Newark, Sept. 14, 2024 (GLOBE NEWSWIRE) -- The global B2B payments market, valued at USD 1,693.60 billion in 2023, is expected to grow at a CAGR of 9.38% from 2024 to 2033. This growth is driven by the rapid adoption of automation and digitalization, the expansion of international trade, and strategies for business sector growth. Increased cross-border transactions involving more suppliers, retailers, and companies further support market expansion. Challenges such as payment theft and business closures need to be addressed. However, technological advancements in automation and emerging partnerships among market players are likely to create new opportunities in the future.
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Over the forecast period, Asia-Pacific is expected to develop at the fastest CAGR of 11.76%. In recent decades, Asia Pacific has experienced significant economic growth, resulting in the emergence of a vibrant and dynamic commercial landscape. The region also contains some of the fastest-growing economies in the world. The Asia Pacific market has benefited from rising economies and increased trade operations in these countries.
Leading companies in the industry include TransferWise Ltd., JPMorgan & Chase, American Express, Stripe, Paystand Inc., Payoneer Inc., Square, Inc., PayPal Holdings, Inc., Visa Inc., Mastercard.
Report Scope and Segmentation –
| Report Coverage | Details |
| Market size value in 2023 | USD 1,693.60 Billion |
| Market size value in 2033 | USD 4,151.35 Billion |
| CAGR (2024 to 2033) | 9.38% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Transaction Type, Payment Method, Industry Vertical |
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The global B2B payments market has been segmented based on transaction type, payment method, industry vertical, and region. The transaction type segment is divided into cross-border payments and domestic payments. The domestic payments segment dominated the market, with a market share of 58.4% in 2023. This segment simplifies and automates domestic payment services for small and medium-sized businesses. This is a major driver of the domestic B2B payments market's expansion. The payment method segment is divided into digital and traditional. The traditional segment dominated the market, with a market share of 67.25% in 2023. Business owners pay suppliers using various traditional payment methods, including cash and paper checks. Furthermore, the increased use of paper checks by business owners due to decreasing transaction fees is an important factor driving the growth of the B2B payment market in this area. The industry vertical segment is divided into IT and telecom, energy and utilities, manufacturing, BFSI, and metals and mining. The IT and telecom segment dominated the market, with a market share of around 23.9% in 2023. IT company owners can use the B2B payment system to make contactless payments with debit cards, credit cards, NFC cards, and mobile wallets. The adoption of B2B payment technology is increasing in the IT industry since it gives various benefits, such as faster payment processing, increased business sales, and a higher customer retention rate.
B2B Payments Market Analysis by The Brainy Insights
Drivers:
• Rapid Adoption of Digital Payment Solutions: Increasing shift towards digital payment methods and automation in B2B transactions enhancing efficiency and reducing manual processes.
• Growth in Cross-Border Trade: Expansion of international trade and globalization driving the need for secure and efficient cross-border payment solutions.
• Technological Advancements: Innovations in payment technologies, including blockchain and real-time payment systems, facilitating faster and more secure transactions.
Restraints:
• Regulatory Challenges: Complex and varying regulatory environments across regions may impact the adoption and implementation of B2B payment solutions.
• Cybersecurity Risks: Concerns about data breaches and fraud in digital payment systems posing risks to transaction security.
• High Implementation Costs: Significant investment required for adopting and integrating advanced payment technologies can be a barrier for some businesses.
Opportunities:
• Emergence of Fintech Solutions: Growth of fintech companies offering innovative payment solutions and technologies, creating new opportunities in the B2B payments space.
• Increased Demand for Payment Automation: Rising need for automation in B2B payments to streamline processes, reduce errors, and improve efficiency.
• Growing Focus on Financial Inclusion: Expanding payment solutions to underserved regions and businesses, enhancing financial inclusion and access.
Regional Segmentation Analysis:
• North America: Leading the market due to advanced digital payment infrastructure, high adoption rates of payment technologies, and a significant number of major financial institutions.
• Europe: Strong growth driven by regulatory support, technological advancements, and a high level of digital payment adoption among businesses.
• Asia-Pacific: Rapid expansion due to increasing cross-border trade, a growing number of SMEs, and the rise of digital payment solutions in emerging economies.
• Latin America: Moderate growth with opportunities driven by improving digital payment infrastructure and increasing business investments in payment technologies.
• Middle East and Africa: Emerging growth with potential driven by ongoing digital transformation, investments in payment solutions, and the need for improved payment efficiency.
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