Technavio has been monitoring the factoring market and it is poised to grow by USD 1308.4 billion during 2020-2024, progressing at a CAGR of almost 7% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
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Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the factoring market. The market growth in 2020 is likely to increase compared to market growth in 2019.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Advanon AG, Aldermore Bank Plc, BNP Paribas Cardif, Deutsche Leasing AG, Eurobank Ergasias SA, HSBC Holdings Plc, Mizuho Financial Group Inc., Riviera Finance of Texas Inc., Societe Generale SA, and The Southern Banc Co. Inc. are some of the major market participants. Although the need for alternative source of financing immense growth opportunities, the lack of a stringent regulatory framework for debt recovery mechanism in developing countries is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this factoring market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
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