Dublin, Dec. 11, 2024 (GLOBE NEWSWIRE) -- The "Business Credit Cards Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Business Credit Cards Market was valued at USD 35.23 billion in 2023, and is expected to reach USD 52.28 billion by 2029, rising at a CAGR of 6.80%. The business credit card market has witnessed significant growth due to a variety of key factors, including increasing adoption of digital payment methods, the growing number of small and medium-sized businesses (SMBs), and the expansion of corporate spending capabilities.
The North American market is currently the leading market in the global business credit card industry. The dominance of North America, particularly the United States, can be attributed to a combination of factors, including the high adoption rate of credit cards, a favorable business environment, technological advancements, and the presence of major financial institutions and credit card networks.
North America, especially the United States, has a robust and diverse business landscape, with a significant number of small, medium, and large enterprises spanning a variety of industries. The large number of small businesses (SMBs) and corporations in the region creates a high demand for business credit cards. SMBs are rapidly adopting credit cards to manage daily expenses, build business credit, and earn rewards, while large enterprises rely on corporate credit cards for more complex expense management and global operations.
The U.S. is home to millions of small businesses, and with the ongoing trends of entrepreneurship and digital transformation, small business credit cards have gained substantial traction. As of recent years, over 30 million small businesses operate in the U.S., which has significantly contributed to the growth of the business credit card market in North America.
Market Drivers
- Rise of Small and Medium-Sized Businesses (SMBs)
- Shift Toward Digital Payments and Cashless Transactions
- Growing Demand for Expense Management and Financial Flexibility
Key Market Challenges
- High-Interest Rates on Outstanding Balances
- Stringent Eligibility Requirements
- Security Risks and Fraud Concerns
Key Market Trends
- Integration of Digital Wallets and Mobile Payments
- Rise of Virtual Credit Cards
- Increasing Emphasis on Enhanced Security and Fraud Prevention
Key Players Profiled in the Business Credit Cards Market
- JPMorgan Chase & Co.
- Bank of America Corporation
- Barclays Bank PLC
- American Express Banking Corp
- Capital One Financial Corporation.
- Citigroup Inc.
- Wells Fargo and Company
- U.S. Bancorp
- The PNC Financial Services Group, Inc.
- The Hongkong and Shanghai Banking Corporation Limited.
Report Scope
In this report, the global business credit cards market has been segmented into the following categories:
By Type
- Open-Loop Card
- Closed-Loop Card
By Application
- Small Business Credit Cards
- Corporate Credit Cards
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- France
- Germany
- Spain
- Italy
- United Kingdom
- Asia-Pacific
- China
- Japan
- India
- Vietnam
- South Korea
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
- Kuwait
- Egypt
- South America
- Brazil
- Argentina
- Colombia
Key Attributes
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2023-2029 |
| Estimated Market Value (USD) in 2023 | $35.23 Billion |
| Forecasted Market Value (USD) by 2029 | $52.28 Billion |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/8ijoy
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