B2B Payments Industry Report 2023: Growth, Trends and Forecast 2028

IMARC Group, a leading market research company, has recently releases report titled "B2B Payments Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global b2b payments market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the B2B Payments Market?

The global B2B payments market size reached US$ 1,025.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,682.4 Billion by 2028, exhibiting a growth rate (CAGR) of 8.1% during 2023-2028.

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Business-to-business (B2B) payments refer to financial exchanges between a buyer and supplier for goods or services. It is conducted through secure payment portals, which can be a one-time occurrence or follow a recurring pattern, as determined by agreement between the businesses.

It also offers various options for expedited payments, encourages improved cash flow and quicker expansion, and minimizes disagreement between merchants. As a result, B2B payments are widely adopted in information and technology (IT), metals and mining, banking, financial services and insurance (BFSI), energy and utilities, and telecommunications sectors.

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What are the growth prospects and trends in the b2b payments industry?

The market is primarily driven by the rising export and import of goods and services across the globe. In addition, the increasing use of credit cards, wire transfers, paper checks, cash, digital payment platforms, cash, and automated clearing house (ACH) payments are contributing to the market growth.

Moreover, various technological advancements are allowing safe and trusted corporate transactions resulting in the expansion of numerous small and medium-sized (SME) industries, representing another major growth-inducing factor. Besides this, the surging sales of smartphones and increasing internet penetration are also providing a positive thrust to market growth. Along with this, the widespread adoption of automation in B2B payment systems to connect with suppliers, wholesalers, and retailers is offering lucrative growth opportunities for industry players.

Furthermore, extensive research and development (R&D) activities conducted by key players to improve payment options and offer comprehensive B2B payment solutions are creating a favorable market outlook across the globe.

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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

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This release was published on openPR.