B2B payments market is estimated to be US$ 1900.6 billion by 2029 and is anticipated to register a CAGR of 10.1%
B2B Payments Market accounted for
US$ 732.4 billion in 2019 and is estimated to be US$ 1900.6 billion by 2029 and
is anticipated to register a CAGR of 10.1%.Since the creation of the internet,
we have come across ‘always on, always available’ communications across every
aspect of our lives. As the payments industry evolved from paper-based to
digital, these rising expectations have proven to be challenging. B2B payments
are payments between two traders for goods and services. Still, paper checks
records popular payment method for businesses. A digital B2B payment solution
is a rapid payment method. It improves the cash flow of a company, involving
issuing, receiving and processing systems. Whereas, business to business
transactions are widespread in the typical supply chain, such as businesses
buying parts and goods, raw materials for use in production procedures.
The report "Global B2B Payments Market, By Transaction Type (Traditional and
Digital), By Business Segment (Small Sized Business, Medium Sized Business, and
Large Sized Business), By Operating Channel (Cross Border and
Domestic), and By Region (North America, Europe, Asia Pacific, Latin
America, and the Middle East & Africa) - Trends, Analysis and Forecast till
2029”.
Key Highlights:
·
In August
2019, American Express announced it signed an agreement to acquire acompaytm, a
best-in-class, digital payment automation platform from ACOM Solutions, Inc.,
that helps business customers make supplier payments easily and securely,
manage business spend, and improve cash flow.
·
In June 2019,
Coupa Software, a leader in Business Spend Management (BSM), today announced
that its Coupa Pay offering will integrate with Stripe, the online payments
platform. This will make virtual card payments simpler and faster for
businesses that use the Coupa BSM Platform.
Analyst View:
The major factors projected to drive the global
market growth are gradual increase in income coupled with increase in consumer
spending on goods and services. Additionally, factors such as increasing smart
phones adoption, high internet penetration, is gradually increasing consumer’s
preference for mobile payments through various applications which is
anticipated to further influence the target market growth.
Developing government regulations related to
cybercrime and improved infrastructure coupled with high government spending on
cyber security, are factors creating revenue opportunities for the global
market players. Furthermore, government of developed and developing are focused
on development of payment infrastructure in order to facilitate the digital
economy method coupled with launched of several application are factors
positively propelling the global B2B payment market growth. Moreover,
thriving e-commerce sector and with the introduction of new technology such as
big data analytics, blockchain, AI, is projected to help financiers simplify
the B2B payment system further propelling the revenue growth of the market.
Key Market Insights from the
report:
The global B2B payments market
accounted for US$ 732.4 billion in 2019 and is estimated to be US$ 1900.6
billion by 2029 and is anticipated to register a CAGR of 10.1%. The market
report has been segmented on the basis of transaction type, business
segment, operating channel, and region.
·
By transaction
type, the global B2B payments market is segmented into traditional and digital
·
By business
segment, the target market is segmented into small sized business, medium
sized business, and large sized business
·
By operating
channel, the global market is bifurcated into cross border and domestic
·
By
region, North America market estimates
for high revenue share, owing to availability of advanced internet
infrastructure for smart payment options along with high consumers spending
capacity on food and entertainment services. Moreover, presence of major
service providers operating in the country such as US and Canada is projected
to fuel the regional market growth.
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Competitive Landscape:
The prominent player operating in the global B2B
payments market includes American Express Co. Inc.,
Bottomline Technologies Inc., Ant Financial Services Co. Ltd., Coupa Software
Inc., Intuit Inc., JPMorgan Chase & Co., FleetCor Technologies Inc.,
MasterCard Inc., and SAP.
The market provides detailed information
regarding the industrial base, productivity, strengths, manufacturers, and
recent trends which will help companies enlarge the businesses and promote
financial growth. Furthermore, the report exhibits dynamic factors including
segments, sub-segments, regional marketplaces, competition, dominant key
players, and market forecasts. In addition, the market includes recent
collaborations, mergers, acquisitions, and partnerships along with regulatory
frameworks across different regions impacting the market trajectory. Recent
technological advances and innovations influencing the global market are
included in the report.
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