According to a new market research report published by sheer analytics and insights, “The Global Factoring Services Market was valued at $3.4 Trillion in 2020. Growing at a high CAGR of more than 9.4% between 2021 and 2031, it is estimated to reach $8.6 Trillion by 2031, as per the latest market research report titled Global Factoring Services Market- Global industry analysis, size, share, growth, trends, and forecast, 2021-2031.
The fast economic growth in the developing economies and the increasing demand for factoring as a substitute form of financing fosters growth. Factor financing service has proved beneficial in several regions across the globe for Medium and Small Enterprises (MSEs), strengthening economic growth and promoting the entrepreneurial economy. Apart from that, the provision of safe and secured financing services and the technological enhancement in blockchain adoption is also expected to propel the market growth over the forecast period. However, the existing trade within the European economic zone and its increasing trade with a rapidly growing market in the eastern countries are other factors for market growth.
However, in this current pandemic of COVID-19, the factoring services market is affected much. It changes the growth rate graph slightly in the factoring services market. But it has been expected that after the pandemic situation, the global factoring services market will reach a high position in the graph. Apart from that, the factoring services sector's rising across the world is anticipated to offer a massive opportunity for market growth in the next forecast period of 2021 to 2031.
Geographically, The Factoring Services Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include Abbott Diagnostics, Bio-Rad Laboratories Inc., Roche Diagnostics, Quest Diagnostics, Danaher Corporation, Becton Dickinson & Company, Biomerica, Inc., bioMérieux S.A., Siemens Healthcare, Trinity Biotech PLC, Baxter International, Cepheid Corporation, Hoffmann-La Roche AG, Novartis International AG, and Thermo Fisher Scientific among others.
The Global Factoring Services Market Has Been Segmented into:
Global Factoring Services Market: By Category
Global Factoring Services Market: By Type
Global Factoring Services Market: By Financial Institution
Global Factoring Services Market: By End-Use
Global Factoring Services Market: By Region