Trade Finance Software Market Size to hit $2.92Bn, Globally, by 2027 – Exclusive Report by The Insight Partners

The trade finance software market is expected to grow from US$1.57 billion in 2021 to US$2.92 billion by 2027; it is expected to grow at a CAGR of 10.3% during the forecast period of 2020 to 2027.

New York, June 28, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Trade Finance Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Component (Solution and Services), Deployment (Cloud and On-Premise), Enterprise Size (Large Enterprises and SMEs), and End-Use (Banks, Traders, and Others)” The global trade finance software market growth is driven by technological innovation in the form of digitization of products and solutions, switches in enterprise behaviour and expectations, and growing market competition.

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Finance and trade go hand in hand as processes; therefore, combining them is a clear step forward. This initiative leads to an effortless and smooth experience for those involved in the entire trade process. The usage of digital technology has had a major role in the design and development of trade finance solutions and services. Blockchain technology is the next frontier for the trade finance. Each block covers a cryptographic hash of the previous block a timestamp, and transaction data and thus, a blockchain is impervious to modification of the data. Some of the technologies that banks and other financial institutions are discovering in several domains are to digitize the lending process utilizing blockchain. Also, the governments of Singapore and Hong Kong are presently developing a prototype using Blockchain technology in order to reinforce trade ties between the two countries. Combination of two digital platforms between two trading nations is the deemed output of this alliance. The Hong Kong Monetary Authority (HKMA) has directed a project designed to validate the feasibility of utilizing the distributed ledger technology with blockchain for reducing the risk of fraudulent activity, while enhancing operational efficiency, business transparency, and productivity in trade finance. Such government initiatives are further encouraging the trade finance software developers to invest in R&D activities to enhance their product capabilities using advanced technology like blockchain.

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Key findings of study:

The international trade and global value chains have been crucial for both the reduction of geopolitical tensions and the wealth of nations. The widespread production plants across the world have fueled globalization while steadily minimizing the gap between developing and developed countries. This growth is even stronger in emerging markets, especially in Asia. In 2013, emerging economies in Asia signified approximately one-fourth of the value of global exports. Also, based on the Asian Development Bank, Asia’s role in international trade is expected to continue to grow with ~40% share of total exports estimated by 2030. Banks play an essential role in permitting cross-border trade flows through risk mitigation, payment execution, and financing. The trade finance software market players are expected to experience substantial growth in respective businesses pertaining to rise in number of SMEs across industries worldwide. The industries are witnessing a significant rise in number of SMEs and emerging companies including manufacturing, transportation and logistics, IT & telecommunication, and BFSI. Also, the developing countries are experiencing a rise in number of SMEs in recent years, which are inclined toward adopting software-based automated solutions. Trade finance is not all about lending. Its main role is also to handle trade risk. Due to this fact, SMEs are mainly in need of trade finance as they are not capable of buffering the risk through their small capital. Banks appear to be in the best position to offer this risk mitigation and generate a safer trade development environment. Thus, as SMEs are increasingly emphasizing automated solutions to enhance business operations of respective businesses, the demand for trade finance software is on the rise. The awareness related to trade finance software benefits is strongly growing among the companies in emerging regions. These factors are offering lucrative business opportunities for trade finance software market players. Countries such as India, South Korea, Singapore, and Malaysia are expected to lead the trade finance software market’s growth path during the forecast period. Factors including the growing number of software companies offering trade finance software, increasing demand for a cloud-based solution, and rising number of service providers are expected to catalyze the trade finance software market’s growth during the forecast period.

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The development of cloud computing has enabled banks to develop strong trade finance architecture to maximize profitability. Within trade finance and other business transaction banking services, the financial institutes are seeking to gain the benefits from lower-cost private cloud solutions. These cloud solutions provide dedicated tools with strong security controls while freeing both customers and banks from expensive IT investments. Cloud computing provides an approach to strengthen capacity or add competencies on the existing platform without investing in new infrastructure, licensing new software, or training new personnel. Moreover, cloud computing covers any pay-per-use or subscription-based service that extends IT’s existing competencies. The cloud-based solution eliminates the need to develop secure remote connections, such as virtual private networks regulating the speed. Thus, the solution’s low-cost deployment and maintenance are significantly driving the trade finance software market in developed and developing countries.

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The market for trade finance software is segmented into component, deployment, enterprise size, end-use, and geography. Based on component, the market is segmented into solution and services. In 2019, the solution segment held the largest share of global trade finance software market. Based on deployment, the market is segmented into cloud and on-premise. In 2019, the cloud segment held the largest share of global trade finance software market. Based on enterprise size, the trade finance software market is divided into SMEs and large enterprises. SMEs segment is expected to be the fastest growing segment during the forecast period. Based on end-use, the market is segmented into banks, traders, and others. The banks segment contributed a substantial share in 2019. Geographically, the market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, APAC held the largest share followed by Europe and North America. APAC is also projected to be the fastest growing region from 2020 to 2027 with a CAGR of 12.3% from 2020 to 2027. Despite being positive growth outlook, the ongoing COVID-19 outbreak is affecting the global economy negatively and thus affecting the business activities and company revenues in the trade finance software industry worldwide. The majority of the countries have imposed lockdown or restricted human movement causing the industries to face a severe impact on production as a result of less labor footfall. The lesser production of goods and commodities is hampering the growth of trade finance market as well as trade finance software market as the demand for these solution has weekend over the past couple of months. However, the impact of COVID-19 is short-term; it is likely to decrease in the coming years.

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.

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