The global demand for Letter of Credit Confirmation Market is presumed to reach the valuation of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% during the period of 2022-2028.
A letter of credit is an official paper that offers or provides protection to the buyers and the sellers at the time of international trade. It acts as a piece of evidence for finishing payments & transactions for traded goods and services. Furthermore, the letter of credit confirmation services is offered by the confirming banks, which are usually based in the country from the exporter's side. The confirmation on the letter of credit is provided by the confirming bank, assuming that the terms & conditions for existing trade are fulfilled from the issuing banks. Also, the payments are guaranteed by the buyer's bank, which is an issuing bank that further issues a letter of credit on behalf of the importer.
Growing demand for customized trade finance solutions and strict regulation for secured letter of credit confirmation services is likely to drive the market growth. Furthermore, increased risk of non-payment among importers and exporters, the trader largely implementing protection for their trade documents through letter of credit confirmation services. Thus, this is one of the major factor propelling the market growth. However, rising number of cyber-attacks and frauds may restrict the market growth.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of letter of credit confirmation.
The entire letter of credit confirmation market has been sub-categorized into L/C type and end-user. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
By L/C Type
By End User
- Small Enterprises
- Medium-Sized Enterprises
- Large Enterprises
This section covers regional segmentation which accentuates on current and future demand for letter of credit confirmation market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Letter of Credit Confirmation Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the letter of credit confirmation market include Bank of America Corporation, Citigroup, Inc., DBS Bank Ltd., JPMorgan Chase & Co., Mizuho Bank, Ltd., MUFG Bank, Scotiabank, Standard Chartered, Sumitomo Mitsui Banking Corporation, The PNC Financial Services Group, Inc. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.