The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 19, 2023 /PRNewswire/ — As per The Business Research Company Factoring Global Market Report 2023, the global factoring market is poised for remarkable growth, with expectations to surge from $3,336.21 billion in 2022 to $3,610.54 billion in 2023, reflecting a robust Compound Annual Growth Rate (CAGR) of 8.22%. Projections further indicate a flourishing market, with an estimated value of $4,799.21 billion by 2027, driven by a steady CAGR of 7.37%.
Driving Forces
The factoring market’s upward trajectory is underpinned by several key factors. Increasing globalization and cross-border payments, alongside rising government support and a burgeoning transportation sector, are pivotal drivers of this growth.
The AI Revolution
An emerging trend within the factoring market is the adoption of Artificial Intelligence (AI). Leading factoring firms are increasingly integrating AI to automate repetitive tasks, enhance their product offerings, and bolster security. AI’s capabilities include fraud detection, mitigating losses, and improving overall operational efficiency. For instance, FactorFox Software launched FactorFox Mobile Optical Character Recognition (OCR), an AI-powered factoring application, to streamline invoice processing, reducing documentation time and expediting funding.
Learn More On The Factoring Market Report –https://www.thebusinessresearchcompany.com/report/factoring-global-market-report
Market Segmentation
The global factoring market is segmented based on type (Recourse, Non-Recourse), category (International, Domestic), organization size (Small and Medium Enterprises, Large Enterprises), and application (Transportation, Healthcare, Construction, Manufacturing, and Others). The non-recourse segment presents substantial opportunities, with a projected annual sales value of $1,532.28 billion by 2027.
Regional Dominance
Western Europe dominated the factoring market, boasting a value of $2,752.13 billion in 2022, equivalent to 13.55% of the region’s GDP. Notably, per capita consumption in this market stood at $6,473.57, significantly higher than the global average, driven by increased awareness of supply chain financing benefits and surging mergers and acquisitions. For instance, Factris, a Netherlands-based online lending platform, acquired Payfix for €5 million, enhancing its invoice financing services and expanding its portfolio.
The global factoring market is evolving rapidly, offering promising opportunities for businesses across sectors. This market report provides comprehensive insights and serves as an invaluable resource for organizations aiming to navigate this dynamic and expanding landscape.
Request A Free Sample Of The Factoring Market Report – https://www.thebusinessresearchcompany.com/sample.aspx?id=9142&type=smp
In a rapidly evolving global economy, the Factoring Global Market Report 2023 illuminates the path forward for businesses. This report offers vital insights into a dynamic landscape driven by globalization, AI adoption, and government support. For businesses seeking growth opportunities and competitive advantages, this factoring market report is an indispensable tool. It provides the knowledge needed to navigate the factoring market, leverage emerging trends, and make informed decisions. Harnessing the potential of this multi-trillion-dollar industry, businesses can optimize their strategies and thrive in the evolving world of finance and commerce.
View More Similar Market Reports:
Financial Services Global Market Report 2023https://www.thebusinessresearchcompany.com/report/financial-services-global-market-report
Financial Auditing Professional Services Global Market Report 2023https://www.thebusinessresearchcompany.com/report/financial-auditing-professional-services-global-market-report
Financial Services Software Global Market Report 2023https://www.thebusinessresearchcompany.com/report/financial-services-software-global-market-report
Interested to know more about The Business Research Company?
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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The Global Market Model, The Business Research Company’s flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users make better strategic decisions.
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View original content:https://www.prnewswire.co.uk/news-releases/factoring-market-overview-2023-2027-market-size-emerging-trends-and-major-drivers–by-the-business-research-company-301932382.html
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 19, 2023 /PRNewswire/ — As per The Business Research Company Factoring Global Market Report 2023, the global factoring market is poised for remarkable growth, with expectations to surge from $3,336.21 billion in 2022 to $3,610.54 billion in 2023, reflecting a robust Compound Annual Growth Rate (CAGR) of 8.22%. Projections further indicate a flourishing market, with an estimated value of $4,799.21 billion by 2027, driven by a steady CAGR of 7.37%.
Driving Forces
The factoring market’s upward trajectory is underpinned by several key factors. Increasing globalization and cross-border payments, alongside rising government support and a burgeoning transportation sector, are pivotal drivers of this growth.
The AI Revolution
An emerging trend within the factoring market is the adoption of Artificial Intelligence (AI). Leading factoring firms are increasingly integrating AI to automate repetitive tasks, enhance their product offerings, and bolster security. AI’s capabilities include fraud detection, mitigating losses, and improving overall operational efficiency. For instance, FactorFox Software launched FactorFox Mobile Optical Character Recognition (OCR), an AI-powered factoring application, to streamline invoice processing, reducing documentation time and expediting funding.
Learn More On The Factoring Market Report –
https://www.thebusinessresearchcompany.com/report/factoring-global-market-report
Market Segmentation
The global factoring market is segmented based on type (Recourse, Non-Recourse), category (International, Domestic), organization size (Small and Medium Enterprises, Large Enterprises), and application (Transportation, Healthcare, Construction, Manufacturing, and Others). The non-recourse segment presents substantial opportunities, with a projected annual sales value of $1,532.28 billion by 2027.
Regional Dominance
Western Europe dominated the factoring market, boasting a value of $2,752.13 billion in 2022, equivalent to 13.55% of the region’s GDP. Notably, per capita consumption in this market stood at $6,473.57, significantly higher than the global average, driven by increased awareness of supply chain financing benefits and surging mergers and acquisitions. For instance, Factris, a Netherlands-based online lending platform, acquired Payfix for €5 million, enhancing its invoice financing services and expanding its portfolio.
The global factoring market is evolving rapidly, offering promising opportunities for businesses across sectors. This market report provides comprehensive insights and serves as an invaluable resource for organizations aiming to navigate this dynamic and expanding landscape.
Request A Free Sample Of The Factoring Market Report – https://www.thebusinessresearchcompany.com/sample.aspx?id=9142&type=smp
In a rapidly evolving global economy, the Factoring Global Market Report 2023 illuminates the path forward for businesses. This report offers vital insights into a dynamic landscape driven by globalization, AI adoption, and government support. For businesses seeking growth opportunities and competitive advantages, this factoring market report is an indispensable tool. It provides the knowledge needed to navigate the factoring market, leverage emerging trends, and make informed decisions. Harnessing the potential of this multi-trillion-dollar industry, businesses can optimize their strategies and thrive in the evolving world of finance and commerce.
View More Similar Market Reports:
Financial Services Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/financial-services-global-market-report
Financial Auditing Professional Services Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/financial-auditing-professional-services-global-market-report
Financial Services Software Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/financial-services-software-global-market-report
Interested to know more about The Business Research Company?
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
The World’s Most Comprehensive Database
The Global Market Model, The Business Research Company’s flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users make better strategic decisions.
Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info
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Blog: https://blog.tbrc.info/
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Logo: https://mma.prnewswire.com/media/1751581/tbrc_logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/factoring-market-overview-2023-2027-market-size-emerging-trends-and-major-drivers–by-the-business-research-company-301932382.html
