According to IMARC Group’s latest report, titled “Factoring Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global factoring market size reached US$ 3,626.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5,179.3 Billion by 2028, exhibiting a growth rate (CAGR) of 6.36% during 2023-2028. Factoring, also known as debtor financing, refers to the process of purchasing debt from the company at discounted prices to allow profits to the buyer upon settlement. It assists in smoother cash flow and financial planning in a cost-effective way. It also provides helpful information credit that aids businesses in trading better with suppliers. Moreover, as it does not create any liability on the balance sheet, factoring is preferred for trade financing receivables across the globe. At present, the commonly adopted forms of factoring include recourse, non-recourse, disclosed, discourse, import, export, advance, domestic, and maturity factoring. Request for Sample Report: https://www.imarcgroup.com/factoring-market/requestsample Market Trends The rising open account trading opportunities and the increasing need for an alternate source of financing for small and medium enterprises (SMEs) to meet business goals currently represent one of the key factors catalyzing the demand for factoring. In addition, rising technological advancements like automated invoices and the increasing adoption of artificial intelligence (AI) and machine learning (ML) algorithms to enhance automation in banking, financial services and insurance (BFSI) for offering streamlined and personal customer experience is creating a positive market outlook. Furthermore, the increasing application of blockchain technology in factoring to accelerate the process of verifying contractors, granting limits, liability, and analyzing documentation is propelling the market growth. Ask Analyst and Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/request?type=report&id=2563&flag=C 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)
- International
- Domestic
- Small and Medium Enterprises
- Large Enterprises
- Transportation
- Healthcare
- Construction
- Manufacturing
- Others
- 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