From GlobeNewswire: 2024-08-06 04:14:00

The global Factoring Services Market, valued at $4,389.48 billion in 2024, is projected to grow to $7,347.43 billion by 2031, with a CAGR of 7.6%. Factoring aids businesses in managing cash flows by providing immediate capital against invoices, reducing risks and boosting operational efficiency.

The Factoring Services Market is mainly driven by SMEs and microfinance companies, addressing cash flow issues and working capital needs. These services reduce non-payment risks, offer credit protection, and streamline credit control and debt collection activities to enhance operational efficiency. The market is poised to grow significantly by 2031.

Major service providers are focusing on digitization, using technologies like blockchain to automate factoring processes, making them more transparent and cost-effective. Digital platforms enable real-time invoice processing, instant funding approvals, and overall efficiency, leading to increased adoption of factoring services.

Domestic factoring is expected to dominate the market due to rising SMEs in local markets and increased demand for efficiency in managing cash flows. On the other hand, the international factoring segment is predicted to witness the fastest growth, driven by growing trade relations between countries and the need for currency risk mitigation in international transactions.

The global factoring services industry is expected to reach $7,347.43 billion by 2031, with a CAGR of 7.6%. The growth of digitalization, rising working capital needs, and increasing penetration of factoring among SMEs will be key drivers. Key players in the industry are investing in technologies to offer customized and digital platforms for businesses globally.



Read more at GlobeNewswire: Factoring Services Market Size to worth $7,347.43 billion