$2,920.4 Mn, Trade Finance Software Market Growth Forecast at 10.3% CAGR, Globally by 2027

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$2,920.4 Mn, Trade Finance Software Market Growth Forecast at 10.3% CAGR, Globally by 2027

December 08
11:07 2021
$2,920.4 Mn, Trade Finance Software Market Growth Forecast at 10.3% CAGR, Globally by 2027
The Insight Partners
Trade Finance Software Market is emerging with Increasing Focus of Enterprises toward Digitization & Rising Adoption of Cloud-Based Solution Deployment by 2027

According to The Insight Partners; latest market study on “Trade Finance Software Market to 2027 – COVID-19 Impact, and Global Analysis and Forecast – by Component (Solution and Services); Deployment (Cloud and On-Premise); Enterprise Size (Large Enterprises and SMEs); and End-Use (Banks, Traders, and Others)and Geography,” the market was valued at US$ 1394.9 million in 2019 and is projected to reach US$ 2920.4 million by 2027; it is expected to grow at a CAGR of 10.3% from 2020 to 2027.

Impact of COVID-19 on Trade Finance Software Market

The commencement of the COVID-19 epidemic has brought about momentous supply chain and logistics disruptions across the world.The COVID-19 pandemic is one of the largest disrupting forces, with the region’s three countries continuing to combat outbreaks and significant community spread. The huge increase in the number of confirmed cases and rising reported deaths in the country has affected software providers to some extent due to the decrease in demand for their products. The business shutdowns as well as disruption in supply chain across the worldare impacting the adoption of the trade finance software market. The North America region is home to a large number of technology companies, and the impact of coronavirus outbreak is anticipated to be moderate in the year 2020 and likely in first quarter of 2021. The impact of COVID-19 is short-term; it is likely to decrease in the coming years.

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In 2019, APAC led the global trade finance software market with 36.81% revenue share, followed by Europe, and North America. APAC includes Australia, China, India, Japan, South Korea, and Rest of APAC. APAC is the world’s largest continent and is well known for its technological innovations in the above mentioned countries. Rise in smartphone and internet penetration in the APAC countries is acting as a significant opportunity for the key players in the trade finance software market. Rapid technological advances, policy support, and economic digitization are among the factors that assist the transition of economies in this region from the growing stage to the developed stage. Also, the market in APAC is anticipated to grow at a fast pace during the forecast period due to increasing demand for trade finance software and services. Trade finance software allows SMEs and large enterprises to fine-tune their trade process. China, Australia, and Japan have emerged as unchallenged leaders in the trade finance software market. 

Rising Adoption of Cloud-Based Solution Deployment

Technological innovations are bound to perform a vital role in accelerating the recovery process with the restructuring of front-end to back-end processes, facilitating trade finance institutions to cater low cost, customized, value-added software and solutions that meet the needs of geographically varied customer segments. The development of cloud computing has enabled banks to develop strong trade finance architecture in order 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.

In 2019, Europe stoodsecond in the trade finance softwaremarket with a decent market share and it is anticipated to witness a steady CAGR from 2020 to 2027.Over the past five years, capital invested in European technology has grown by 124%, rising by 39% between 2018 and 2019, to reach US$ 34.3 billion of capital investment in 2019. This compares to the cutbacks between 2018 and 2019 in capital investment in both the US and Asia. Europe’s software development services are increasingly in demand. An increase in adoption of IT and telecommunication and digital transformation and automation are the key drivers of this growth. Moreover, European countries house a number of industries offering critical and important products. The medical sector in the region is advancing at a rapid rate. Likewise, numerous automakers have their establishments across countries, which are supported by innumerable component manufacturers. Other industries such as aerospace & defense, agriculture, consumer electronics, e-commerce, transportation & logistics are showcasing significant import-export activities with respect to their respective products, which, in turn has boosted trade finance market in the region. Further, in order to manage trade finance operations more efficiently various banks and traders are adopting trade finance solutions and services, thereby providing visibility to their clients.

The increasing focus of enterprises toward digitization and rising adoption of cloud-based solution deployment are some of the key driving factors for global trade finance software market. However, high security concerns and cost of integration with other existing platforms may hinder the growth of the market in some applications. Despite some limitations, the increasing awareness and demand in emerging economies and integration of advanced technologies with trade finance software are the major factors that are anticipated to drive the future growth of trade finance software market.

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About Us: The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Phone: +1-646-491-9876

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Contact Person: Sameer Joshi
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Phone: +1-646-491-9876
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Website: https://www.theinsightpartners.com/pr/trade-finance-software-market/

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