Letter of Credit Confirmation Market Size, Share, Industry Trends, Growth and Forecast 2022-2027

 At 4.68% CAGR, Global Letter of Credit Confirmation Market Size & Share to Surpass US$ 5.36 Billion by 2027 | Industry Trends, Growth, Share, Opportunities, Statistics, Analysis & Forecast Report by IMARC

Global Letter of Credit Confirmation Market Overview (2022-2027)

• Historical Market Size (2021): US$ 4.11 Billion

• Forecast CAGR (2022-2027): 4.20% 

• Forecast Market Size (2027): US$ 5.36 Billion

What are the growth prospects of the letter of Credit Confirmation Industry?

The global letter of credit confirmationmarket size reached US$ 4.11 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 5.36 Billion by 2027, exhibiting a growth rate (CAGR) of 4.20 during 2022-2027.

What is a Letter of Credit Confirmation Services ?

Letter of credit confirmation represents a service offered by the confirming banks established in the country where the exporters reside, considering that the terms and conditions (T&C) for existing trade are fulfilled by the issuing banks.

It acts as evidence for executing transactions and payments of traded goods and services and consequently provides security to sellers and buyers during international trade. As a result, letter of credit confirmation finds widespread applications among small- and medium-sized businesses and large enterprises across the globe.  

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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What are the major market drivers in the Letter of Credit Confirmation Market ?

The escalating number of international trade activities among businesses across countries is primarily driving the letter of credit confirmation market. Besides this, the elevating demand for customized trade finance solutions and regulatory support, owing to the stringent regulations for these services, is further augmenting the market growth.

Moreover, the integration of distributed ledger (DLT), blockchain technologies, the internet of things (IoT), artificial intelligence (AI), and cloud computing solutions in the letter of credit confirmation is also catalyzing the global market. Apart from this, these services assist in creating the real-time digitalized contract and offer auto notification alerts over trades and enhanced business efficiency, which is acting as another significant growth-inducing factor.

Additionally, the growing popularity of these benefits, as they minimize fraudulent activities, data theft, and financial losses, improve data security, prevent identity thefts and information tempering, and reduce unauthorized access to sensitive data of the users, is also stimulating the market growth. Furthermore, the increasing improvements in the information technology (IT) infrastructure are anticipated to propel the letter of credit confirmation market over the forecasted period. 

Letter of Credit Confirmation Market Report Scope
Report CoverageDetails
Market size value in 2021US$ 4.11 Billion
Market forecast in 2027US$ 5.36 Billion
Growth RateCAGR of 15.60% from 2022 to 2027
Base year for estimation2021
Historical data2016-2021
Forecast period2022-2027
Report coverageRevenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
Segments coveredL/C Type And Nd User
Regional scopeAsia Pacific, Europe, North America, Latin America, Middle East and Africa
Key companies profiledCitigroup Inc., DBS Bank Ltd., JPMorgan Chase & Co, Mizuho Bank Ltd., Standard Chartered plc, Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia and The PNC Financial Services Group Inc.
Market DynamicsParent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
Customization purviewIf our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Nature:

·         Goods Delivery

·         Utility Services

Breakup by Type:

·         Food Ordering

·         Grocery Ordering

·         Home Utility Service

·         Logistic Service Providers

·         Others

Breakup by Application:

·         Individual Users

·         Commercial Users

By Geography:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom,
   Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia,
   Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

List of Major Key Players:

The competitive landscape of the industry has

Citigroup Inc.

DBS Bank Ltd.

JPMorgan Chase & Co

Mizuho Bank Ltd.

Standard Chartered plc

Sumitomo Mitsui Banking Corporation

The Bank of Nova Scotia

and The PNC Financial Services Group Inc

About Us:

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