The Factoring is defined as a service of a financial nature involving the conversion of credit bills into cash. Specifically, it means that the seller transfers the accounts receivable generated from the goods sales contract with the buyer to the factoring company. Business services are a process by which a company generates finance against its receivables. Factoring service is asset-based financing in which the factor gives credit by looking at the creditworthiness of the borrower.

The growing open account trades as well as the accelerating expansion of businesses in various regions are the major driving factors which expected to boost the global factoring services market growth over the forecast period. Furthermore, the rise in cross border factoring and the rapid development of factoring services will positively influence the market growth. Also, the rise in need of an alternative source of financing for small & medium enterprises expected to drive the global factoring services market growth during this forecast period. Moreover, continuous developments and implementation of Blockchain technology in the factoring services market. In addition, the rise in demand for factoring services among small and medium size enterprises across the world can be attributed to the shortage of working capital and cash flows will fuel the global factoring services market growth.

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Several factors are likely hampering the demand for factoring in emerging markets including COVID-19 outbreak, affects on many aspects such as travel bans, and quarantines, flight cancellation, and archaic regulations hindering the growth of receivables purchase programs like continued use of stamp duty tax limiting the rights of assignments & foreign currency restrictions.

Market Segmentation

The Global Factoring Services Market is segmented into category such as Domestic, and International, by type such as Recourse, and Non-Recourse, by financial Institution such as Banks, and Non-Banking Financial Institutions. Further, market is segmented into end use such as Healthcare, Manufacturing, Transport & Logistics, Information Technology, Construction, and Others.

Also, the Global Factoring Services Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Key Players

Various key players are discussed in this report such as Barclays Bank PLC, Mizuho Financial Group, Inc., Kuke Finance, ICBC China, HSBC Group, Hitachi Capital, Eurobank, Deutsche Factoring Bank, China Construction Bank Corporation, BNP Paribas, etc.

Market Taxonomy

By Category

• Domestic
• International

By Type

• Recourse
• Non-Recourse

By Financial Institution

• Banks
• Non-Banking Financial Institutions

By End Use

• Healthcare
• Manufacturing
• Transport & Logistics
• Information Technology
• Construction
• Others

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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Contact Information:

Vishal Thakur

Research Support Specialist

QualiKet Research

6060 N Central Expy #500, TX 75204, U.S.A

sales@qualiketresearch.com

Website: https://qualiketresearch.com