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IMARC Group's report titled“ Factoring market Report by Type (International, Domestic), Organization Size (Small and Medium Enterprises, Large Enterprises), Application (Transportation, Healthcare, Construction, Manufacturing, and Others), and Region 2024-2032 “. The global factoring market size reached US$ 3,857.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 6,365.4 Billion by 2032, exhibiting a growth rate (CAGR) of 5.6% during 2024-2032.
Factors Affecting the Growth of the Factoring Industry:
Growing Adoption Among Various Sectors:
Factoring, also known as accounts receivable financing, is a popular financial tool utilized by a wide range of industries. Its prevalence is especially notable in sectors like manufacturing, textiles, and wholesale where extended invoice payment terms are the norm. This practice serves as a crucial resource by swiftly converting credit sales into immediate cash flow, thereby fueling market expansion. The ability to access funds promptly empowers businesses to reinvest in their operations, meet payroll obligations, and handle other critical expenses without delays associated with invoice settlements. Furthermore, small and medium-sized enterprises (SMEs) can greatly benefit from factoring as they can use their accounts receivable to secure vital funding for their needs.
Expansion of Factoring Services:
Factoring companies are expanding their services to meet the changing needs of clients, offering a range of new financial products alongside traditional solutions like recourse and non-recourse factoring. These innovative offerings, including supply chain finance, reverse factoring, and spot factoring, cater to diverse business requirements and preferences by providing customized solutions that align with various operational models and financial strategies. Supply chain finance and reverse factoring focus on enhancing the financial stability of supply chains, benefiting both suppliers and buyers through timely payments and optimized working capital. Additionally, spot factoring allows businesses to selectively factor invoices to address immediate cash flow needs without lengthy obligations.
The factoring industry is undergoing a significant transformation due to technological advancements, resulting in a more streamlined and efficient process that is also user-friendly. Modern online platforms and digital tools have revolutionized how businesses engage with factoring services, enabling them to easily submit invoices, track payment statuses in real-time, and effectively manage accounts receivable. This has led to market growth by providing businesses with the flexibility to promptly handle their finances, reducing the time between invoicing and receiving payment. Furthermore, automation and AI technologies are further boosting the efficiency of factoring processes, leading to quicker approval times, enhanced risk assessment capabilities, and improved customer service – all of which contribute significantly to market expansion.
Leading Companies Operating in the Global Factoring Industry:
CreditGate24 (Schweiz) AG Aldermore Bank PLC (FirstRand Group) Bluevine Capital Inc. BNP Paribas S.A. Deutsche Leasing AG (Deutsche Sparkassen Leasing AG & Co. KG) Eurobank Ergasias SA HSBC Holdings Plc Mizuho Financial Group Inc. Société Générale S.A. The Southern Bank Company Inc.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/factoring-market/requestsample
Factoring Market Report Segmentation :
By Type:
Domestic represents the largest segment due to its widespread use and accessibility within national boundaries.
By Organization Size:
Small and Medium Enterprises Large Enterprises
Large enterprises account for the largest market share due to their extensive financial needs and capacity to engage in sizable factoring transactions.
By Application:
Transportation Healthcare Construction Manufacturing Others
Manufacturing sector dominates the market owing to the industry's high volume of receivables and need for working capital support.
Market 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
Global Factoring Market Trends:
Currently, businesses of all sizes in different industries are utilizing factoring, also known as accounts receivable financing, leading to a growing demand for optimizing working capital and managing cash flow. The market is experiencing growth due to advancements in technology, including automation, artificial intelligence (AI), and blockchain being integrated into factoring processes. These technologies are improving operations efficiency, risk management practices, and customer satisfaction. Furthermore, companies are diversifying their services beyond traditional recourse and non-recourse factoring to offer supply chain finance, reverse factoring, and spot factoring to meet a variety of client requirements.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
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