B2B Payments Market

B2B Payments Market

Market Synopsis

Global B2B Payments Market is valued at USD 994.20 Billion in 2022 and is projected to reach a value of USD 2146.70 Billion by 2030 at a CAGR of 10.10% over the forecast period.

The major factor responsible for the growth of the global B2B Payments market is the rapid expansion of trades across the globe due to an increased import and export of goods & services. In addition, rapid digitalization & automation in the B2B payment system, advancements in transparency across B2B Payments, and the growing partnership among B2B payment players & FinTech giants. Some of the factors that will help the market's growth in the upcoming years are the increasing use of technology in B2B Payments, the rapid expansion of local SMEs, and the engagement of medium-sized enterprises in big transactions. The growing trend of digitalized payments among businesses & various governments initiatives of various countries to promote B2B payment is anticipated to create new opportunities for the global B2B Payments market in the coming years. Additionally, the rising trend of real-time payments, growing adoption of cloud-based technology, increase in smartphone penetration, growing B2B e-commerce industry, advancement in business process automation, rising urbanization, increasing cross-border payments will propel the growth of the market in upcoming years. Moreover, growing global trade and increase in cross-border transactions involving a number of suppliers, wholesalers, retailers, and businesses will contribute in the growth of market in the forecast period.

Market Segmentation:

The B2B Payments Market is segmented on the basis of payment type, enterprise size, payment mode, and industrial vertical. On the basis of payment type, the market is segmented as Domestic Payments, and Cross-Border Payments. On the basis of enterprise size, the market is segmented as Large Enterprises, Medium-Sized Enterprises, and Small-Sized Enterprises. On the basis of payment mode, the market is segmented as Traditional, and Digital. On the basis of industrial vertical, the market is segmented as Manufacturing, IT & Telecom, Metals & Mining, Energy & Utilities, BFSI, Others.

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Based on enterprise size, the large enterprises segment dominated the market in the forecast period.

In 2021, the large enterprise segment acquired the highest share in the B2B Payments market and is estimated to maintain its dominance during the forecast period. This is due to the increasing use of B2B Payments by major organizations to improve their market value and sales of products and services between businesses via online platforms.

However, the small-sized enterprise’s segment is expected to grow at a rapid pace during the forecast period, because of increased cross-border transactions among the small-sized enterprises worldwide to expand their business.

Based on payment mode, the traditional segment dominated the market in the forecast period.

The B2B companies prefer traditional payments like bank wire transfers, which is the most preferable choice by most of the companies, along with bank debit and cheques. The biggest advantage of a business paying in the traditional way is that you never have to pay annual fees like a line of credit and keep your transaction expenses at a minimum. Vendors may accept cash in specific instances.

When it comes to B2B E-Commerce, credit card is the first choice of B2B enterprises, together with terms, and mobile wallets. In recent years, companies have become more open to alternative payment methods. With tremendous technological development and the increase in data security and prevention of theft, the digital payment system is anticipated to grow at a rapid pace in the coming years.

North America acquired the highest share of the market in the forecast period.

North America dominated the global B2B Payments Transaction market in the forecast period and is projected to augment the market in the coming years. The availability of technological infrastructure that facilitates online payment is a crucial element contributing to the market's growth. In addition to this, the high spending by the U.S. and Canadian government on securing the transaction network, availability of standard rules and regulations pertaining to online payment is further anticipated to boost the growth of the market in this region.

Asia-Pacific, and is expected to grow at a rapid pace during the forecast period. This is due to the growing adoption of virtual card accounts among the commercial line businesses, the ongoing proliferation of business-to-business eCommerce. Furthermore, the increased use of sophisticated payment systems, as well as the presence of significant competitors in the region, would propel the B2B Payments market in the region to greater heights in the coming years. Moreover, the increase in the adoption of financial technology, digital transformation trends with strategic partnerships will fuel the adoption of B2B Payments transactions in the region.

Competitive Landscape-

Some of the major key players in the B2B Payments Market are American Express, Bank of America Corporation, Capital One, Mastercard, Payoneer Inc., PayPal Holdings Inc., Square Inc., Stripe, TransferWise Ltd., and Visa Inc.

B2B Payments Market is segmented as follows:

B2B Payments Market is tabulated as follows: