Latin America Factoring Services Market: Unlocking Growth and Financial Opportunities
The Latin America factoring services market size is expected to reach 346.02 billion by 2030, registering a CAGR of 11.9% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. The market growth can be attributed to a rise in automation in financial services, expansion of the manufacturing industry, and rise in open account trading and cross-border business. The automation of repetitive and time-taking backend tasks in financial services helps financial institutions to simplify their operations and optimize their credit collection processes. Furthermore, the digitization of accounts receivable processes helps reduce printing costs and ensures more profits for employees. These developments will drive the market during the forecast period. The COVID-19 pandemic has brought in a more collective approach, wherein banks and Supply Chain Finance (SCFs) would work jointly to offer added value to the client environments. The industry is anticip...