New York, Nov. 20, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Trade Finance Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Component, Deployment, Enterprise Size, and End-Use” – https://www.reportlinker.com/p05988391/?utm_source=GNW
The increasing focus of enterprises toward digitization and rising adoption of cloud-based solution deployment are some of the key driving factors for global trade finance software market .However, high security concerns and cost of integration with other existing platforms may hinder the growth of the market in some applications.
Despite some limitations, the increasing awareness, demand in emerging economies, and integration of advanced technologies with trade finance software are the major factors anticipated to drive the future growth of trade finance software market .
The development of cloud computing has enabled banks to develop strong trade finance architecture to maximize profitability.Within trade finance and other business transaction banking services, the financial institutes are seeking to gain the benefits from lower-cost private cloud solutions.
These cloud solutions provide dedicated tools with strong security controls while freeing both customers and banks from expensive IT investments.Cloud computing provides an approach to strengthen capacity or add competencies on the existing platform without investing in new infrastructure, licensing new software, or training new personnel.
Moreover, cloud computing covers any pay-per-use or subscription-based service that extends IT’s existing competencies.The cloud-based solution eliminates the need to develop secure remote connections, such as virtual private networks regulating the speed.
Thus, the solution’s low-cost deployment and maintenance are significantly driving the trade finance software market in developed and developing countries.
The market for trade finance software is segmented into component, deployment, enterprise size, end-use, and geography.Based on component, the market is segmented into solution and services.
In 2019, the solution segment held the largest share of global trade finance software market .Based on deployment, the market is segmented into cloud and on-premise.
In 2019, the cloud segment held the largest share of global trade finance software market .Based on enterprise size, the trade finance software market is divided into SMEs and large enterprises.
SMEs segment is expected to be the fastest growing segment during the forecast period. Based on end-use, the market is segmented into banks, traders, and others. The banks segment contributed a substantial share in 2019. Geographically, the market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, APAC held the largest share followed by Europe and North America. APAC is also projected to be the fastest growing region from 2020 to 2027 with a CAGR of 12.3% from 2020 to 2027. Despite being positive growth outlook, the ongoing COVID-19 outbreak is affecting the global economy negatively and thus affecting the business activities and company revenues in the trade finance software industry worldwide. The majority of the countries have imposed lockdown or restricted human movement causing the industries to face a severe impact on production as a result of less labor footfall. The lesser production of goods and commodities is hampering the growth of trade finance market as well as trade finance software market as the demand for these solution has weekend over the past couple of months. However, the impact of COVID-19 is short-term; it is likely to decrease in the coming years.
The overall trade finance software market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market .
The process also serves the purpose of obtaining an overview and forecast for the trade finance software market with respect to all the segments.It also provides the overview and forecast for the global trade finance software market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East &Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the trade finance software market.
CGI INC.; AWPL; Comarch SA; IBSFINtech; ICS FINANCIAL SYSTEMS LTD; MITech – Make Intuitive Tech SA; Newgen Software Technologies Ltd.; Persistent Systems; Surecomp; BT Systems, LLC.; Finastra; and China Systems are among a few major players operating in the global trade finance software market.
Read the full report: https://www.reportlinker.com/p05988391/?utm_source=GNW
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