As stated by our extensive report, providing insights on product and procedure the global B2B Payments Market market accounted for USD 903.50 USD Billion billion in 2021.
B2B Payment is recently becoming an important source of competitive advantages for manufacturing companies. It enables companies not only to decrease transactional costs and offer a wide range of additional services but also to enhance efficiency in collaboration with their customers and suppliers.
The rising influence of manufacturers for adopting B2B payment models which is helping them to conduct user-friendly business is one of the major factors for the growth of the B2B Payments Market Market. Also, the B2B payment system is expanding as transactions are carried out easily and cost-effectively. These are some of the factors that are fueling the growth of the market.
B2B commerce is also an important aspect of the B2B payments space that felt necessary to be highlighted. As the B2B eCommerce market is still difficult for analysts to fully understand, correlated as it is to the late adoption of digital transformation in the B2B segments. Many different empirical findings demonstrate that B2B payment enables companies not only to decrease transactional costs and to offer additional services but also to gain efficiency in supply chains and enhance collaboration with their customers and suppliers.
The outbreak of coronavirus (COVID-19) in early 2020 led to an advantage for the B2B Payments Market Market demand. The implementation of lockdown in countries across the world, as well as stringent regulations passed by government bodies, made online transactions and purchase necessary and effective. Hence COVID-19 pandemic brought about a shift in consumer preference for online shopping, creating avenues for growth.
Asia Pacific is expected to grow at the fastest CAGR in the coming years due to the high demand for the B2B payment concepts in the commercial sector.Additionally, this region contains the world’s best financial institutions and needed professionals. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the B2B payment domain. North America held the largest share of the B2B Payments Market Market in 2021, followed by Europe and the Asia Pacific.In major parts of the world, the market is still growing owing to insufficient funds, lack of education, minimum availability of financial professionals, underdeveloped IT infrastructure, and social constraints.
Major players of the B2B Payments Market Market such as American Express, Bank of America Corporation, Capital One, Mastercard, Payoneer Inc., PayPal Holdings Inc., Square Inc., Stripe, TransferWise Ltd., and Visa Inc..