IMARC Group has recently released a new research study “Letter of credit Confirmation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

What are the growth prospects of the letter of Credit Confirmation Industry?

The global letter of credit confirmation market size reached US$ 4.11 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 5.36 Billion by 2027, exhibiting a growth rate (CAGR) of 4.20%  during 2022-2027.

What is a Letter of Credit Confirmation Services ?

Letter of credit confirmation represents a service offered by the confirming banks established in the country where the exporters reside, considering that the terms and conditions (T&C) for existing trade are fulfilled by the issuing banks.

It acts as evidence for executing transactions and payments of traded goods and services and consequently provides security to sellers and buyers during international trade. As a result, letter of credit confirmation finds widespread applications among small- and medium-sized businesses and large enterprises across the globe.  

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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What are the major market drivers in the Letter of Credit Confirmation Market ?

The escalating number of international trade activities among businesses across countries is primarily driving the letter of credit confirmation market. Besides this, the elevating demand for customized trade finance solutions and regulatory support, owing to the stringent regulations for these services, is further augmenting the market growth.

Moreover, the integration of distributed ledger (DLT), blockchain technologies, the internet of things (IoT), artificial intelligence (AI), and cloud computing solutions in the letter of credit confirmation is also catalyzing the global market. Apart from this, these services assist in creating the real-time digitalized contract and offer auto notification alerts over trades and enhanced business efficiency, which is acting as another significant growth-inducing factor.

Additionally, the growing popularity of these benefits, as they minimize fraudulent activities, data theft, and financial losses, improve data security, prevent identity thefts and information tempering, and reduce unauthorized access to sensitive data of the users, is also stimulating the market growth. Furthermore, the increasing improvements in the information technology (IT) infrastructure are anticipated to propel the letter of credit confirmation market over the forecasted period. 

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Nature:

·         Goods Delivery

·         Utility Services

Breakup by Type:

·         Food Ordering

·         Grocery Ordering

·         Home Utility Service

·         Logistic Service Providers

·         Others

Breakup by Application:

·         Individual Users

·         Commercial Users

By Geography:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom,
   Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia,
   Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

List of Major Key Players:

The competitive landscape of the industry has

Citigroup Inc.

DBS Bank Ltd.

JPMorgan Chase & Co

Mizuho Bank Ltd.

Standard Chartered plc

Sumitomo Mitsui Banking Corporation

The Bank of Nova Scotia

and The PNC Financial Services Group Inc

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