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We expect the global trade finance market to exhibit a CAGR of 3.7% during 2021-2026.
The expanding BFSI sector, along with the rising utilization of trade finance for document identification and simplifying trade transactions, is currently driving the global trade finance market.
The sudden outbreak of the COVID-19 pandemic has led to the rising adoption of digitized trade financing operations via numerous electronic systems, such as Optical Character Recognition (OCR), Quick Response (QR) codes, and Radio Frequency Identification (RFID) readers, to remotely manage trade and commerce operations.
Based on the service provider, the global trade finance market can be categorized into banks and trade finance houses. Currently, trade finance houses account for the largest market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global trade finance market include 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.
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