The global factoring services market revenue was around US$ 3,471 billion in 2022 and is estimated to reach US$ 5,914 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2023 to 2031.
Factoring service is a process of collection of receivables and maintains sales ledgers, credit protection, and credit control. Furthermore, services are beneficial in numerous ways, such as the requirement for secure financing, which is subject to strong changes due to seasonal changes in the marketplace.
Market Driving Factors
Increasing implementation of open accounts in small and medium enterprises (SMEs) is estimated to propel market growth. This is due to the growth of the manufacturing industry in Asian nations and the increasing requirement among startups and SMEs for an alternate source of finance. Additionally, BFSI companies are adopting and developing machine learning techniques to interpret enormous volumes of data and to provide valuable insights to consumers. Moreover, the a surge in investments in AI and cutting-edge machine learning by fintech & banks to improve the automation process and to provide a more streamlined and personalized customer experience.
Support for business growth is estimated to boost the market. Factoring services can support business growth by offering the essential working capital to finance expansion initiatives, such as rising inventory, hiring additional staff, or entering new markets. In addition, the availability of rapid cash through factoring can accelerate growth possibilities for businesses.
Foreign exchange restrictions, stamp charges, and a lax regulatory framework for debt collection methods are impeding market growth.
Regional Analysis
Europe dominated the market in terms of revenue growth. This can be majorly attributed to the surged focus of transport companies on export business factoring and emerging start-ups in factoring services from nations such as Italy, Germany, Sweden, and Romania. In addition, considerable investments by the European Union in factoring services for small & medium enterprises and firms operating in manufacturing and engineering sectors have substantially contributed to enhanced market expansion. Furthermore, various service providers of this region concentrated on automating the procedure by utilizing cutting-edge technologies such as Blockchain, which offers advanced data security and smart contract functionality. It is one of the important factors that boost the market growth.
The Asia Pacific is estimated to dominate the market in terms of revenue growth. This is mainly due to the expansion of the manufacturing sector in economies such as India and other South & Southeast Asian nations. Their economies are rapidly shifting from agrarian to manufacturing and export-oriented economies, supporting the development of factoring services in the region. Moreover, this region is home to a large number of developing nations, such as Thailand, the Philippines, and India, which are getting investments from developed markets that are saturated and analyzing new possibilities in the region.
Segmentation Insights
Industry Vertical Insight
The manufacturing segment dominates the market in terms of the largest share. This segment utilizes factoring services as it enables manufacturers to deal with early-pay discounts and take benefit of bulk order incentives. Thus, most companies in the manufacturing sector are seasonal, which means they are slow for many months of the year and depend heavily only on a few months, which leads to insufficient cash flow and vast changes in business.
The healthcare segment is estimated to dominate the market. The healthcare industry depends on factoring services owing to numerous benefits it can provide such as medical insurance claims can be paid within 72 hours rather than the usual 30 to 120 days. Factoring services are utilized in many medical businesses such as ambulatory services, home health agencies, health centers & hospitals, rehabilitation centers, medical equipment providers, nurse staffing agencies, and medical billing & transcription service providers.
Provider Insight
The banks segment dominates the market in terms of the largest share. Bank factoring firms utilize the exact steps as conventional factoring firms. However, they are regulated by banks, which means no mediator is involved, leading to less factoring costs which is one of the key elements for segment growth. Additionally, banks are financing resources in cutting-edge technologies such as Blockchain and Distributed Ledger Technology (DLT) to meet their client's financial requirements, which will boost segment growth.
Application Insight
The domestic segment dominates the market in terms of the largest market share. This is due to the rapid adoption of the technique of the factoring receivable procedure in major industries owing to its effectiveness. Furthermore, the surging significance of electronic invoices has contributed to the consolidation of the domestic factoring market. Furthermore, domestic factoring offers businesses a weekly or monthly analysis of deals and payable invoices.
An international segment is estimated to dominate the market in terms of the largest share. Any business involved in worldwide trade, regardless of size or industry, has to have access to international factoring services. Furthermore, an increase in open account trading has driven this segment to grow further, also the importers in developed nations consider factoring, a favorable option to traditional methods of trade finance.
Prominent Companies
Segmentation Outline
The global factoring services market segmentation focuses on the Industry Vertical, Provider, Enterprise Size, Application, and Region.
By Industry Vertical
By Provider
By Enterprise Size
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL FACTORING SERVICES MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: FACTORING SERVICES MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL FACTORING SERVICES MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL FACTORING SERVICES MARKET, BY INDUSTRY VERTICAL
5.1 OVERVIEW
5.2 CONSTRUCTION
5.3 MANUFACTURING
5.4 HEALTHCARE
5.5 TRANSPORTATION & LOGISTICS
5.6 ENERGY & UTILITIES
5.7 IT & TELECOM
5.8 STAFFING
5.9 OTHERS
6 GLOBAL FACTORING SERVICES MARKET, BY PROVIDER
6.1 OVERVIEW
6.2 BANKS
6.3 NBFC
7 GLOBAL FACTORING SERVICES MARKET, BY ENTERPRISE SIZE
7.1 OVERVIEW
7.2 LARGE ENTERPRISES
7.3 SME
8 GLOBAL FACTORING SERVICES MARKET, BY APPLICATION
8.1 OVERVIEW
8.2 DOMESTIC
8.3 INTERNATIONAL
9 GLOBAL FACTORING SERVICES MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL FACTORING SERVICES MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 ADVANON AG
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 KUKE FINANCE JSC
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 DEUTSCHE FACTORING BANK
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 BNP PARIBAS
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 ALAMI TECHNOLOGIES
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 ALDERMORE BANK
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 RIVIERA FINANCE OF TEXAS INC.
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8. CHINA CONSTRUCTION BANK
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 SOCIETE GENERALE
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 BARCLAYS
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 AWANTUNAI
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 ICBC
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 MIZUHO FINANCIAL GROUP INC.
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 THE SOUTHERN BANK COMPANY
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 HSBC GROUP
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.16 EUROBANK
11.16.1 OVERVIEW
11.16.2 FINANCIAL PERFORMANCE
11.16.3 PRODUCT OUTLOOK
11.16.4 KEY DEVELOPMENTS
11.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.17 HITACHI CAPITAL (UK) PLC
11.17.1 OVERVIEW
11.17.2 FINANCIAL PERFORMANCE
11.17.3 PRODUCT OUTLOOK
11.17.4 KEY DEVELOPMENTS
11.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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