According to the latest report by IMARC Group, titled “Letter of Credit Confirmation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global letter of credit confirmation market size reached US$ 4.3 Billion in 2022. A letter of credit is a payment method in cross-border trade that provides assurance to both the buyer and seller. It reduces the chances of payment risks for the beneficiary, usually the exporter or seller, by securing payment from a reliable confirming bank. It assists in providing an enhanced level of security and assurance by offering quick payments. As it aids in improving trust and facilitating smooth transactions between international business partners, the demand for a letter of credit confirmation is increasing across the globe.
Global Letter of Credit Confirmation Market Trends:
At present, the rising number of international trades around the world represents one of the major factors strengthening the market growth. Besides this, the growing demand for secure and reliable payment methods among individuals across the globe is offering a positive market outlook. Apart from this, the increasing adoption of financial solutions that mitigate payment risks and enhance cross-border trade relationships is bolstering the growth of the market. In line with this, the rising number of complexities in supply chains is contributing to the growth of the market. Additionally, the increasing digitalization of financial services that aid in streamlining financial processes, enhancing efficiency, reducing transaction time, and facilitating quicker payments, is offering lucrative growth opportunities to industry investors. Furthermore, the rising demand for intermediary financial institutions that act as confirming banks is propelling the growth of the market. Looking forward, the market value is projected to reach US$ 5.6 Billion by 2028, expanding at a CAGR of 4% during 2023-2028.
- Based on the L/C type, the sight L/C exhibits a clear dominance in the market, followed by usance L/C.
- On the basis of the end user, the market has been segregated into small-sized businesses, medium-sized businesses, and large enterprises. At present, large enterprises hold the largest market share.
- Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being Citigroup Inc., DBS Bank Ltd., JPMorgan Chase & Co, Mizuho Bank Ltd., Standard Chartered plc, Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia, and The PNC Financial Services Group Inc.
|Base Year of the Analysis
||L/C Type, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Citigroup Inc., DBS Bank Ltd., JPMorgan Chase & Co, Mizuho Bank Ltd., Standard Chartered plc, Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia and The PNC Financial Services Group Inc.
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