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| Report Code: A06312 | Nov 2021 | Pages: 285 | ||
| Tables: 157 | Charts: 70 |
| |
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Letter Of Credit Confirmation Market
Request Now !The global letter of credit confirmation market size was valued at $3,918.8 million in 2020, and is projected to reach $5,094.7 million by 2030, registering a CAGR of 2.72% from 2021 to 2030.
With an increase in global trade, the importers and exporters are largely taking protection measures toward their trade documents, in order to avoid risk of payments in the market. Moreover, due to lack of trust issues between an exporter and the issuing bank located in high political or economic uncertainty country, confirmation of letter of credit becomes a security mechanism during the pandemic situation.
A letter of credit is a document that gives protection to the buyers and the sellers during an international trade. It acts an evidence for executing payments & transactions for traded goods and services. Moreover, the letter of credit confirmation services are provided by the confirming banks, which are generally based in the country where the exporters reside. The confirmation on letter of credits is provided by the confirming bank, assuming that the terms & conditions for existing trade are fulfilled from the issuing banks. In addition, the payments are guaranteed by the buyer's bank, which is an issuing bank that further issues a letter of credit on behalf of the importer.
Rise in demand for customized trade finance solutions and regulatory support in growth of strict regulations for secured letter of credit confirmation services are some of major factors drives the letter of credit confirmation market growth. In addition, with an increased risk of non-payment between the importers and exporters, the trader largely implementing protection for their trade documents through letter of credit confirmation services. Thus, this is one of the major factors fueling the market growth. However, the online letter of credit confirmation procedures are prone to cyber-attacks and frauds such as loss of huge trade amounts and confidential data leakages. This is due to an involvement of several intermediaries between the issuer and beneficiary banks online, thus becoming crucial factors limiting the letter of credit confirmation market growth. Conversely, increase in business operations and global trading among small & medium enterprises, and large companies are providing lucrative opportunities for confirming banks to expand their business in the letter of credit confirmation services in the market. In addition, advancements in technologies such as distributed ledger technology (DLT) and blockchain, are expected to provide lucrative opportunities for letter of credit confirmation market players in terms of creating real-time digitalized letter of credit contract, auto notifications alert over trades, and enhanced business efficiency in the upcoming years.
The large enterprises segment dominated the letter of credit confirmation market share in 2020 and is projected to maintain its dominance during the forecast period. Due to large firms from several industries such as healthcare, media & technology companies, power & utilities industries, and others, trade at a large scale and generate higher revenue in their businesses. Therefore, these large enterprises have been the major adopters of letter of credit services and are expected to provide lucrative opportunities for confirming banks & issuing banks in the upcoming years.
The report focuses on the growth prospects, restraints, and trends of the letter of credit confirmation market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers in the letter of credit confirmation market.
The letter of credit confirmation market share is segmented on the basis of L/C type, end user, and region. In terms of L/C type, it is bifurcated into sight L/C and usance L/C. By end user, the market is segmented into small-sized businesses, medium-sized businesses, and large enterprises. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyses the profiles of key players operating in the market such as Bank of America Corporation, Citigroup, Inc., DBS Bank Ltd., JP Morgan Chase & Co., Mizuho Bank, Ltd., MUFG Bank, Scotiabank, Standard Chartered, Sumitomo Mitsui Banking Corporation, and The PNC Financial Services Group, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the letter of credit confirmation industry.
The coronavirus pandemic has severely affected the letter of credit confirmation market. In addition, the closure of international borders has reduced the demand for letter of credit confirmation as the importers and exporters stopped their trading business. Moreover, with the disruption in the economy, banks refused to issue confirmed letter of credit since the chances of bad debt were higher during the pandemic due to surge in number of bankrupts. However, with an increased global trade after the lockdown, restrictions were uplifted by the government to avoid risk of payments and therefore, the importers & exporters are largely implementing protection for their trade documents via letter of credit confirmation services.
Top impacting factors
The importers and exporters are largely taking protection measures toward their trade documents, to avoid risk of payments in the market with an increase in global trade. Moreover, confirmation of letter of credit becomes a security mechanism, due to lack of trust issues between an exporter and the issuing bank located in high political or economic uncertainty country. Therefore, traders are preferring letter of credit confirmation services, which in turn fosters the growth of the market.
The letter of credit of confirmation takes place online with an involvement of several intermediaries between the issuer and beneficiary banks globally. This, as a result leads to fraudulent and cyber-attacks on the network of online trading mechanism, resulting in data leakage, loss of trade information, and huge trade amounts. Moreover, fake and fraudulent underlying documents submitted by the exporter & importers in the market, are becoming some of the major factors limiting the growth of the letter of credit confirmation market revenue.
Developments in technologies such as blockchain and distributed ledger technology (DLT) are expected to provide lucrative opportunities for the letter of credit confirmation market. Letter of credit confirmation providers can create real-time digitalized letter of credit contract, auto notifications alert over trades, and enhance business efficiency in the market with these technological developments. Moreover, the implementation and adoption of technologies by the providers of letter of credit confirmation services, to ease traditional & lengthy process of checking trade documents, are expected to benefit the market in the upcoming years.
Key benefits for stakeholders
Letter of Credit Confirmation Market Report Highlights
| Aspects | Details |
|---|---|
| By L/C Type |
|
| By END USER |
|
| By Region |
|
| Key Market Players | Bank of America Corporation, The PNC Financial Services Group, Inc., MUFG Bank, Ltd., Citigroup, Inc., Standard Chartered, Sumitomo Mitsui Banking Corporation, Scotiabank, Mizuho Bank, Ltd., JPMorgan Chase & Co., DBS Bank Ltd. |
CHAPTER 1:INTRODUCTION
1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Key market segments
1.5.Research methodology
1.5.1.Secondary research
1.5.2.Primary research
1.5.3.Analyst tools & models
CHAPTER 2:EXECUTIVE SUMMARY
2.1.Key findings
2.1.1.Top impacting factors
2.1.2.Top investment pockets
2.2.CXO perspective
CHAPTER 3:MARKET OVERVIEW
3.1.Market definition and scope
3.2.Key forces shaping the letter of credit confirmation market
3.3.Methods of payment collection in letter of credit confirmation market
3.3.1.Invoices
3.3.2.Bills of Exchange
3.3.3.Government Documents
3.4.Market dynamics
3.4.1.Drivers
3.4.1.1.Increased risk of non-payment
3.4.1.2.Rise in demand for customized trade services
3.4.1.3.Growth in strict terms and conditions
3.4.2.Restraint
3.4.2.1.Increase in fraud and cyber attacks
3.4.3.Opportunities
3.4.3.1.New technological developments
3.4.3.2.Untapped potential of emerging economies
3.5.COVID-19 impact analysis on letter of credit confirmation market
3.5.1.Impact on letter of credit confirmation market size
3.5.2.Change in consumer trends, preferences, and budget impact, owing to COVID-19
3.5.3.Framework for market challenges faced by letter of credit  confirmation providers
3.5.4.Economic impact on letter of credit confirmation providers
3.5.5.Key player strategies to tackle negative impact on the industry
3.5.6.Opportunity analysis for letter of credit confirmation providers
CHAPTER 4:LETTER OF CREDIT CONFIRMATION MARKET, BY L/C TYPE
4.1.Overview
4.1.1.Market size and forecast
4.1.2.Market volume and forecast
4.2.Sight L/Cs
4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast, by region
4.2.3.Market volume and forecast, by region
4.3.Usance L/Cs
4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast, by region
4.3.3.Market volume and forecast, by region
CHAPTER 5:LETTER OF CREDIT CONFIRMATION MARKET, BY END USER
5.1.Overview
5.1.1.Market size and forecast, by region
5.1.2.Market volume and forecast, by region
5.2.Small enterprises
5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast, by region
5.2.3.Market volume and forecast, by region
5.3.Medium-sized enterprises
5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast, by region
5.3.3.Market volume and forecast, by region
5.4.Large enterprises
5.4.1.Key market trends, growth factors, and opportunities
5.4.2.Market size and forecast, by region
5.4.3.Market volume and forecast, by region
CHAPTER 6:LETTER OF CREDIT CONFIRMATION MARKET, BY REGION
6.1.Overview
6.1.1.Market size and forecast, by region
6.1.2.Market volume and forecast, by region
6.2.North America
6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast, by L/Cs type
6.2.3.Market volume and forecast, by L/Cs type
6.2.4.Market size and forecast, by end user
6.2.5.Market volume and forecast, by end user
6.2.6.Market revenue analysis, by country
6.2.7.Market volume analysis, by country
6.2.7.1.U.S.
6.2.7.1.1.Market size and forecast, by L/Cs type
6.2.7.1.2.Market volume and forecast, by L/Cs type
6.2.7.1.3.Market size and forecast, by end user
6.2.7.1.4.Market volume and forecast, by end user
6.2.7.2.Canada
6.2.7.2.1.Market size and forecast, by L/Cs type
6.2.7.2.2.Market volume and forecast, by L/Cs type
6.2.7.2.3.Market size and forecast, by end user
6.2.7.2.4.Market volume and forecast, by end user
6.2.7.3.Mexico
6.2.7.3.1.Market size and forecast, by L/Cs type
6.2.7.3.2.Market volume and forecast, by L/Cs type
6.2.7.3.3.Market size and forecast, by end user
6.2.7.3.4.Market volume and forecast, by end user
6.3.Europe
6.3.1.Key market trends, growth factors and opportunities
6.3.2.Market size and forecast, by L/Cs type
6.3.3.Market volume and forecast, by L/Cs type
6.3.4.Market size and forecast, by end user
6.3.5.Market volume and forecast, by end user
6.3.6.Market revenue analysis, by country
6.3.7.Market volume analysis, by country
6.3.7.1.Germany
6.3.7.1.1.Market size and forecast, by L/Cs type
6.3.7.1.2.Market volume and forecast, by L/Cs type
6.3.7.1.3.Market size and forecast, by end user
6.3.7.1.4.Market volume and forecast, by end user
6.3.7.2.France
6.3.7.2.1.Market size and forecast, by L/Cs type
6.3.7.2.2.Market volume and forecast, by L/Cs type
6.3.7.2.3.Market size and forecast, by end user
6.3.7.2.4.Market volume and forecast, by end user
6.3.7.3.UK
6.3.7.3.1.Market size and forecast, by L/Cs type
6.3.7.3.2.Market volume and forecast, by L/Cs type
6.3.7.3.3.Market size and forecast, by end user
6.3.7.3.4.Market volume and forecast, by end user
6.3.7.4.Italy
6.3.7.4.1.Market size and forecast, by L/Cs type
6.3.7.4.2.Market volume and forecast, by L/Cs type
6.3.7.4.3.Market size and forecast, by end user
6.3.7.4.4.Market volume and forecast, by end user
6.3.7.5.Spain
6.3.7.5.1.Market size and forecast, by L/Cs type
6.3.7.5.2.Market volume and forecast, by L/Cs type
6.3.7.5.3.Market size and forecast, by end user
6.3.7.5.4.Market volume and forecast, by end user
6.3.7.6.Russia
6.3.7.6.1.Market size and forecast, by L/Cs type
6.3.7.6.2.Market volume and forecast, by L/Cs type
6.3.7.6.3.Market size and forecast, by end user
6.3.7.6.4.Market volume and forecast, by end user
6.3.7.7.Rest of Europe
6.3.7.7.1.Market size and forecast, by L/Cs type
6.3.7.7.2.Market volume and forecast, by L/Cs type
6.3.7.7.3.Market size and forecast, by end user
6.3.7.7.4.Market volume and forecast, by end user
6.4.Asia-Pacific
6.4.1.Key market trends, growth factors and opportunities
6.4.2.Market size and forecast, by L/Cs type
6.4.3.Market volume and forecast, by L/Cs type
6.4.4.Market size and forecast, by end user
6.4.5.Market volume and forecast, by end user
6.4.6.Market revenue analysis, by country
6.4.7.Market volume analysis, by country
6.4.7.1.Japan
6.4.7.1.1.Market size and forecast, by L/Cs type
6.4.7.1.2.Market volume and forecast, by L/Cs type
6.4.7.1.3.Market size and forecast, by end user
6.4.7.1.4.Market volume and forecast, by end user
6.4.7.2.China
6.4.7.2.1.Market size and forecast, by L/Cs type
6.4.7.2.2.Market volume and forecast, by L/Cs type
6.4.7.2.3.Market size and forecast, by end user
6.4.7.2.4.Market volume and forecast, by end user
6.4.7.3.Australia
6.4.7.3.1.Market size and forecast, by L/Cs type
6.4.7.3.2.Market volume and forecast, by L/Cs type
6.4.7.3.3.Market size and forecast, by end user
6.4.7.3.4.Market volume and forecast, by end user
6.4.7.4.India
6.4.7.4.1.Market size and forecast, by L/Cs type
6.4.7.4.2.Market volume and forecast, by L/Cs type
6.4.7.4.3.Market size and forecast, by end user
6.4.7.4.4.Market volume and forecast, by end user
6.4.7.5.South Korea
6.4.7.5.1.Market size and forecast, by L/Cs type
6.4.7.5.2.Market volume and forecast, by L/Cs type
6.4.7.5.3.Market size and forecast, by end user
6.4.7.5.4.Market volume and forecast, by end user
6.4.7.6.Rest of Asia-Pacific
6.4.7.6.1.Market size and forecast, by L/Cs type
6.4.7.6.2.Market volume and forecast, by L/Cs type
6.4.7.6.3.Market size and forecast, by end user
6.4.7.6.4.Market volume and forecast, by end user
6.5.LAMEA
6.5.1.Key market trends, growth factors and opportunities
6.5.2.Market size and forecast, by L/Cs type
6.5.3.Market volume and forecast, by L/Cs type
6.5.4.Market size and forecast, by end user
6.5.5.Market volume and forecast, by end user
6.5.6.Market revenue analysis, by country
6.5.7.Market volume analysis, by country
6.5.7.1.Brazil
6.5.7.1.1.Market size and forecast, by L/Cs type
6.5.7.1.2.Market volume and forecast, by L/Cs type
6.5.7.1.3.Market size and forecast, by end user
6.5.7.1.4.Market volume and forecast, by end user
6.5.7.2.Turkey
6.5.7.2.1.Market size and forecast, by L/Cs type
6.5.7.2.2.Market volume and forecast, by L/Cs type
6.5.7.2.3.Market size and forecast, by end user
6.5.7.2.4.Market volume and forecast, by end user
6.5.7.3.Saudi Arabia
6.5.7.3.1.Market size and forecast, by L/Cs type
6.5.7.3.2.Market volume and forecast, by L/Cs type
6.5.7.3.3.Market size and forecast, by end user
6.5.7.3.4.Market volume and forecast, by end user
6.5.7.4.South Africa
6.5.7.4.1.Market size and forecast, by L/Cs type
6.5.7.4.2.Market volume and forecast, by L/Cs type
6.5.7.4.3.Market size and forecast, by end user
6.5.7.4.4.Market volume and forecast, by end user
6.5.7.5.Rest of LAMEA
6.5.7.5.1.Market size and forecast, by L/Cs type
6.5.7.5.2.Market volume and forecast, by L/Cs type
6.5.7.5.3.Market size and forecast, by end user
6.5.7.5.4.Market volume and forecast, by end user
CHAPTER 7:COMPANY PROFILES
7.1.BANK OF AMERICA CORPORATION
7.1.1.Company overview
7.1.2.Key Executives
7.1.3.Company snapshot
7.1.4.Product portfolio
7.1.5.Business performance
7.2.CITIGROUP, INC.
7.2.1.Company overview
7.2.2.Key Executives
7.2.3.Company snapshot
7.2.4.Operating business segments
7.2.5.Product portfolio
7.2.6.Business performance
7.3.DBS BANK LTD.
7.3.1.Company overview
7.3.2.Key Executives
7.3.3.Company snapshot
7.3.4.Product portfolio
7.3.5.Business performance
7.4.JPMORGAN CHASE & CO.
7.4.1.Company overview
7.4.2.Key Executives
7.4.3.Company snapshot
7.4.4.Product portfolio
7.4.5.Business performance
7.5.MIZUHO BANK, LTD.
7.5.1.Company overview
7.5.2.Key Executives
7.5.3.Company snapshot
7.5.4.Product portfolio
7.5.6.Business performance
7.6.MUFG BANK, LTD.
7.6.1.Company overview
7.6.2.Key Executives
7.6.3.Company snapshot
7.6.4.Product portfolio
7.7.SCOTIABANK
7.7.1.Company overview
7.7.2.Key Executives
7.7.3.Company snapshot
7.7.4.Product portfolio
7.7.5.Operating business segments
7.7.6.Business performance
7.8.STANDARD CHARTERED
7.8.1.Company overview
7.8.2.Key Executives
7.8.3.Company snapshot
7.8.4.Product portfolio
7.8.5.Operating business segments
7.8.6.Business performance
7.9.SUMITOMO MITSUI BANKING CORPORATION
7.9.1.Company overview
7.9.2.Key Executives
7.9.3.Company snapshot
7.9.4.Product portfolio
7.10.THE PNC FINANCIAL SERVICES GROUP, INC.
7.10.1.Company overview
7.10.2.Key Executives
7.10.3.Company snapshot
7.10.4.Product portfolio
7.10.5.Business performance
LIST OF TABLES
TABLE 01.LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020-2030 ($MILLION)
TABLE 02.LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020-2030 ($MILLION)
TABLE 03.LETTER OF CREDIT CONFIRMATION MARKET REVENUE FOR SIGHT L/CS, BY REGION, 2020-2030 ($MILLION)
TABLE 04.LETTER OF CREDIT CONFIRMATION MARKET VOLUME FOR SIGHT L/CS, BY REGION, 2020-2030 ($MILLION)
TABLE 05.LETTER OF CREDIT CONFIRMATION MARKET REVENUE FOR USANCE L/CS, BY REGION, 2020-2030 ($MILLION)
TABLE 06.LETTER OF CREDIT CONFIRMATION MARKET VOLUME FOR USANCE L/CS, BY REGION, 2020-2030 ($MILLION)
TABLE 07.LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 08.LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 09.LETTER OF CREDIT CONFIRMATION MARKET REVENUE FOR SMALL ENTERPRISES, BY REGION, Â 2020-2030 ($MILLION)
TABLE 10.LETTER OF CREDIT CONFIRMATION MARKET VOLUME FOR SMALL ENTERPRISES, BY REGION, 2020-2030 ($MILLION)
TABLE 11.LETTER OF CREDIT CONFIRMATION MARKET REVENUE FOR MEDIUM SIZED ENTERPRISES, BY REGION, 2020-2030 ($MILLION)
TABLE 12.LETTER OF CREDIT CONFIRMATION MARKET VOLUME FOR MEDIUM SIZED ENTERPRISES, BY REGION, 2020-2030 ($MILLION)
TABLE 13.LETTER OF CREDIT CONFIRMATION MARKET REVENUE FOR LARGE ENTERPRISES, BY REGION, Â 2020-2030 ($MILLION)
TABLE 14.LETTER OF CREDIT CONFIRMATION MARKET VOLUME FOR LARGE ENTERPRISES, BY REGION, Â 2020-2030 ($MILLION)
TABLE 15.LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY REGION, 2020-2030 ($MILLION)
TABLE 16.LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY REGION, 2020-2030 ($MILLION)
TABLE 17.NORTH AMERICA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 18.NORTH AMERICA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 19.NORTH AMERICA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER,  2020–2030 ($MILLION)
TABLE 20.NORTH AMERICA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 21.NORTH AMERICA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 22.NORTH AMERICA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 23.U.S. LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 24.U.S. LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 25.U.S. LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 26.U.S. LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 27.CANADA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 28.CANADA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 29.CANADA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 30.CANADA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 31.MEXICO LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 32.MEXICO LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 33.MEXICO LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 34.MEXICO LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 35.EUROPE LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 36.EUROPE LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 37.EUROPE LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 38.EUROPE LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 39.EUROPE LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 40.EUROPE LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 41.GERMANY LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 42.GERMANY LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 43.GERMANY LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 44.GERMANY LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 45.FRANCE LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 46.FRANCE LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 47.FRANCE LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 48.FRANCE LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 49.UK LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 50.UK LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 51.UK LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 52.UK LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 53.ITALY LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 54.ITALY LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 55.ITALY LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 56.ITALY LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 57.SPAIN LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 58.SPAIN LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 59.SPAIN LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 60.SPAIN LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 61.RUSSIA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 62.RUSSIA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 63.RUSSIA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 64.RUSSIA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 65.REST OF EUROPE LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 66.REST OF EUROPE LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 67.REST OF EUROPE LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 68.REST OF EUROPE LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 69.ASIA-PACIFIC LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 70.ASIA-PACIFIC LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 71.ASIA-PACIFIC LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 72.ASIA-PACIFIC LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 73.ASIA-PACIFIC LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 74.ASIA-PACIFIC LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 75.JAPAN LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 76.JAPAN LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 77.JAPAN LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 78.JAPAN LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 79.CHINA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 80.CHINA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 81.CHINA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 82.CHINA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 83.AUSTRALIA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 84.AUSTRALIA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 85.AUSTRALIA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 86.AUSTRALIA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 87.INDIA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 88.INDIA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 89.INDIA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 90.INDIA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 91.SOUTH KOREA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 92.SOUTH KOREA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 93.SOUTH KOREA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 94.SOUTH KOREA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 95.REST OF ASIA-PACIFIC LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 96.REST OF ASIA-PACIFIC LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 97.REST OF ASIA-PACIFIC LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER,  2020–2030 ($MILLION)
TABLE 98.REST OF ASIA-PACIFIC LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 99.LAMEA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 100.LAMEA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 101.LAMEA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 102.LAMEA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 103.LAMEA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 104.LAMEA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 105.BRAZIL LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 106.BRAZIL LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 107.BRAZIL LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 108.BRAZIL LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 109.TURKEY LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 110.TURKEY LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 111.TURKEY LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 112.TURKEY LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 113.SAUDI ARABIA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 114.SAUDI ARABIA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 115.SAUDI ARABIA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 116.SAUDI ARABIA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 117.SOUTH AFRICA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 118.SOUTH AFRICA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 119.SOUTH AFRICA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 120.SOUTH AFRICA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 121.REST OF LAMEA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 122.REST OF LAMEA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY L/C TYPE, 2020–2030 ($MILLION)
TABLE 123.REST OF LAMEA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020–2030 ($MILLION)
TABLE 124.REST OF LAMEA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY END USER, 2020–2030 ($MILLION)
TABLE 125.BANK OF AMERICA CORPORATION: KEY EXECUTIVES
TABLE 126.BANK OF AMERICA CORPORATION: COMPANY SNAPSHOT
TABLE 127.BANK OF AMERICA CORPORATION: PRODUCT PORTFOLIO
TABLE 128.CITIGROUP, INC.: KEY EXECUTIVES
TABLE 129.CITIGROUP, INC.: COMPANY SNAPSHOT
TABLE 130.CITIGROUP, INC.: OPERATING SEGMENTS
TABLE 131.CITIGROUP, INC.: PRODUCT PORTFOLIO
TABLE 132.DBS BANK LTD.: KEY EXECUTIVES
TABLE 133.DBS BANK LTD.: COMPANY SNAPSHOT
TABLE 134.DBS BANK LTD: PRODUCT PORTFOLIO
TABLE 135.JPMORGAN CHASE & CO.: KEY EXECUTIVES
TABLE 136.JPMORGAN CHASE & CO.: COMPANY SNAPSHOT
TABLE 137.JPMORGAN CHASE & CO.: PRODUCT PORTFOLIO
TABLE 138.MIZUHO BANK, LTD.: KEY EXECUTIVES
TABLE 139.MIZUHO BANK, LTD.: COMPANY SNAPSHOT
TABLE 140.MIZUHO BANK, LTD.: PRODUCT PORTFOLIO
TABLE 141.MUFG BANK, LTD.: KEY EXECUTIVES
TABLE 142.MUFG BANK, LTD.: COMPANY SNAPSHOT
TABLE 143.MUFG BANK, LTD.: PRODUCT PORTFOLIO
TABLE 144.SCOTIABANK: KEY EXECUTIVES
TABLE 145.SCOTIABANK: COMPANY SNAPSHOT
TABLE 146.SCOTIABANK: PRODUCT PORTFOLIO
TABLE 147.SCOTIABANK: OPERATING SEGMENTS
TABLE 148.STANDARD CHARTERED: KEY EXECUTIVES
TABLE 149.STANDARD CHARTERED: COMPANY SNAPSHOT
TABLE 150.STANDARD CHARTERED: PRODUCT PORTFOLIO
TABLE 151.STANDARD CHARTERED: OPERATING SEGMENTS
TABLE 152.SUMITOMO MITSUI BANKING CORPORATION: KEY EXECUTIVES
TABLE 153.SUMITOMO MITSUI BANKING CORPORATION: COMPANY SNAPSHOT
TABLE 154.SUMITOMO MITSUI BANKING CORPORATION: PRODUCT PORTFOLIO
TABLE 155.THE PNC FINANCIAL SERVICES GROUP, INC.: KEY EXECUTIVES
TABLE 156.THE PNC FINANCIAL SERVICES GROUP, INC.: COMPANY SNAPSHOT
TABLE 157.THE PNC FINANCIAL SERVICES GROUP, INC.: PRODUCT PORTFOLIO
LIST OF FIGURES
FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY SEGMENTATION, 2020–2030
FIGURE 03.LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY REGION, 2020–2030
FIGURE 04.LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY SEGMENTATION 2020–2030
FIGURE 05.LETTER OF CREDIT CONFIRMATION MARKET VOLUME, BY REGION, 2020–2030
FIGURE 06.TOP IMPACTING FACTORS
FIGURE 07.LOW BARGAINING POWER OF SUPPLIERS
FIGURE 08.HIGH BARGAINING POWER OF BUYER
FIGURE 09.MODERATE THREAT OF SUBSTITUTES
FIGURE 10.MODERATE THREAT OF NEW ENTRANTS
FIGURE 11.HIGH COMPETITIVE RIVALRY
FIGURE 12.LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY L/C TYPE, 2020–2030
FIGURE 13.LETTER OF CREDIT CONFIRMATION MARKET REVENUE, BY END USER, 2020-2030
FIGURE 14.U.S. LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 15.U.S. LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 16.CANADA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 17.CANADA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 18.MEXICO LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 19.MEXICO LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 20.GERMANY LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 21.GERMANY LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 22.FRANCE LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 23.FRANCE LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 24.UK LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 25.UK LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 26.ITALY LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 27.ITALY LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 28.SPAIN LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 29.SPAIN LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 30.RUSSIA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 31.RUSSIA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 32.REST OF EUROPE LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 33.REST OF EUROPE LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 34.JAPAN LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 35.JAPAN LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 36.CHINA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 37.CHINA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 38.AUSTRALIA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 39.AUSTRALIA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 40.INDIA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 41.INDIA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 42.SOUTH KOREA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 43.SOUTH KOREA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 44.REST OF ASIA-PACIFIC LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 45.REST OF ASIA-PACIFIC LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 46.BRAZIL LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 47.BRAZIL LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 48.TURKEY LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 49.TURKEY LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 50.SAUDI ARABIA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 51.SAUDI ARABIA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 52.SOUTH AFRICA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 53.SOUTH AFRICA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 54.REST OF LAMEA LETTER OF CREDIT CONFIRMATION MARKET REVENUE, 2020-2030 ($MILLION)
FIGURE 55.REST OF LAMEA LETTER OF CREDIT CONFIRMATION MARKET VOLUME, 2020-2030 ($MILLION)
FIGURE 56.BANK OF AMERICA CORPORATION: NET REVENUE, 2018–2020 ($MILLION)
FIGURE 57.BANK OF AMERICA CORPORATION: REVENUE SHARE BY COUNTRIES (2020)
FIGURE 58.CITIGROUP, INC.: NET REVENUE, 2018–2020 ($MILLION)
FIGURE 59.DBS BANK LTD.: NET INCOME, 2018–2020 ($MILLION)
FIGURE 60.DBS BANK LTD.: NET INCOME SHARE BY SEGMENT, 2020 (%)
FIGURE 61.DBS BANK LTD.: NET INCOME SHARE BY REGION, 2020 (%)
FIGURE 62.JPMORGAN CHASE & CO.: NET REVENUE, 2018–2020 ($MILLION)
FIGURE 63.JPMORGAN CHASE & CO.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 64.MIZUHO BANK, LTD.: NET REVENUE, 2018–2020 ($MILLION)
FIGURE 65.SCOTIABANK: NET REVENUE, 2018–2020 ($MILLION)
FIGURE 66.SCOTIABANK: REVENUE SHARE BY SEGMENT (2020)
FIGURE 67.STANDARD CHARTERED: NET SALES, 2018–2020 ($MILLION)
FIGURE 68.STANDARD CHARTERED: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 69.STANDARD CHARTERED: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 70.THE PNC FINANCIAL SERVICES GROUP, INC.: NET REVENUE, 2018–2020 ($MILLION)
Letter of credit confirmation services are growing at a rapid pace globally. With an increase in trade services, importers and exporters are preferring letter of credit offerings at a large scale. Moreover, confirming banks are providing letter of credit services such as negotiation & advising solutions, confirmation of letter of credit, export financing, supply chain finance, and others.
Consequently, the exporters & importers have been increasing their business operations globally, this as a result providing lucrative opportunities for confirming banks to accelerate letter of credit offerings in the market.
The letter of credit confirmation market is consolidated with the presence of key vendors such as Bank of America Corporation, Citigroup, Inc., and DBS Bank Ltd. Europe and Asia-Pacific dominated the letter of credit confirmation market in terms of revenue in 2020 and are expected to retain dominant throughout the forecast period. However, Asia-Pacific is expected to experience significant growth in the near future, owing to emerging economies and changing regulatory environment in the region, traders are expanding their businesses, thereby becoming major growth factors for the letter of credit confirmation market. As the traders in the region still depend on letters of credit services and are expected to maintain its dominance during the forecast period.
Some of the key players profiled in the report include JP Morgan Chase & Co., Mizuho Bank, Ltd., MUFG Bank, Scotiabank, Standard Chartered, Sumitomo Mitsui Banking Corporation, and The PNC Financial Services Group, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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