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|
|Market size value in 2021||US$ 4.11 Billion|
|Market forecast in 2027||US$ 5.36 Billion|
|Growth Rate||CAGR of 15.60% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends|
|Segments covered||L/C Type And Nd User|
|Regional scope||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Key companies profiled||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.|
|Market Dynamics||Parent 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 purview||If 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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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
Breakup by Application:
· Individual Users
· Commercial Users
• 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
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
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