IMARC Group, a leading market research company, has recently releases report titled “B2B PaymentsMarket: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global B2B payments market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of B2B Payments
Business-to-business (b2b) payments refer to the financial transactions conducted between two or more companies. They encompass a wide range of transactions, including purchases, invoices, and settlements between businesses. They can be initiated via specialized payment platforms and systems, which offer a variety of features and functionalities, including invoicing, payment tracking, and integration with accounting software, empowering businesses to manage their financial transactions effectively. They play a crucial role in facilitating the smooth operation of business relationships and supporting the overall economy. They assist in reducing the risk of fraud and increasing trust between transacting parties.
How Big Is the B2B Payments Market?
The global B2B payments market size reached US$ 1,108.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2,117.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7.3% during 2024-2032.
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What are the growth prospects and trends in the B2B payments industry?
At present, the increasing adoption of digital payment solutions, driven by the need for efficiency, transparency, and cost savings in business transactions, represents one of the crucial factors impelling the growth of the market.
Besides this, the rising shift towards electronic payment systems, such as electronic fund transfers (EFTs), mobile payments, and virtual wallets among businesses, is supporting the growth of the market. In addition, the growing emergence of innovative cross-border payment solutions and platforms that provide real-time foreign exchange rates, transparent pricing, and simplified compliance procedures is offering a favorable market outlook.
Apart from this, the increasing number of e-commerce businesses due to the rising online shopping activities of individuals is bolstering the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Payment Type:
- Domestic Payments
- Cross-Border Payments
Breakup by Payment Mode:
- Traditional
- Digital
Breakup by Enterprise Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Industry Vertical:
- BFSI
- Manufacturing
- IT and Telecom
- Metals and Mining
- Energy and Utilities
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- American Express Company
- Bank of America Corporation
- Capital One
- Citigroup Inc.
- JPMorgan Chase Co.
- Mastercard Inc.
- Payoneer Inc.
- PayPal Holdings Inc.
- Paystand Inc.
- Stripe Inc.
- Visa Inc.
- Wise Payments Limited.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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