The Letter Of Credit Confirmation by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Letter Of Credit Confirmation , The letter of credit confirmation market size has grown steadily in recent years. It will grow from $4.2 billion in 2023 to $4.4 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to complexity of international transactions, creditworthiness concerns, regulatory compliance, currency exchange risks, political and economic stability, expansion of global supply chains.
The letter of credit confirmation market size is expected to see steady growth in the next few years. It will grow to $5.33 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to changing regulatory landscape, trade policy shifts, emergence of alternative financing solutions, supply chain resilience initiatives, global events and economic shocks.. Major trends in the forecast period include digital transformation, blockchain technology, alternative trade finance solutions, automation and artificial intelligence, collaboration between banks and fintechs, customization of confirmation services
An increase in global trade activities is expected to propel the letter of credit confirmation market going forward. Trade activities refer to the selling and buying of items, goods, and services between two firms, countries, or groups of people with the sole purpose of making a profit. It involves the transfer of goods and services from one organization to another. A letter of credit that is confirmed is a trade finance tool often used in trade activities to protect exporters and importers by providing a guarantee of payment, so an increase in trade activities increases the demand for the letter of credit confirmation. For instance, in February 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization that promotes world trade, the global trade value increased by 25% to reach $28.5 trillion in 2021. Further, according to the World Trade Organization, a Swiss-based regulator and facilitator of international trade, global merchandise trade volumes would increase by 3.5% in 2022. Therefore, the increase in global trade activities is driving the demand for credit confirmation letters.
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The letter of credit confirmation market covered in this report is segmented –
1) By L/C Type: Sight L/Cs, Usance L/Cs
2) By End User: Small Enterprises, Medium-Sized Enterprises, Large Enterprises
Major companies operating in the letter of credit confirmation market are adopting new technological products, such as blockchain-enabled letter of credit (LC) transactions, to sustain their position in the market. A blockchain-enabled letter of credit (LC) transaction is a financial transaction that leverages blockchain technology to streamline and secure the process of international trade transactions. For instance, in April 2023, Citi India, an Indian-based bank that operates as a foreign investor, made its first blockchain-enabled letter of credit transaction. This transaction was conducted on Contour, a blockchain-based platform that enables banks, corporations, and logistic partners to collaborate seamlessly and securely in real time on a single platform. This transaction was completed within three hours, significantly reducing the processing time compared to the five to ten days required for a letter of credit (LC) document presentation.
The letter of credit confirmation market report table of contents includes:
1. Executive Summary
2. Letter Of Credit Confirmation Market Characteristics
3. Letter Of Credit Confirmation Market Trends And Strategies
4. Letter Of Credit Confirmation Market – Macro Economic Scenario
5. Global Letter Of Credit Confirmation Market Size and Growth
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26. South America Letter Of Credit Confirmation Market
27. Brazil Letter Of Credit Confirmation Market
28. Middle East Letter Of Credit Confirmation Market
29. Africa Letter Of Credit Confirmation Market
30. Letter Of Credit Confirmation Market Competitive Landscape And Company Profiles
Top Major Players:
- Bank of America Corporation
- Citigroup Inc
- DBS Bank Ltd
- JPMorgan Chase & Co
- Mizuho Bank Ltd
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