According to the IMARC Group, Trade finance, also known as export finance, refers to various financial products used by organizations to manage international trade and commerce. It is majorly used by banks, export credit agencies, trade finance companies, exporters and importers, etc. Unlike general finance, trade finance introduces a third party to the transactions and is primarily used to streamline cash flow and facilitate protection against the risks of international trade, such as instances of non-payment, currency fluctuations, and political instability.
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The market for trade finance is primarily driven by rising number of international trade activities. Furthermore, the integration of several advanced technologies, such as blockchain, artificial intelligence (AI), the Internet of Things (IoT), etc., with trade finance solutions is also augmenting the market growth. These technologies allow organizations to use chatbots, natural language processing (NLP), and predictive analysis to recognize market patterns, resolve concerns, and take appropriate measures. The market is further bolstered by the increasing utilization of electronic systems, such as quick response (QR) codes and optical character recognition (OCR), which streamline the manual process of document identification and enhance digitalization of trade financing operations. Besides this, the growing investments in the banking, financial services and insurance (BFSI) sector will continue to drive the market for trade finance in the coming years.
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Breakup by Finance Type:
- Structured Trade Finance
- Supply Chain Finance
- Traditional Trade Finance
Breakup by Offering:
- Letters of Credit
- Bill of Lading
- Export Factoring
- Insurance
- Others
Breakup by Service Provider:
- Banks
- Trade Finance Houses
Breakup by End-User:
- Small and Medium Sized Enterprises (SMEs)
- Large Enterprises
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being 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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