Global Trade Finance Market to Grow at 5.3% During 2024-2032, Supported by Rapid Digitization of Trade Financing Operations

December 21, 2021 | Technology & Media

According to the latest report by IMARC Group, titled "Trade Finance Market Report by Finance Type (Structured Trade Finance, Supply Chain Finance, Traditional Trade Finance), Offering (Letters of Credit, Bill of Lading, Export Factoring, Insurance, and Others), Service Provider (Banks, Trade Finance Houses), End-User (Small and Medium Sized Enterprises (SMEs), Large Enterprises), and Region 2024-2032," the global trade finance market size reached US$ 51.3 Billion in 2023. Trade finance is a financial assistance offered to enterprises to help facilitate international trade and commerce. It involves the use of various products and financial instruments, which enables them to access working capital, thereby achieving liquidity to make investments, pay salaries, and pay suppliers. Unlike general finance, the functional wing of trade finance involves the introduction of a third party, such as banks, insurance companies, exporters, importers, trade finance firms, and credit agencies, to manage the transaction between the buyer and seller. Apart from this, trade finance aids in controlling the goods, monitoring the trade cycle through the transaction, providing security over the receivables, and mitigating the risks involved in international trade transactions.

Global Trade Finance Market Trends:

The increasing global trade activities due to rapid urbanization and industrialization, particularly in emerging economies, is facilitating the demand for safe and secure financial instruments, such as trade finance. This represents the key factor driving the market growth. In line with this, digitization of trade financing operations has enabled enterprises to automate large volumes of financial and transactional information, which is acting as another growth-inducing factor. Additionally, the increasing utilization of developing technologies, such as optical character recognition (OCR), radio frequency identification (RFID), and quick response (QR) codes, to identify and track shipments and enhance the digital conversion of trading documents are further catalyzing the market growth. Besides this, the rising integration of trade finance with blockchain, artificial intelligence (AI), machine learning (ML), and the internet of things (IoT) technologies have enabled organizations to recognize market patterns, predict future issues, resolve concerns, anticipate demand, and take appropriate measures. This, in turn, is accelerating the flow of transactions, thereby creating a positive outlook for the market. Other factors responsible for the market growth include increasing investments in the banking, financial services, and insurance (BFSI) sector, the implementation of favorable government policies, and improving supply chain capabilities. Looking forward, the market is expected to grow at a CAGR of 5.3% during 2024-2032.

Market Summary:

  • Based on the finance type, the market has been divided into structured trade, supply chain, and traditional trade finance.
  • On the basis of the offering, the market has been segmented into letters of credit, bill of lading, export factoring, insurance, and others.
  • Based on the service provider, the market has been bifurcated into banks and trade finance houses.
  • On the basis of the end-user, the market has been divided into small and medium sized enterprises (SMEs) and large enterprises.
  • Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Indonesia, South Korea, India, Australia, Japan, and others), Europe (France, Germany, United Kingdom, Spain, Italy, Russia and others), Middle East and Africa, and Latin America (Brazil, Mexico and others).
  • The competitive landscape of the market has been examined, with some of the key players being Asian Development Bank, Banco Santander SA, Bank of America Corp., BNP Paribas SA, Citigroup Inc., Crédit Agricole Group, Euler Hermes, Goldman Sachs Group Inc., HSBC Holdings Plc, JPMorgan Chase & Co., Mitsubishi Ufj Financial Group Inc., Morgan Stanley, Royal Bank of Scotland, Standard Chartered Bank, Wells Fargo & Co., etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Finance Type, Offering, Service Provider, End-User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Asian Development Bank, Banco Santander SA, Bank of America Corp., BNP Paribas SA, Citigroup Inc., Crédit Agricole Group, Euler Hermes, Goldman Sachs Group Inc., HSBC Holdings Plc, JPMorgan Chase & Co., Mitsubishi Ufj Financial Group Inc., Morgan Stanley, Royal Bank of Scotland, Standard Chartered Bank and Wells Fargo & Co.
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Global Trade Finance Market to Grow at 5.3% During 2024-2032, Supported by Rapid Digitization of Trade Financing Operations
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