What Factors Propelled The Growth Of The B2B Payments Market In The Past?
The b2b payments market has seen considerable growth due to a variety of factors.
• The magnitude of the B2B payments industry has expanded substantially in the previous years. A projected escalation from $1233.91 billion in 2024 to $1348.12 billion in 2025 is expected, corresponding to a Compound Annual Growth Rate (CAGR) of 9.3%.
The unprecedented growth in the past can contendedly be credited to the globalization and transnational transactions, an increased call for quicker and more secure transactions, modifications in regulations and adherence to the same, automation in financial procedures, and the advent of fintech resolutions.
What Can Be Expected from the B2B Payments Market in the Coming Years?
The b2b payments market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of B2B payments is expected to witness significant growth in the coming years, reaching a size of $1992.42 billion in 2029, alongside a compound annual growth rate (CAGR) of 10.3%.
The anticipated expansion during the forecast period is attributed to sustained development in global trade, emphasis on optimizing working capital, the emergence of subscription-based services, integration with ERP systems, and bolstered data security protocols. Key trends for the forecast period encompass industry-specific payment solution customizations, migration towards touchless and mobile money transfers, augmented supplier and buyer alliance platforms, concentration on working capital optimization, and the incorporation of payment analytics for strategic decision-making.
Which Factors Are Boosting Growth In The B2B Payments Market?
The expansion of worldwide commerce is predicted to boost the B2B payments market in the future. Trade involves the exchange of goods and services between two companies, nations, or groups of individuals, aiming to earn profits. When this exchange occurs at the international level, it is known as global trade. In these transactions, B2B payments are crucial as they enable prompt currency or money exchanges for goods and services, playing a key part in import and export deals. For instance, the United Nations Conference on Trade and Development, based in Switzerland, reported in February 2022 that the worth of global trade surged by 25%, reaching $28.5 trillion in 2021, up from the previous year. Additionally, the World Trade Organization, also Swiss-based, forecasts a rise of 3.5% in global merchandise trade volumes in 2022. Hence, the flourishing of global trade is propelling the demand for the B2B payments market.
How Are The Segments Defined Within The Global B2B Payments Market?
The B2B payments market covered in this report is segmented –
1) By Payment Type: Domestic Payments, Cross-Border Payments
2) By Payment Mode: Bank Transfer, Cards, Other Payment Modes
3) By Enterprise Size: Large Enterprises, Medium-Sized Enterprises, Small-Sized Enterprises
4) By Industry Vertical: Manufacturing, IT And Telecom, Metals And Mining, Energy And Utilities, Banking, Financial Services And Insurance, Government Sector, Other Industry Vertical
Subsegments:
1) By Domestic Payments: ACH Transfers, Wire Transfers, Credit And Debit Card Payments, E-checks And Electronic Invoicing
2) By Cross-Border Payments: International Wire Transfers, Foreign Exchange Services, Payment Processing Platforms For Global Transactions, Remittance Services
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How Are New Trends Expected To Influence The Growth Of The B2B Payments Market?
A key trend gaining traction in the B2B payments sector is product innovations. Leading companies in the B2B payment field are focused on crafting new tech solutions to solidify their market standing. One such example occurred in December 2022 when American Express, a distinguished US-based financial services corporation specializing in payment cards, introduced Amex Business Link. This digital B2B payment ecosystem for network issuing and acquiring parties is designed uniquely to integrate with all CRM and ERP systems that accept APIs and features a special architecture inclusive of reporting and reconciliation facilities. It accommodates both domestic and international transactions, supports both card and non-card payments, and facilitates convenient payments for providers and consumers of all sizes. Apart from that, this system allows buyers and suppliers to access dynamic information that promotes automatic reconciliation and affords insights into sales and buying activities.
Who Are the Key Players in the B2B Payments Market?
Major companies operating in the B2B payments market include:
• JPMorgan Chase & Co.
• Bank of America Corporation
• Citigroup Inc.
• American Express Company
• Capital One Financial Corporation
• Visa Inc.
• PayPal Holdings Inc.
• Mastercard Inc.
• Fiserv Inc.
• Block Inc.
• Square Inc.
• Fidelity National Information Services Inc.
• Stripe Inc.
• Global Payments Inc.
• Ant Group Co.
• Worldpay Inc.
• Fleetcor Technologies Inc.
• Comdata Inc.
• WEX Inc.
• ACI Worldwide Inc.
• Adyen N.V.
• Bill.com Inc.
• TransferWise Ltd.
• Coupa Software Inc.
• Wise Payments Limited
• Payoneer Global Inc.
• Bottomline Technologies Inc.
• Flywire Corporation
• Paystand Inc.
• AvidXchange Inc.
• Divvy Inc.
• Tipalti Inc.
• Airwallex
• WePay Inc.
• Billtrust Holdings Inc.
What Is The Most Dominant Region In The B2B Payments Market?
Asia-Pacific was the largest region in the B2B payments market in 2024. The regions covered in the B2B payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
