According to the latest news, the global Trade Finance Market is estimated to reach USD 8014110 million in 2021 and is predicted to be a corrected size of USD 11631260 million by 2028 with a CAGR of 5.4% for the period of 2022-2028.
As per the facts, the Trade Finance Market is further categorized
- By Type - Letters of Credit, Bank Guarantees, Supply Chain Finance, Factoring, Documentary Collection, and others.
- By Application - Finance, Energy, Power Generation, Transport, renewables, Metals & Non-Metallic Minerals, and others.
Noticeable Factors Contributing In The Growth Of the Trade Finance Market Are
Several growth factors such as Flexibility, Convenience, Security, and Transaction Flow are supposed to expand the adoption, thereby attracting the development of the trade finance market.
Additionally, an increase in the SMEs’ utilization of trade finance in emerging nations, cut-throat competition, and new trade deals are the crucial drivers toward market expansion. Moreover, during the forecast period, it is predicted that the incorporation of blockchain technology in trade finance would bring favorable market scopes.
