The Brainy Insights estimates that the USD 1,548.36 Billion in 2022 B2B payments market will reach USD 3,795.34 Billion by 2032. Rapid automation and digitalization increased international trade, and corporate sector expansion strategies have all contributed to the growth of the global B2B payments market. The increase in cross-border transactions involving more suppliers, retailers, and businesses also contributed to market growth. Market expansion, however, is limited by payment theft in the corporation and the liquidation of other businesses. However, technical advancements in automation and increasing collaborations among market players will create new opportunities in the future.
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Key Insight of the B2B Payments Market
Asia-Pacific is anticipated to expand at the highest CAGR of 11.76% over the projection period.
Asia-Pacific is expected to grow at the highest CAGR of 11.76% over the forecast period. Asia Pacific has witnessed notable economic growth in recent decades, leading to the emergence of a robust and dynamic commercial landscape. The region also has some of the world’s fastest-growing economies. The developing economies and increased trade operations in these countries have contributed to Asia Pacific’s B2B payment market.
The cross-border payments segment is expected to register the highest CAGR of 11.63% over the projected period in the B2B payments market.
The cross-border payments segment is anticipated to grow at the highest CAGR of 11.63% in the B2B payments market. A cross-border payment is a monetary transaction that allows consumers, corporations, banks, or other settlement organizations to make payments in at least two countries. It enables business owners to make international payments using various techniques, including bank transfers, credit card payments, and alternative payment methods. The growing financial security of international payments, the availability of multicurrency conversion technologies, and the lack of severe rules for cross-border goods sales are driving market expansion.
Over the projected period, the digital segment is expected to register the highest CAGR of 12.41% in the B2B payments market.
Over the forecasted period, the digital segment is anticipated to grow at the highest CAGR of 12.41% in the B2B payments market. Digital payment is an innovative money transfer technology that allows business owners and individuals to pay online. Mobile payment, digital wallets, debit cards, and credit cards are widely recognized digital payment technologies among corporate owners of B2B cash transfer procedures, supporting this market segment’s growth. The acceptance of digital payment technology among business owners is increasing, as are several benefits, such as financial data security and convenience of access to payment information, which are propelling market growth.
The manufacturing segment is expected to register the highest CAGR of 11.46% over the projected period in the B2B payments market.
The manufacturing segment is anticipated to grow at the highest CAGR of 11.46% in the B2B payments market. The global B2B payment market for the manufacturing sector is expected to grow due to various factors, including a gradual increase in income and an increase in raw material expenditures by manufacturers. Furthermore, manufacturers have increased their use of B2B payment technology since it provides various benefits, such as the flexibility to accept multiple payment methods, such as checks, a fully customizable payment procedure, and the opportunity to pay every invoice online. Furthermore, the capacity to approve payments for all suppliers, regardless of location, and to pay suppliers online without handling sensitive financial information are important factors driving the manufacturing industry to adopt B2B payment technology.
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Driver: Increasing demand from various industries
Several industries, including healthcare and retail, experienced a surge in demand during the pandemic, driving up demand for goods and services and increasing B2B payments. The transition from cash payments to digital transactions during the pandemic raised demand for B2B payments. As a result, the global health crisis has had only a minor impact on the B2B payment market. Nonetheless, industries such as healthcare and others have greatly contributed to expanding B2B payments, benefiting the B2B payments market. B2B payment providers have developed new solutions and implemented new technology to solve challenges. Automating accounts payable, e-invoicing and digitizing payments are some of the B2B payments market improvements.
Restraint: Effects of the COVID pandemic
As a result of the COVID-19 pandemic, many industries ended up in lockdown, and firms were forced to make many operational modifications. As a result of government limitations on the flow of goods, transportation, import and export bans, travel restrictions, event cancellations, and other restrictions, many businesses have suffered losses and disruptions. Furthermore, due to these deviations in corporate operations, B2B payments have been hampered by low demand for goods and services, an inconsistency in the supply chain, and the business’s failure. Furthermore, due to government-imposed restrictions, the number of business-to-business (B2B) transactions decreased, resulting in a decrease in B2B payments.
Opportunity: The popularity of electronic payments
Following the COVID-19 outbreak, business owners expanded their use of digital payments, resulting in a 10-year increase in just four months. The practice has expanded to B2B payment systems. B2B payments have seen a tremendous surge in digital retail transactions. Due to restrictions on cash transactions during the outbreak, most B2B payments are still made with paper checks and invoices, reducing B2B payments. Some businesses that did not have digital payment capabilities before the pandemic have begun to gradually adopt B2B payments, a critical economic transformation. Digitalizing the B2B payment space has made cross-border commercial transactions easier for enterprises, increasing international trade and economic growth. This also helps the business in critical scenarios.
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Some of the major players operating in the B2B payments market are:
• TransferWise Ltd.
• JPMorgan & Chase
• American Express
• Paystand Inc.
• Payoneer Inc.
• Square, Inc.
• PayPal Holdings, Inc.
• Visa Inc.
Key Segments cover in the market:
By Transaction Type:
• Cross-Border Payments
• Domestic Payments
By Payment Method:
By Industry Vertical:
• IT and Telecom
• Energy and Utilities
• Metals and Mining
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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