Letter of Credit Confirmation Market to Garner $4.99, Globally, by 2027 at 3.18% CAGR, Says Allied Market Research

PORTLAND, Oregon, June 15, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Letter of Credit Confirmation Market by L/C Type (Sight L/Cs and Usance L/Cs), and End User (Small Enterprises, Medium-sized Enterprises, and Large Enterprises): Global Opportunity Analysis and Industry Forecast, 2020-2027". According to the report, the global letter of credit confirmation industry was pegged at $4.30 billion in 2019, and is expected to hit $4.99 billion by 2027, growing at a CAGR of 3.18% from 2020 to 2027.


Drivers, restraints, and opportunities

Rise in risk of non-payment, increase in demand for customized trade services, and emergence of strict terms and conditions drive the growth of the global letter of credit confirmation market. However, surge in fraud and cyber-attacks hamper the market growth. On the contrary, new technological developments and untapped potential of emerging economies are expected to create lucrative opportunities for the market players in the coming years.

Get Instant Access to Research - Download Report Sample: https://www.alliedmarketresearch.com/request-sample/6677

COVID-19 impact: The pandemic has greatly affected the global letter of credit confirmation industry.

    --  Yet it is unclear whether to consider the COVID-19 pandemic as a major
        Majeure event, which would affect the assurance of the letter of credit.
    --  With the COVID-19 outbreak, there would be several firms willing to
        postpone or cancel their contractual liabilities.

Sight L/Cs segments dominated the market

By L/C type, the sight L/Cs segment held the largest share in 2019, accounting for more than two-thirds of the market, owing to its instant and timely payment features that are largely used by traders. However, the usance L/Cs segment is expected to register the highest CAGR of 4.1% during the forecast period, as these methods help in building long-term trust among the buyers & sellers who are involved in international trade transactions.

Enquire For Discount: https://www.alliedmarketresearch.com/purchase-enquiry/6677

Small enterprises segment to manifest fastest growth

By end user, the small enterprise segment is projected to portray the highest CAGR of 5.6% during the forecast period, owing to aggregators in the distribution channel offering online comparison-shopping sites and allowing consumers to easily compare products in terms of coverages, carriers, features, and amount of premiums. However, the large enterprise segment held the largest share in 2019, contributing to around third-fourths of the market, due to large companies in the industries such as healthcare, media & technology companies, power & utility industries, and others trade at a large scale and generate higher revenue in their businesses.

LAMEA, followed by Asia-Pacific and North America, to witness highest growth

By region, the market across LAMEA is expected to register the fastest CAGR of 4.4% during the study period, as confirming & issuing banks are expanding their trade finance offerings and providing access to finance for key productive sectors in the region. However, the market across Asia-Pacific held the lion's share in 2019, accounting for nearly two-fifths of the market, due to emerging economies and changing regulatory environment. The market across North America is expected to reach 2.2% during the forecast period.

Get a Customized Report: https://www.alliedmarketresearch.com/request-for-customization/6677

Major market players

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

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) @ https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying:

Similar Reports:

Personal Finance Software Market Expected to Reach $1,213 Million by 2023

Global Trade Finance Market Expected to Reach $56,065.7 Million by 2026

Global Open Banking Market Expected to Reach $43,152 Million by 2026

Online Banking Market Expected to Reach $29,976 Million by 2023

Blockchain Distributed Ledger Market Expected to Reach $5,430 Million by 2023

U.S. Personal Finance Software Market Expected to Reach $343.4 Million by 2026

Direct Carrier Billing Platform Market Expected to Reach $172.35 Million by 2026

Peer to Peer Lending Market Projected to Hit $558.91 Billion By 2027

Remittance Market Expected to Reach $930.44 Billion By 2026

Pre-Book Now with 10% Discount:

Banking Service Market: Global Opportunity Analysis and Industry Forecast 2020-2027

Cryptocurrency Market: Global Opportunity Analysis and Industry Forecast 2020-2027

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): 1-800-792-5285, 1-503-894-6022, 1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
Web: https://www.alliedmarketresearch.com
Follow Us on LinkedIn and Twitter

View original content:http://www.prnewswire.com/news-releases/letter-of-credit-confirmation-market-to-garner-4-99--globally-by-2027-at-3-18-cagr-says-allied-market-research-301076680.html

SOURCE Allied Market Research