Letter of Credit Confirmation Market to Grow USD 5094.7 Million by 2030 Registering a CAGR of 2.72% | Valuates Reports

BANGALORE, India, Aug. 25, 2022 /PRNewswire/ -- The Global Letter of Credit Confirmation Market is Segmented by L/C Type (Sight L/Cs, Usance L/Cs), by Application (Small Enterprises, Medium-sized Enterprises, Large Enterprises): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Finance Category.

The global letter of credit confirmation market size was valued at USD 3,918.8 Million in 2020 and is projected to reach USD 5,094.7 Million by 2030, registering a CAGR of 2.72% from 2021 to 2030.

Major Factors Driving the Growth of the Letter of Credit Confirmation Market

Increasing trade volume, lack of trust between importers and exporters, and rapid technological developments will drive the market's growth.

The need to maintain strict regulatory compliance during international trade will fuel the growth of the market during the forecast period.

Get Your Sample Today: https://reports.valuates.com/request/sample/ALLI-Manu-1V31/Letter_of_Credit_Confirmation_Market 

TRENDS INFLUENCING THE GLOBAL LETTER OF CREDIT CONFIRMATION MARKET

Due to rising globalization, international trade transactions have increased significantly.  Letters of credit have become a crucial aspect due to the different laws of each country and the difficulty of knowing each party personally. A letter of credit induces the buyer to pay and the seller can calculate the goods' payment date. The bank will pay the seller as per the terms of the documents. In case of delayed payments the Seller grants credit to the buyer. Furthermore, the buyer can avoid or reduce pre-payment terms. These factors will boost the growth of the letter of credit confirmation market during the forecast period. 

Importers and exporters are taking protective measures to their trade documents due to a lack of trust and to avoid the risk of payments. Confirmation of a letter of credit becomes a security mechanism between the exporter and the issuing bank located in a high political or economically uncertain country. This in turn is fostering the growth of the letter of credit confirmation market in the coming years. 

Technologies such as blockchain and Distributed Ledger Technology( DLT) will drive the growth of the letter of credit confirmation market. LC providers can create real-time digitized contracts, set auto-notification alerts over trades, and enhance business efficiency. Field-to-field mapping creates the document automatically when the data flows into the system. This significantly reduces the time bank takes to capture the data. Chances of errors are eliminated as the need for manual intervention is removed completely. 

The barriers of language, culture, and laws mandate the need for a uniform system in international trade. Various rules and laws govern the boundaries and formalities of letters of credit which ensure compliance with regulations. For instance, as per the rule of strict compliance everything from invoices, and lading bills to an insurance document must conform to the terms and conditions mentioned in the letter of credit. Any discrepancy will lead to rejection. Such stringent rules mandating the use of letters of credit will fuel the growth of the global letter of credit confirmation market during the forecast period. 

Fake and fraudulent documents are submitted by exporters and importers. The online process of confirmation is hampered by the presence of several intermediaries between the issuer and beneficiary banks. This leads to cyberattacks on online trading networks resulting in data leakage and loss of trade information. Such factors are expected to limit the growth of the letter of credit confirmation market in the coming years.

Browse The Table Of Contents And List Of Figures At: https://reports.valuates.com/market-reports/ALLI-Manu-1V31/letter-of-credit-confirmation 

LETTER OF CREDIT CONFIRMATION MARKET SHARE ANALYSIS

Based on L/C type, the sight L/C segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period. Sight payment methods are used by traders due to their instant and timely payment features. 

Based on end-user, the large enterprises' segment is expected to witness considerable growth in the letter of credit confirmation market share as large firms from several industry verticals are major adopters of letter of credit services as they trade at a global scale and generate a huge amount of revenues. 

Based on region, Asia-Pacific will grow the highest due to changing regulatory environment, traders expanding their businesses, and flourishing trade finance services.

Get Regional Data: https://reports.valuates.com/request/regional/ALLI-Manu-1V31/Letter_of_Credit_Confirmation_Market 

Key Companies:

• Bank of America Corporation
• Citigroup, Inc.
• DBS Bank Ltd.
• JPMorgan Chase & Co
• Mizuho Bank, Ltd.
• MUFG Bank
• Scotiabank
• Standard Chartered
• Sumitomo Mitsui Banking Corporation
• The PNC Financial Services Group, Inc.

Inquire for Chapter Cost: https://reports.valuates.com/request/chaptercost/ALLI-Manu-1V31/Letter_of_Credit_Confirmation_Market 

Buy Now for Single User + Covid-19 Impact :  https://reports.valuates.com/api/directpaytoken?rcode=ALLI-Manu-1V31&lic=single-user 

SUBSCRIPTION

We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.

SIMILAR REPORTS:

-  The global Trade Finance market size is projected to reach USD 11631260 Million by 2028, from USD 8014110 Million in 2021, at a CAGR of 5.4% during 2022-2028.

-  The global Regulatory Technology (RegTech) market size is projected to reach USD 10950 Million by 2027, from USD 2236 Million in 2020, at a CAGR of 24.7% during the forecast period 2021-2027.

-  The global Supply Chain Risk Management market size is projected to reach USD 251580 Million by 2028, from USD 162730 Million in 2021, at a CAGR of 6.0% during 2022-2028.

-  The supply chain management market was valued at USD 18,699.45 Million in 2020, and is projected to reach USD 52,632.37 Million by 2030, registering a CAGR of 10.7%.

-  The global Business Process Outsourcing (BPO) market size is projected to reach USD 241370 Million by 2027, from USD 180440 Million in 2020, at a CAGR of 4.2% during 2021-2027.

-  The global Legal Process Outsourcing (LPO) market size is projected to reach USD 72090 Million by 2027, from USD 10560 Million in 2020, at a CAGR of 31.6% during 2021-2027.

-  The global AI Governance market size is projected to reach USD 116.3 Million by 2028, from USD 23 Million in 2021, at a CAGR of 25.1% during 2022-2028.

-  The global Governance, Risk Management and Compliance (GRC) Software market size is projected to reach USD 1881.9 Million by 2028, from USD 1284.2 Million in 2021, at a CAGR of 5.5% during 2022-2028.

-  The global Risk Analytics market size is projected to reach USD 36670 Million by 2028, from USD 20230 Million in 2021, at a CAGR of 8.4% during 2022-2028.

-  The global fintech market size is projected to reach USD 16652680 Million by 2028 from USD 6588780 Million in 2021 at a Compound Annual Growth Rate (CAGR) of 13.9% during the forecast period 2022-2028.

-  The global Reinsurance market size is projected to reach USD 315360 Million by 2028, from USD 279860 Million in 2021, at a CAGR of 1.7% during 2022-2028.

-  The global Insurtech market size is projected to reach USD 11940 Million by 2028, from USD 1462.3 Million in 2021, at a CAGR of 34.4% during 2022-2028.

-  The global Tokenization market size is projected to reach USD 2709.9 Million by 2028, from USD 1140.7 Million in 2021, at a CAGR of 13.0% during 2022-2028.

-  The global Smart Contracts market size is projected to reach USD 1460.3 Million by 2028, from USD 315.1 Million in 2021, at a Compound Annual Growth Rate (CAGR) of 24.2% during 2022-2028.

-  The global Digital Banking market size is projected to reach USD 30750 Million by 2027, from USD 9098.7 Million in 2020, at a CAGR of 19.0% during 2021-2027.

-  Global payment market revenues totaled USD 1.98 Trillion in 2021, CAGR is about 6.25% in the period of 2022-2030.

-  The global Online Payment Gateway market size is projected to reach USD 6403.3 Million by 2027, from USD 2436.7 Million in 2020, at a CAGR of 14.8% during 2021-2027.

-  The global Payment Processing Solutions market size is projected to reach USD 52060 Million by 2027, from USD 33810 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 5.9% during 2021-2027.

-  The global digital lending platform market size was valued at US$ 5.58 billion in 2019 and is projected to reach US$ 20.31 billion by 2027 growing at a Compound Annual Growth Rate (CAGR) of 16.7% from 2020 to 2027.

-  Due to the COVID-19 pandemic, the global Digital Remittance market size is estimated to be worth USD 7528.6 Million in 2022 and is forecast to a readjusted size of USD 19710 Million by 2028 with a CAGR of 17.4% during the review period.

-  Global Risk Management Market Insights and Forecast to 2028

-  Global Data Governance Software Market Insights, Forecast to 2028

-  Global Core Business Operation Services Market Research Report 2022

ABOUT US:

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.

CONTACT US:

Valuates Reports
sales@valuates.com 
For U.S. Toll-Free Call 1-(315)-215-3225
For IST Call +91-8040957137
WhatsApp: +91-9945648335
Website: https://reports.valuates.com
Twitter - https://twitter.com/valuatesreports 
LinkedIn - https://in.linkedin.com/company/valuatesreports

Logo: https://mma.prnewswire.com/media/1082232/Valuates_Reports_Logo.jpg