Letter of Credit Confirmation Market Report by L/C Type (Sight L/C, Usance L/C), End User (Small-sized Businesses, Medium-sized Businesses, Large Enterprises), and Region 2024-2032
The global letter of credit confirmationmarket size reached US$ 4.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 6.2 Billion by 2032, exhibiting a growth rate (CAGR) of 3.48% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 4.5 Billion
Market Forecast in 2032
US$ 6.2 Billion
Market Growth Rate (2024-2032)
3.48%
Letter of credit confirmation is a service offered by the confirming banks based in the country where the exporters reside, assuming that the terms and conditions (T&C) for existing trade are fulfilled by the issuing banks. It acts as evidence for executing payments and transactions of traded goods and services and consequently provides security to buyers and sellers during international trade. At present, the rising sales of luxury vehicles on account of the improving living standards and inflating income levels are driving the demand for a letter of credit confirmation across the globe.
Letter of Credit Confirmation Market Trends:
The increasing number of international trade activities among small, medium, and large enterprises represents one of the major factors positively influencing the demand for a letter of credit confirmation services around the world. In addition, the rising demand for customized trade finance solutions and regulatory support in the growth of strict regulations for a secured letter of credit confirmation services are creating a positive outlook for the market. Besides this, there is an increase in the integration of distributed ledger (DLT) and blockchain technologies, the Internet of Things (IoT), cloud computing, and artificial intelligence (AI) solutions in the letter of credit confirmation services. It assists in creating the real-time digitalized letter of credit contract and offers auto notification alerts over trades and enhanced business efficiency. It also helps in minimizing fraudulent activities, data theft, and financial losses, improving data security, preventing identity thefts and data tempering, and minimizing unauthorized access to sensitive data of the users. This, in turn, is offering lucrative growth opportunities to market players operating in the industry. Furthermore, significant improvements in the information technology (IT) infrastructure is anticipated to provide a favorable market outlook.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global letter of credit confirmationmarket report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on L/C type and end user.
Breakup by L/C Type:
Sight L/C
Usance L/C
Breakup by End User:
Small-sized Businesses
Medium-sized Businesses
Large Enterprises
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Billion
Segment Coverage
L/C Type, End User, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
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.
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global letter of credit confirmation market was valued at US$ 4.5 Billion in 2023.
We expect the global letter of credit confirmation market to exhibit a CAGR of 3.48% during 2024-2032.
The rising integration of the Internet of Things (IoT), cloud computing, and Artificial Intelligence (AI) solutions with the letter of credit confirmation services, as they help in improving data security, preventing identity thefts and data tempering, minimizing unauthorized access to sensitive data of the users, etc., is primarily driving the global letter of credit confirmation market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in temporary halt in numerous trade activities, thereby negatively impacting the global market for letter of credit confirmation services.
Based on the L/C type, the global letter of credit confirmation market has been segregated into sight L/C and usance L/C, where sight L/C currently holds the largest market share.
Based on the end user, the global letter of credit confirmation market can be bifurcated into small-sized businesses, medium-sized businesses, and large enterprises. Currently, large enterprises exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global letter of credit confirmation market include 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.
Need more help?
Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.
Gain a deeper dive into a specific application, geography, customer, or competitor
Any level of personalization
Get in Touch With Us
UNITED STATES
Phone: +1-631-791-1145
INDIA
Phone: +91-120-433-0800
UNITED KINGDOM
Phone: +44-753-714-6104
Email: sales@imarcgroup.com
Client Testimonials
IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.
The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required
We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra
We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.
The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.
The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.
My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.
I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.
We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.
IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.
IMARC did an outstanding job in preparing our study. They were punctual and precise, delivering all the data we required in a clear and well-organized format. Their attention to detail and ability to meet deadlines was impressive, making them a reliable partner for our project.
I wanted to express my sincere appreciation for your efforts in handling this matter. Your dedication and commitment have truly been commendable. It is evident that you have put in a tremendous amount of hard work and expertise into resolving the issues at hand.
I would also like to take this opportunity to inform you that we are greatly interested
Overall, the deliverable was well organized and my experience with the project team was good. In particular, I appreciated how they responded when I requested additional information and the Japanese version.
The IMARC team were extremely professional and very cooperative. The team were also extremely flexible in making changes and modifications wherever required. The entire experience right from project kick-off to after sales support was fruitful and smooth.
I’d like to express my gratitude for the work you accomplished with the industry report. The way you responded to the requirements and delivered under tight timelines shows your expertise, exceptional work ethic and commitment to your customer’s success. The entire team and company are incredibly thankful for your dedication. Once again, thank you
The market reports from IMARC have been instrumental in guiding our business strategies. We found the reports comprehensive and data-driven, which helped us make informed decisions. The detailed insights and actionable data have consistently provided us with a competitive edge in a rapidly changing alcohol market.
One of the best things about IMARC is their flexibility and predisposition to tailor the reports and adapt to our needs. They are not just great in their researching and consulting solutions, but their service is unparallelled. We’ve worked with them a couple of times and we will keep working with them in future projects.
We recently commissioned multiple market research reports from IMARC, and the insights we received were invaluable. The depth of analysis, accuracy of data, and actionable recommendations have greatly enhanced our strategic decision-making.
The sale account manager and the service was excellent. The data and market trends gathered from the report was insightful and really assisted while planning future product and growth strategies.
Thank you very much for your cooperation and post purchase support. We were really happy with the final deliverable, and the takeaways from the report.