Million, 2016 - 2028)

• Recourse
• Non-recourse

Factoring Service, Financial Institution Outlook (Revenue - USD Million, 2016 - 2028)

• Banks
• Non-Banking Financial Institutions

Factoring Service, End-Use Outlook (Revenue - USD Million, 2016 - 2028)

• Manufacturing
• Transport & Logistics
• Information Technology
• Healthcare
• Construction
• Others

Factoring Service, Regional Outlook (Revenue - USD Million, 2016 - 2028)

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Germany
  • UK
  • Italy
  • Spain
  • Netherlands
  • Austria
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • Indonesia
  • South Korea
• Central & South America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa