Press Release-B2B Payments Market to Reach 1,618.15 USD Billion by 2028

The Global B2B Payments Market is expected to reach 1,618.15 USD Billion by 2028, growing at a CAGR of 10.20% from 2022 to 2028. The rapid expansion of trades across the globe and increased import and export of goods & services coupled with growth in a number of online payment activities is anticipated to augment the growth of the market during the forecast period.

Key Findings:

• The domestic payments segment is expected to grow at a substantial CAGR during the forecast period. This is attributable to the increasing number of small and medium-sized enterprises in most of the developing economies.
• The large enterprise segment held a significant share in 2021. This is attributable to the increasing adoption of B2B payments among the large enterprises across the globe to upsurge their sales of goods or services between businesses via online channels. The small-sized enterprise segment is also expected to grow at a considerable CAGR during the forecast period due to the increase in cross-border transactions among the small-sized enterprises.
• The digital segment held a significant share in 2021. This is attributable to the increasing adoption of online payments and digitization in various organizations across every industry vertical.
• The Banking, Financial Services, and Insurance (BFSI) segment are expected to grow at a considerable CAGR during the forecast period. This is attributable to the increasing demand for digital remittance for cross-border and domestic transactions.
• Asia Pacific is expected to grow at the fastest CAGR during the forecast period. This is attributable to the growing adoption of online payment solutions by small & medium-scale enterprises in emerging economies like India, and China in the region. Furthermore, the increase in focus on digitizing the business operations is also anticipated to support the regional growth of the market.

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The increasing expansion of trades and increased import and export of goods & services across the globe are anticipated to augment the growth of the {{keyword}} market during the forecast period. According to World Trade Organization, the world merchandise trade volume was estimated to grow by 10.8% in 2021 whereas the global GDP grew by 5.3% in 2021. Furthermore, imports of Asia in 2021 are estimated to rise by 9.4% compared to 2019. As seen the trade is been increasing which is expected to increase the demand for B2B payment in the years to come. However, the lack of global standards for cross-border payments and evolving cyber-attacks on digital payments are expected to hamper the growth of the market in the years to come. Moreover, an increase in the trend of digitalized payments and governments support & initiatives to promote B2B payment are expected to create immense opportunities for the growth of the market within the forecast period.

Asia Pacific held the largest shares in 2021. This is attributable to the increase in the number of cross-border disbursements in the region. Furthermore, the increasing economic development along with the early adoption of new technologies is also expected to fuel the regional growth of the market.

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