According to analysts at Vantage Market Research, the Business-to-Business (B2B) E-commerce Market is expected to reach USD 18.7 Trillion by 2028, growing at a CAGR of 18.54 % from 2021 to 2028.
As innovation multiplies, the market will observe a flood over the forecast period. Further, the continuous pandemic has constrained a few organizations to move online to serve customers around the world. Organizations are still investigating ways practical web-based channels dependent on the business, area, and rivalry.
- The buyer-oriented segment is projected to expand at the fastest CAGR exceeding 16% over the forecast period owing to due expansion in digital technologies and increasing internet connectivity & infrastructure networking have led to the rising adoption of virtual sales platforms businesses for the transaction of their products and services. This is anticipated to drive the B2Be-commerce market growth during the coming years.
- The consumer electronics segment held a market share of around 18% in 2020. This share is due to the rising application, ranging from services like digital, accounting, legal, to physical goods like equipment, machinery, consumer goods, among others is further expected to drive the market growth.
- Asia Pacific is expected to expand at a CAGR of over 15% from 2021 to 2028. This surge is attributed to the rising demand for the business-to-business (b2b) e-commerce market in developing economies such as China and India.
While the coronavirus outbreak made ruin around the world, restricting actual contact while guaranteeing business continuity turned into the first concern for organizations. Therefore, a few business-to-business merchants urged their customers to shop on the web. For example, a merchant of farming apparatus parts attempting to open a web store to provide food the client necessities. The pandemic has constrained a few organizations to move the internet setting out open doors for the development of B2B web-based business. Vendors in the region are currently embracing endeavors to assemble innovation that upholds their business, showcasing, and functional techniques over the long term.
Asia Pacific region is poised to record the highest CAGR, owing to the increasing demand in countries, such as India, China, and Japan. An important piece of B2B deals in the Asia Pacific exemplified hurry-to-process buys including basic exchanges with clients requiring no worth added administrations or the buy being a simple reordering, coupled with the growth of the region's overall business-to-business (b2b) e-commerce market.
Some of the key players in the Business-to-Business (B2B) E-commerce Market include Walmart, Amazon.com, Inc., ChinaAseanTrade.com, Flipkart.com, Alibaba., among others. The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.