The global trade finance market will grow at a CAGR of more than 4% or by $11.25 billion between 2020 and 2024, according to research and advisory company Technavio.

Technavio forecasts an acceleration of the fragmentation in the industry as well, with Goldman Sachs Group, HSBC, JPMorgan Chase, Morgan Stanley and Wells Fargo as some of the major market participants.

“Although the growing number of exports will offer immense growth opportunities, lack of focus of trade financing for SMEs will challenge the growth of the market participants,” according to a press release from Technavio. “To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.”