Portland,OR, July 26, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global B2B payment market was pegged at $870.42 billion in 2020, and is estimated to reach $1,918.03 billion by 2028, growing at a CAGR of 10.6% from 2021 to 2028.
Rise in cross-border trading and use of advanced technologies drive the growth of the global B2B payments market. However, fraud in business payment and business losses and discontinuation hamper the market growth. On the contrary, rise in partnership among B2B payment players and FinTech giants and digitalization of the payment systems are expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic negatively affected several industries such as transportation, financial services, and the industrial sector. Such irregularities in business operations reduced the demand for goods & services, disrupted the supply chain, and resulted in business closure.
- On the contrary, the healthcare industry witnessed increased demand for B2B payments due to rise in need for products & services during the pandemic and rapid shift from cash payments to digital transactions.
The report segments the global B2B payments market on the basis of payment type, payment mode, enterprise size, industry vertical, and geography.
Based on payment, the domestic payments segment held the lion’s share in 2020, accounting for more than three-fourths of the market. However, the cross-border payments segment is projected to register the highest CAGR of 12.3% during the forecast period.
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On the basis of payment mode, the traditional segment held the largest share in 2020, contributing to more than three-fifths of the market. However, the digital segment is anticipated to manifest the highest CAGR of 14.2% from 2021 to 2028.
The global B2B payments market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2020, accounting for more than two-fifths of the market. Moreover, the region is estimated to portray the highest CAGR of 11.7% during the forecast period.
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The global B2B payments market includes an in-depth analysis of the prime market players such as Bank of America Corporation, American Express, Mastercard, Capital One, PayPal Holdings Inc., Payoneer Inc., Stripe, TransferWise Ltd., Square Inc., and Visa Inc.
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