Global Letter of Credit Confirmation Market Size study & Forecast, by L/C Type (Sight L/C and Usance L/C) and End User (Small-sized Businesses, Medium-sized Businesses, and Large Enterprises) and Regional Analysis, 2022-2029

PUBLISHED: May 13, 2023

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Global Letter of Credit Confirmation Market is valued at approximately USD 4.02 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 2.72 % over the forecast period 2022-2029. A letter of credit is a document that protects both buyers and sellers during an international transaction. It serves as proof for the execution of payments and transactions for traded goods and services. Furthermore, confirming banks, which are typically based in the country where the exporters reside, provide a letter of credit confirmation service. The confirming bank provides confirmation on the letter of credit, assuming that the terms and conditions for existing trade are met by the issuing banks. The rising expansion of global trade, increased risk of non-payment, and growing demand for customized trade finance solutions are key factors driving the market growth.

The rising expansion of global trade is contributing towards the growth of the Global Letter of Credit Confirmation Market. For instance- as per Organization for Economic Co-operation and Development (OECD) estimates - as of the 2nd quarter of 2022, in G 20 countries Exports and imports increased by 2.1% and 2.6%, respectively, as compared to 4.8% and 6.2% in the previous quarter. Additionally, in Q2nd 2022, in North America, exports increased by 10.2% in the United States and by 11.0% in Canada. Moreover, in the European Union (EU 27), merchandise exports recorded an increase of 0.3%, and imports grew by 3.0%. Also, the rising emergence of blockchain and distributed ledger technology (DLT) and the growing number of free trade agreements worldwide would create a lucrative growth prospectus for the market over the forecast period. However, the risk associated with fraud and cyber-attacks hinders the market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Letter of Credit Confirmation Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the presence of leading banking and financial institutions as well as the penetration of distributed ledger technology (DLT) and blockchain solutions in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising number of the free trade agreement between countries as well as increasing growth of cross border e-commerce industry in the region would offer lucrative growth opportunities for the market over the forecast period.

Major market players included in this report are:

Bank of America Corporation
Citigroup, Inc.
DBS Bank Ltd.
JPMorgan Chase & Co.
Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Scotiabank
Standard Chartered
Sumitomo Mitsui Banking Corporation
The PNC Financial Services Group, Inc.

Recent Developments in the Market:

In December 2020, The International Islamic Trade Finance Corporation (ITFC) announced the launch of a new letter of credit (LC) confirmation instrument for smaller businesses to export and mitigate the trading risks faced by them amid the pandemic. This new product is intended for small and medium-sized businesses in Islamic Development Bank (IsDB) member countries.

Global Letter of Credit Confirmation Market Report Scope:

Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: L/C Type, End User, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.

By L/C Type

Sight L/C
Usance L/C

By End User

Small-sized Businesses
Medium-sized Businesses
Large Enterprises

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World

Chapter 1. Executive Summary

1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
- 1.2.1. Letter of Credit Confirmation Market, by Region, 2019-2029 (USD Billion)
- 1.2.2. Letter of Credit Confirmation Market, by L/C Type, 2019-2029 (USD Billion)
- 1.2.3. Letter of Credit Confirmation Market, by End User, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

Chapter 2. Global Letter of Credit Confirmation Market Definition and Scope

2.1. Objective of the Study
2.2. Market Definition & Scope
- 2.2.1. Scope of the Study
- 2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

Chapter 3. Global Letter of Credit Confirmation Market Dynamics

3.1. Letter of Credit Confirmation Market Impact Analysis (2019-2029)
- 3.1.1. Market Drivers
  - 3.1.1.1. Rising expansion of global trade
  - 3.1.1.2. Increased risk of non-payment
  - 3.1.1.3. Growing demand for customized trade finance solutions
- 3.1.2. Market Challenges
  - 3.1.2.1. Risk associated with fraud and cyber-attacks.
- 3.1.3. Market Opportunities
  - 3.1.3.1. Rising emergence of blockchain and distributed ledger technology (DLT)
  - 3.1.3.2. Growing number of free trade agreements worldwide

Chapter 4. Global Letter of Credit Confirmation Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter's 5 Force Model (2019-2029)
4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. Industry Experts Prospective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Risk Assessment: COVID-19 Impact

5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario

Chapter 6. Global Letter of Credit Confirmation Market, by L/C Type

6.1. Market Snapshot
6.2. Global Letter of Credit Confirmation Market by L/C Type, Performance - Potential Analysis
6.3. Global Letter of Credit Confirmation Market Estimates & Forecasts by L/C Type 2019-2029 (USD Billion)
6.4. Letter of Credit Confirmation Market, Sub Segment Analysis
- 6.4.1. Sight L/Cs
- 6.4.2. Usance L/Cs

Chapter 7. Global Letter of Credit Confirmation Market, by End User

7.1. Market Snapshot
7.2. Global Letter of Credit Confirmation Market by End User, Performance - Potential Analysis
7.3. Global Letter of Credit Confirmation Market Estimates & Forecasts by End User 2019-2029 (USD Billion)
7.4. Letter of Credit Confirmation Market, Sub Segment Analysis
- 7.4.1. Small enterprises
- 7.4.2. Medium-sized enterprises
- 7.4.3. Large enterprises

Chapter 8. Global Letter of Credit Confirmation Market, Regional Analysis

8.1. Letter of Credit Confirmation Market, Regional Market Snapshot
8.2. North America Letter of Credit Confirmation Market
- 8.2.1. U.S. Letter of Credit Confirmation Market
  - 8.2.1.1. L/C Type breakdown estimates & forecasts, 2019-2029
  - 8.2.1.2. End User breakdown estimates & forecasts, 2019-2029
- 8.2.2. Canada Letter of Credit Confirmation Market
8.3. Europe Letter of Credit Confirmation Market Snapshot
- 8.3.1. U.K. Letter of Credit Confirmation Market
- 8.3.2. Germany Letter of Credit Confirmation Market
- 8.3.3. France Letter of Credit Confirmation Market
- 8.3.4. Spain Letter of Credit Confirmation Market
- 8.3.5. Italy Letter of Credit Confirmation Market
- 8.3.6. Rest of Europe Letter of Credit Confirmation Market
8.4. Asia-Pacific Letter of Credit Confirmation Market Snapshot
- 8.4.1. China Letter of Credit Confirmation Market
- 8.4.2. India Letter of Credit Confirmation Market
- 8.4.3. Japan Letter of Credit Confirmation Market
- 8.4.4. Australia Letter of Credit Confirmation Market
- 8.4.5. South Korea Letter of Credit Confirmation Market
- 8.4.6. Rest of Asia Pacific Letter of Credit Confirmation Market
8.5. Latin America Letter of Credit Confirmation Market Snapshot
- 8.5.1. Brazil Letter of Credit Confirmation Market
- 8.5.2. Mexico Letter of Credit Confirmation Market
- 8.5.3. Rest of Latin America Letter of Credit Confirmation Market
8.6. Rest of The World Letter of Credit Confirmation Market

Chapter 9. Competitive Intelligence

9.1. Top Market Strategies
9.2. Company Profiles
- 9.2.1. Bank of America Corporation
  - 9.2.1.1. Key Information
  - 9.2.1.2. Overview
  - 9.2.1.3. Financial (Subject to Data Availability)
  - 9.2.1.4. Product Summary
  - 9.2.1.5. Recent Developments
- 9.2.2. Citigroup, Inc.
- 9.2.3. DBS Bank Ltd.
- 9.2.4. JPMorgan Chase & Co.
- 9.2.5. Mizuho Bank, Ltd.
- 9.2.6. MUFG Bank, Ltd.
- 9.2.7. Scotiabank
- 9.2.8. Standard Chartered
- 9.2.9. Sumitomo Mitsui Banking Corporation
- 9.2.10. The PNC Financial Services Group, Inc.

Chapter 10. Research Process

10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

LIST OF TABLES

TABLE 1. Global Letter of Credit Confirmation Market, report scope
TABLE 2. Global Letter of Credit Confirmation Market estimates & forecasts by Region 2019-2029 (USD Billion)
TABLE 3. Global Letter of Credit Confirmation Market estimates & forecasts by L/C Type 2019-2029 (USD Billion)
TABLE 4. Global Letter of Credit Confirmation Market estimates & forecasts by End User 2019-2029 (USD Billion)
TABLE 5. Global Letter of Credit Confirmation Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 6. Global Letter of Credit Confirmation Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 7. Global Letter of Credit Confirmation Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 8. Global Letter of Credit Confirmation Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 9. Global Letter of Credit Confirmation Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 10. Global Letter of Credit Confirmation Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 11. Global Letter of Credit Confirmation Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 12. Global Letter of Credit Confirmation Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 13. Global Letter of Credit Confirmation Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 14. Global Letter of Credit Confirmation Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 15. U.S. Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 16. U.S. Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 17. U.S. Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 18. Canada Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 19. Canada Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 20. Canada Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 21. UK Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 22. UK Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 23. UK Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 24. Germany Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 25. Germany Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 26. Germany Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 27. France Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 28. France Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 29. France Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 30. Italy Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 31. Italy Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 32. Italy Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 33. Spain Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 34. Spain Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 35. Spain Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 36. RoE Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 37. RoE Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 38. RoE Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 39. China Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 40. China Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 41. China Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 42. India Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 43. India Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 44. India Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 45. Japan Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 46. Japan Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 47. Japan Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 48. South Korea Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 49. South Korea Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 50. South Korea Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 51. Australia Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 52. Australia Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 53. Australia Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 54. RoAPAC Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 55. RoAPAC Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 56. RoAPAC Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 57. Brazil Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 58. Brazil Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 59. Brazil Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 60. Mexico Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 61. Mexico Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 62. Mexico Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 63. RoLA Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 64. RoLA Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 65. RoLA Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 66. Row Letter of Credit Confirmation Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 67. Row Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 68. Row Letter of Credit Confirmation Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 69. List of secondary sources, used in the study of global Letter of Credit Confirmation Market
TABLE 70. List of primary sources, used in the study of global Letter of Credit Confirmation Market
TABLE 71. Years considered for the study
TABLE 72. Exchange rates considered

List of tables and figures and dummy in nature, final lists may vary in the final deliverable

LIST OF FIGURES

List of figures

FIG 1. Global Letter of Credit Confirmation Market, research methodology
FIG 2. Global Letter of Credit Confirmation Market, Market estimation techniques
FIG 3. Global Market size estimates & forecast methods
FIG 4. Global Letter of Credit Confirmation Market, key trends 2021
FIG 5. Global Letter of Credit Confirmation Market, growth prospects 2022-2029
FIG 6. Global Letter of Credit Confirmation Market, porters 5 force model
FIG 7. Global Letter of Credit Confirmation Market, pest analysis
FIG 8. Global Letter of Credit Confirmation Market, value chain analysis
FIG 9. Global Letter of Credit Confirmation Market by segment, 2019 & 2029 (USD Billion)
FIG 10. Global Letter of Credit Confirmation Market by segment, 2019 & 2029 (USD Billion)
FIG 11. Global Letter of Credit Confirmation Market by segment, 2019 & 2029 (USD Billion)
FIG 12. Global Letter of Credit Confirmation Market by segment, 2019 & 2029 (USD Billion)
FIG 13. Global Letter of Credit Confirmation Market by segment, 2019 & 2029 (USD Billion)
FIG 14. Global Letter of Credit Confirmation Market, regional snapshot 2019 & 2029
FIG 15. North America Letter of Credit Confirmation Market 2019 & 2029 (USD Billion)
FIG 16. Europe Letter of Credit Confirmation Market 2019 & 2029 (USD Billion)
FIG 17. Asia pacific Letter of Credit Confirmation Market 2019 & 2029 (USD Billion)
FIG 18. Latin America Letter of Credit Confirmation Market 2019 & 2029 (USD Billion)
FIG 19. Global Letter of Credit Confirmation Market, company Market share analysis (2021)