Market revenue in 2023 | USD 4,185.1 million |
Market revenue in 2030 | USD 8,188.7 million |
Growth rate | 10.1% (CAGR from 2023 to 2030) |
Largest segment | Domestic |
Fastest growing segment | International |
Historical data covered | 2018 - 2022 |
Base year for estimation | 2023 |
Forecast period covered | 2024 - 2030 |
Quantitative units | Revenue in USD million |
Market segmentation | Domestic, International |
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The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to factoring services market will help companies and investors design strategic landscapes.
domestic was the largest segment with a revenue share of 73.94% in 2023. Horizon Databook has segmented the Global factoring services market based on domestic, international covering the revenue growth of each sub-segment from 2018 to 2030.
According to reports published by Organization for Economic Co-operation and Development (OECD), Micro, Small & Medium Enterprises (MSMEs) face challenges of inadequate finance, particularly in working capital. Moreover, the outbreak of the COVID-19 pandemic had negative financial implications on MSMEs. To overcome these challenges, MSMEs have increased the adoption of factoring services and bill discounting to streamline their processes, which is projected to support the market growth.
Due to the COVID-19 pandemic, the governments of several regions have become the top competitors for factoring service providers as governments implemented forgivable programs and essentially zero cost money. The scheme provides fund- and non-funded credit facilities up to USD 250,000 per borrower without any collateral security and third-party guarantee. This helped businesses with complete transactional security, fast funding, and smart contract facilities, among other benefits.
Horizon Databook provides a detailed overview of global-level data and insights on the Global factoring services market , including forecasts for subscribers. This global databook contains high-level insights into Global factoring services market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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