Factoring Market 2024 | Market Share, Size, Industry Growth, Competitive Landscape, Share & Forecast To 2033

The factoring market size has grown strongly in recent years. It will grow from $3590.13 billion in 2023 to $3876.8 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increase in trading activities, rise in the number of small and medium-sized enterprises and rise in need for working capital..

The factoring market size is expected to see strong growth in the next few years. It will grow to $5238.82 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to rise in globalization and cross-border payments, rising government support and growing transportation sector. Major trends in the forecast period include cloud-based factoring platform, incorporation of environmental, social, and governance (esg) and strategic partnerships and collaborations..

Market Overview -
Factoring refers to a type of finance in which a company sells its accounts receivable (invoices) to a third party to meet short-term liquidity requirements.

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Factoring Market Surges Driven By Escalating Cross-Border Trade Activities
The rising cross-border trade activities are expected to propel the growth of the factoring market going forward. Cross-border trade refers to the operations connected to billing, collection, and customer support that the Licensee and any affiliate or related enterprise of the Licensee engage in connection with the import, export, or transit of capacity or power under the conditions of this license. Factoring provides cross-border trade firms with immediate cash flow that can be used to support growth and operations via selling their receivables to another company and allows them to maximize their borrowing capacity and access the resources they need for sustained global competition. For instance, in February 2022, according to the United Nations Conference on Trade and Development (UNCTD), a Switzerland-based intergovernmental organization for world trade, in 2021, the total amount of world trade hit a historic high of $28.5 trillion, which represents a 25% increase from 2020. Therefore, rising cross-border trade activities are driving the growth of the factoring market.

Competitive Landscape -
Major companies operating in the factoring market report are Société Générale S.A., BNP Paribas, China Construction Bank Corporation, Deutsche Bank AG, HSBC Group,Barclays Bank PLC, Jp Morgan Chase, Mizuho Financial Group, Inc., Wells Fargo & Company, Eurobank, one PMF Capital, Sheng Ye Capital, Velotrade, India Factoring and Finance Solutions Pvt. Ltd., Freightnet, Tim Finance, Business Capital Financial Group, Work Capital, Cash flow Finance, IDS, Oceana, Globalia Conseil, Credit Agricole, Bibby Factor France, PMF, Finiata, Kurn Rechtsanwälte, Eurofactor Credit, Arvato Financial Solutions, CRX Markets, Unicredit Bank, SberFactoring, EXIMBANK, Finora Bank, VTB Factoring LLC, TAM Finans, Ifis Finance I.F.N, Instant Factoring, Otp Factoring SRL, SME Banking Club, DSA Factors, REV Capital, Rosenthal & Rosenthal, Inc., The Southern Bank Company, American Receivable, Factor Funding Co, Banco do Brasil S.A., Caixa Econômica Federal, Santander Brasil, Factors Chain International Argentina (FCI Argentina), Fintech Floid, Supervielle Factoring, Dar Al Tawreeq, Reem Finance PJSC, iFund Factoring Forfaiting Services, Saudi Real Estate Refinance Company, Lendo, Asyaf Investments, ING Factoring, Halperin Consulting Group, Platinum Financing Group, Afreximbank, FirstRand Bank, Stanbic Bank, NMB Bank

Kyriba Introduces Cutting-Edge Factoring Solution To Enhance Receivables Management
Product innovation has emerged as the major trend gaining popularity in the factoring market. Major companies operating in the factoring market are focused on innovative solutions to sustain their position in the market. For instance, in December 2022, Kyriba, a US-based financial and IT solutions provider company, launched Kyriba Receivables Finance, a technically advanced factoring solution that streamlines the process of factoring invoices and provides an easy-to-use platform to manage payments. The solution provides enhanced visibility into cash flow and makes it easier to monitor and manage customer accounts. The platform also offers automated payment processing and a secure, real-time dashboard that provides up-to-date information on invoices and payments. Additionally, the solution provides access to a range of financing and credit options to help businesses access capital quickly.

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Key Segments -
The factoring market covered in this report is segmented -
1) By Type: Recourse, Non-Recourse
2) By Organization Size: Small And Medium Enterprises, Large Enterprises
3) By Category: International, Domestic
4) By Application: Transportation, Healthcare, Construction, Manufacturing, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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