At present, banks are focusing on meeting the increased expectations of online channel sophistication through their proprietary solutions. However, the bank’s independent platforms, portals, and host-to-host connections, delivered by various software vendors, are gaining importance. These solutions are increasing the ease of usage and visibility for enterprise clients while driving competition among banks. Thus, the demand for trade finance software is growing across the globe due to the technological innovation in the form of digitization of products and solutions, regulatory changes, switches in enterprise behavior and expectations, and growing market competition. This, in turn, is driving the growth of the trade finance software market in the present scenario.
The trade finance software marketwas valued at US$ 1394.9million in 2019 and it is projected to reach US$ 2920.4million by 2027; it is expected to grow at a CAGR of 10.3%from 2020 to 2027.
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Impact of COVID-19 Pandemic on Trade Finance Software Market
The recent COVID-19 outbreak has significantly affected the world and is continuing to shatter the economies of several countries. Businesses around the world are facing severe economic difficulties as they either had to suspend their operations or reduce their activities in a substantial manner. Owing to business shutdown, the world is anticipated to face an economic slowdown in 2020 and it is most likely to continue in 2021. Trade credit insurance plays a crucial role in APAC’s trade finance and managing working capital. The first effect of this pandemic on trade credit’s macro landscape originated through an increase of payment extensions leading to increased claims. Industry sectors including chemical, food & beverage, manufacturing and auto, pharmaceuticals, communications, media and technology have all felt the impact of COVID-19 on their liquidity and risk outlooks to varying degrees. Thus, the pandemic has made a significant impact on overall trade finance market. However, the governments of several countries in the region have taken significant initiatives to implement digitalization and other technologies to enhance the production and trade activities; thus, end users in the region are anticipated to emphasize on adopting paperless technologies, which would boost the demand for the trade finance software is the near future.
Strategic Insights
The players operating in the trade finance software market focus on strategies such as mergers, acquisitions, and market initiativesto maintain their positions in the market. A few developmentsby key players are listed below:
Global Trade Finance Software Market – By Component
Global Trade Finance Software Market – By Deployment
Global Trade Finance Software Market – By Enterprise Size
Global Trade Finance Software Market – By End-Use
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