According to IMARC Group’s latest report, titled “Factoring Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global factoring market reached a value of US$ 3,467 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 4,877 Billion by 2027, exhibiting at a CAGR of 6.1% during 2022-2027.
Factoring is the financial practise of companies or businesses selling accounts receivable (AR) at a discount to a third-party funding source. It is based on the company selling its receivables to the funding source, and the revenue being paid to the funding source by the company’s customers. It is a profitable solution for businesses whose short-term debts and bills exceed sales revenue. It is used to pay suppliers in cash while benefiting from discounts and lowering production costs. It helps businesses manage their short-term cash requirements by exchanging receivables for cash from a factoring company. Furthermore, it improves organisations’ operations and financial conditions by enhancing their customers’ accounting work, assisting with credit checks, and generating revenue. Additionally, it improves the operations and financial conditions of organizations by enhancing the accounting work of their customers, helping with credit checks, and generating financial reports to specify the position of the business. It also provides security to businesses against bad debts and enables them to gain higher liquidity with more equity. Besides this, it aids in investigating credit records, managing and making collections, and handling credit procedures of customers. Furthermore, factoring helps small and medium-sized enterprises (SMEs) enhance ratings, improve dynamic growth phases, reduce bookkeeping costs and overhead expenses, and gain financial security.
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Market Trends
The growing demand for factoring due to the rising trend of open account trading across the globe represents one of the key factors currently driving the market. Besides this, the increasing demand for various sources of funding for small and medium enterprises (SMEs) to fulfill business goals is strengthening the growth of the market. In addition, the rising utilization of machine learning (ML) techniques in the banking, financial services, and insurance (BFSI) industry to examine the vast database and deliver essential insights to customers is propelling the growth of the market. Apart from this, the increasing adoption of factoring in various industries, such as healthcare, transportation, logistics, telecom, energy, and information technology (IT) around the world, is positively influencing the market. Additionally, the growing integration of blockchain technology and cryptocurrency in factoring procedures is offering a positive market outlook. Moreover, the increasing employment of digital trade financing platforms, along with rising cross-border trade activities, is impelling the growth of the market. Furthermore, key market players are extensively investing in research and development (R&D) activities to introduce different techniques of making advancements in factoring, such as fast funding, comprehensive transactional security, and innovative contract applications, which are bolstering the growth of the market.
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List of Key Companies Covered in this Market Report:
- Advanon AG
- Aldermore Bank PLC (FirstRand Group)
- Bluevine Capital Inc.
- BNP Paribas S.A. (OTCMKTS: BNPQY)
- Deutsche Leasing AG
- Eurobank Ergasias SA (OTCMKTS: EGFEY)
- HSBC Holdings Plc (NYSE: HSBC)
- Mizuho Financial Group Inc. (NYSE: MFG)
- Société Générale S.A.
- The Southern Banc Company Inc. (OTCMKTS: SRNN)
The report has segmented the market on the basis of type, organization size, application and geography.
Breakup by Type:
- International
- Domestic
Breakup by Organization Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by Application:
- Transportation
- Healthcare
- Construction
- Manufacturing
- Others
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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