Technavio’s latest market research report on the global trade finance market predicts the market to witness a CAGR of over 4% during the forecast period. This research report segments the market by trade finance instruments (traditional trade finance, supply chain finance, and structured trade finance) and geography (APAC, Europe, MEA, North America, and South America).
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Increasing incorporation of technology with trade finance
Technology is increasingly being integrated in critical businesses across industries including banking, financial services, and insurance sector. Modern technical concepts including blockchain, artificial intelligence, machine learning, and IoT are often deployed to solve banking problems and find application in trade financing. AI and machine learning use predictive analytics to provide enterprises with opportunities and solutions for specific problems in the trade financing market. Moreover, the deployment of blockchain technology with trade finance enables enterprises to increase efficiency and reduce the complexity of end-to-end invoice finance transactions. Thus, with the rising deployment of innovative technologies, conventional trade finance solutions are set to improve significantly in terms of efficiency. Therefore, the global trade finance market is anticipated to witness a surge in growth over the next few years.
Traditional trade finance segment garnered the highest share in 2018
Traditional trade finance provides a spectrum of risk management tools and trade payment through products, including commercial letters of credit, documentary collections, open account processing, document preparation, and purchase order management. Vendors are offering traditional trade finance solutions through web-based trade transaction management platforms to help the clients manage their trade activities right from purchase order to payments. In addition, these solutions connect the sellers and buyers with the vendor network to offer access and create visibility. Therefore, the traditional trade finance solution not only accelerates the payment cycle, but also reduces costs while streamlining the overall process.
“Rising benefits of trade finance services coupled with the growing incorporation of technology are fueling the trade finance market growth. This has encouraged vendors to launch technologically advanced trade finance solutions to help streamline the manual process of document identification and simplify trade transactions,” says a senior research analyst at Technavio
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Trade finance market to witness fastest adoption in the APAC region
With the growing number of enterprises shifting their focus toward the emerging economies including India and China, the demand for trade finance market will witness considerable growth in the APAC region over the next few years. Growing support from governments towards strengthening trade finance to facilitate exports will contribute to the market growth in this region. Furthermore, growing digitization and rapidly evolving technology is encouraging vendors to incorporate blockchain technology to offer highly efficient invoice finance transactions.
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Some of the key topics covered in the global trade finance market analysis include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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