According to the latest report by IMARC Group, titled "Trade Finance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global trade finance market is currently witnessing strong growth. Trade finance includes various financial products and instruments that aid in facilitating international trade and commerce. It is used to cover numerous activities, such as lending, forfaiting, factoring, issuing letters of credit, and export credit and financing. The process of financing involves multiple parties wherein banks and other financial institutions, including importers, exporters and export credit agencies, manage the transactions between the buyer and the seller. Unlike general finance, there is an addition of a third party in trade finance, which eliminates the risk associated with international trade transactions while streamlining the cash flow and mitigating the chances of supply risk.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Trade Finance Market Trends:
The global market is primarily driven by the growing digitization of trade financing operations. The integration of advanced technologies with trade finance has led various financial institutions to streamline their trade activities in an effort to improve efficiency and remain competitive in the market that is frequently subjected to structural changes. The adoption of blockchain in the sector has further accelerated the flow of transactions, thereby creating a positive outlook for the market. Since blockchains comprise necessary information in one digital document, which can be distributed on a network, their utilization has assisted in speeding up the transaction settlement time and offering a transparent communication link between all parties involved. Catalyzed by rapid developments in technology, the utilization of artificial intelligence (AI), machine learning (ML) and the Internet of Things (IoT), in trade finance is also propelling the market growth. Some of the other growth-inducing factors include growing investments in the banking, financial services and insurance (BFSI) sector, improving supply chain capabilities of various manufacturing industries, and the implementation of several favorable government policies pertaining to international trade. On account of the aforementioned factors, the market is expected to witness steady growth during the forecast period (2020-2025).
Market Summary:
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