Factoring Services Market to Reach $5,872.00 Bn, Globally, by 2031 at 6.1% CAGR: Allied Market Research
Increase in open account trading opportunities and rise in awareness & understanding of supply chain financing drive the growth of the global factoring services market.
PORTLAND, Ore., Aug. 8, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Factoring Services Market by Provider (Banks, NBFCs), by Enterprise Size (Large Enterprises, SMEs), by Application (Domestic, International), by Industry Vertical (Construction, Manufacturing, Healthcare, Transportation & Logistics, Energy & Utilities, IT & Telecom, Staffing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global factoring services industry generated $3,271.45 billion in 2021, and is expected to reach $5,872.00 billion by 2031, witnessing a CAGR of 6.1% from 2022 to 2031.
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Drivers, Restraints, and Opportunities
Increase in open account trading opportunities, rise in awareness & understanding of supply chain financing, and surge in need for alternate sources of financing for small & medium enterprises (SMEs) drive the growth of the global factoring services market. However, lack of strict regulatory frameworks for recovering debts and restrictions on foreign currency restrain the market growth. On the other hand, increase in technological advancements such as automated invoices present new opportunities in the coming years.
Scope of the Report:
The Manufacturing Segment to Maintain its Leadership Status During the Forecast Period
Based on industry vertical, the manufacturing segment accounted for the largest market share in 2021, contributing to nearly one-third of the global factoring services market, and is projected to maintain its leadership status during the forecast period. This is due to elimination of issues of manufacturing plant such as shortage of cash flow issues and ability to roll out payments to suppliers, raw materials providers, and expenses without incurring late fees, damaging business credit, or worrying about quitting of employees. However, the healthcare segment is estimated to witness the highest CAGR of 9.3% from 2022 to 2031, owing to patient claim process taking more than two months to process that creates a huge gap in working capital.
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The Banks Segment to Maintain its Lead Status by 2031
Based on provider, the banks segment held the largest market share in 2021, accounting for around four-fifths of the global factoring services market, and is expected to maintain its lead status by 2031. This is due to rise in digitization across the banking sector to fill the current gaps in financial services and surge in efficiency in the banking sector to provide improved customer experience. However, the NBFCs segment is projected to grow at the fastest CAGR of 7.5% from 2022 to 2031, owing to offering of factoring services to businesses with low rate and rapid payment time.
The Large Enterprise Segment to maintain its Lead Position during the Forecast Period
Based on enterprise size, the large enterprise segment contributed to the highest market share in 2021, holding nearly three-fourths of the global factoring services market, and is projected to maintain its lead position during the forecast period. This is due to increase in usage in a number of large enterprises such as education hubs, healthcare companies, and government sector. However, the SMEs segment is estimated to register the highest CAGR of 8.0% from 2022 to 2031. This is attributed to increase in their business reach and cost-effectiveness of factoring services.
Europe to Maintain its Dominance in Terms of Revenue by 2031
Based on region, Europe contributed to the largest market share in 2021, accounting for more than two-thirds of the global factoring services market, and is expected to maintain its dominance in terms of revenue by 2031. This is due to rapid adoption of factoring services in Central and Eastern Europe (CEE) and the strategic importance of receivables funded by the commercial banking sector. However, Asia-Pacific is projected to manifest the fastest CAGR of 7.6% during the forecast period. This is owing to rapid growth of economies with infrastructural and industrial growth in the region.
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