Frequently Asked Questions
The global letter of credit confirmation market was valued at USD 4 Billion in 2022.
The letter of credit confirmation market is expected to grow at a CAGR of 3.70% between 2023 and 2030, reaching USD 5.1 Billion in 2030.
Large enterprises are expected to have the biggest market share, with a CAGR of 2.91% in 2022.
Answer- The usage L/C portion will have the second-largest share
The small-sized business segment of the letter of credit confirmation market is predicted to grow at a rapid CAGR during the forecast period.
The Asia-Pacific region accounts for more than 50% of the global letter of credit confirmation market.
The top players include Citigroup Inc., DBS Bank Ltd, JPMorgan Chase & Co and Mizuho Bank Ltd. Other major players include Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia, The PNC Financial Services Group Inc. And Bank of America Corporation.
Rise in Global Trade Activity and Increase in Global Trade Volume are the major market drivers.
Fraud and cyber dangers are on the rise, and Letter of Credit Confirmation Is Expensive is the major market restraints.
Technological advancements and digitalization are becoming increasingly popular are the major opportunities in the letter of credit confirmation industry.