Thursday, November 19th, 2020 - The Insight Partners

According to the latest research report titled “Trade Finance Software Market to 2027 – COVID-19 Impact and Forecast and Global Analysis,” published by The Insight Partners, the global trade finance software market was valued at US$ 1394.9 million in 2019 and is projected to reach US$ 2920.4 million by 2027; it is expected to grow at a CAGR of 10.3% from 2020 to 2027. 

Technology and software solutions are transforming the nature of trade finance transactions worldwide. There are several types of trade finance banking solutions, each of which has been designed and developed to help businesses handle all parts of their supply chain financing operations. The trade finance solution provides end-to-end capabilities for a varied range of trade finance instruments in the documentary credits, documentary collections, and guarantees. The usage of trade finance within treasury management may support the business to free up cash through factoring. These types of transactions have conventionally been difficult to handle owing to the amount of paperwork needed to carry them out. Fortunately, in today’s time, trade finance is becoming much easier and simple for businesses to accomplish owing to the advent of supportive trade finance software solutions.

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Impact of COVID-19 Pandemic on Trade Finance Software Market

The recent COVID-19 outbreak has significantly affected the world and is continuing to shatter the economies of several countries. Businesses around the world are facing severe economic difficulties as they either had to suspend their operations or reduce their activities in a substantial manner. Owing to business shutdown, the world is anticipated to face an economic slowdown in 2020 and it is most likely to continue in 2021. Trade credit insurance plays a crucial role in APAC’s trade finance and managing working capital. The first effect of this pandemic on trade credit’s macro landscape originated through an increase of payment extensions leading to increased claims. Industry sectors including chemical, food & beverage, manufacturing and auto, pharmaceuticals, communications, media and technology have all felt the impact of COVID-19 on their liquidity and risk outlooks to varying degrees. Thus, the pandemic has made a significant impact on overall trade finance market. However, the governments of several countries in the region have taken significant initiatives to implement digitalization and other technologies to enhance the production and trade activities; thus, end users in the region are anticipated to emphasize on adopting paperless technologies, which would boost the demand for the trade finance software is the near future.

Strategic Insights

The players operating in the trade finance software market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

  • In 2020, China Systems has introduced specialized trade digitalization unit, which is working with trade finance fintech companies to integrate their technologies into banks and other customers’ systems.
  • In 2020, Surecomp introduced its Trade Finance-as-a-Service (TFaaS) suite comprising back-office trade finance management and processing, front-office for banks’ corporate clients, open API connectivity, and full access to its Marketplace. 

Asia Pacific dominated the trade finance software market in 2019, followed by Europe and North America. This is primarily due to the increasing adoption of trade finance software to manage and automate the trade finance process. Additionally, APAC is characterized by the presence of well-developed as well as developing countries, a strong industry base, and high technology adoption. The presence of fast-growing economics, rising automated technology adoption, and increasing internet penetration, as well as huge adoption of software by end-users, are among the prime factors expected to drive the growth of the trade finance software market in the region. Moreover, the growing support from governments to reinforce trade finance, for increasing exports, is expected to drive the acceptance of trade finance software and solutions. Additionally, the APAC region is expected to grow at the highest CAGRduring the forecast period (2020–2027).

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The Insight Partners

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Sameer Joshi
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Trade Finance Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Solution and Services), Deployment (Cloud and On-Premise), Enterprise Size (Large Enterprises and SMEs), and End-Use (Banks, Traders, and Others)




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