B2B Payments Market Size US$ 1,563.5 Billion by 2027 | Industry Growth Rate (CAGR) 8.30%
According to the latest report by IMARC Group “B2B Payments Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, the global B2B payments market reached a value of US$ 942.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1,563.5 Billion by 2027, exhibiting a CAGR of 8.30% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Business-to-business (B2B) payments refer to financial exchanges between a buyer and supplier for goods or services. It is conducted through secure payment portals, which can be a one-time occurrence or follow a recurring pattern, as determined by agreement between the businesses. It also offers various options for expedited payments, encourages improved cash flow and quicker expansion, and minimizes disagreement between merchants. As a result, B2B payments are widely adopted in information and technology (IT), metals and mining, banking, financial services and insurance (BFSI), energy and utilities, and telecommunications sectors.
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B2B Payments Market Trends and Drivers:
The market is primarily driven by the rising export and import of goods and services across the globe. In addition, the increasing use of credit cards, wire transfers, paper checks, cash, digital payment platforms, cash, and automated clearing house (ACH) payments are contributing to the market growth.
Moreover, various technological advancements are allowing safe and trusted corporate transactions resulting in the expansion of numerous small and medium-sized (SME) industries, representing another major growth-inducing factor. Besides this, the surging sales of smartphones and increasing internet penetration are also providing a positive thrust to market growth. Along with this, the widespread adoption of automation in B2B payment systems to connect with suppliers, wholesalers, and retailers is offering lucrative growth opportunities for industry players.
Furthermore, extensive research and development (R&D) activities conducted by key players to improve payment options and offer comprehensive B2B payment solutions are creating a favorable market outlook across the globe.
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Report Segmentation:
The report has segmented the market on the basis of region, payment type, payment mode, enterprise size and industry vertical.
Breakup by Payment Type:
• Domestic Payments
• Cross-Border Payments
Breakup by Payment Mode:
• Traditional
• Digital
Breakup by Enterprise Size:
• Large Enterprises
• Small and Medium-sized Enterprises
Breakup by Industry Vertical:
• BFSI
• Manufacturing
• IT and Telecom
• Metals and Mining
• Energy and Utilities
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the Top B2b Payments Companies operating in the market.
American Express Company, Bank of America Corporation, Capital One, Citigroup Inc., JPMorgan Chase & Co., Mastercard Inc., Payoneer Inc., PayPal Holdings Inc., Paystand Inc., Stripe Inc., Visa Inc. and Wise Payments Limited.
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