B2B Payments Market: The Acceleration of Digital Transformation and Expected to Hit $313947.8 billion by 2031

B2B payments involve the transaction of value denominated in currency from buyer to supplier between businesses for goods or services supplied in the market, irrespective of whether a payment is made in one country or internationally. B2B payments contain corporate expenses such as business-related per-diem or travel. In addition, B2B payments among two entities are predisposed by several factors, such as frequency, volume, interest charges, and sector, which do not impact customer payments.

Over the last decade, the B2B payments market revolved around paper-based, manual processes. However, a significant shift has been toward cloud-based, automated payment systems. This digitization has simplified the buying and selling process, making it more efficient and faster for B2B buyers and suppliers to make payments. Also, the current wave of digitalization provides an appropriate real-time actionable insight that facilitates merchants to identify trends and patterns to take strategic decisions. Thus, rise in initiatives and strategic advancement in incorporating digital technology leads to surge in the growth of the B2B payment market.

Allied Market Research recently published a report, titled, "B2B Payments Market by Payment Type (Domestic Payments, Cross-border Payments), by Enterprise Size (Large Enterprises, Medium-sized Enterprises, Small-sized Enterprises), by Payment Method (Bank Transfer, Cards, Others), by Industry Vertical (Manufacturing, IT and Telecom, Metals and Mining, Energy and Utilities, BFSI, Government Sector, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global b2b payments industry accounted for $125,432 billion in 2021, and is expected to reach $313,947.8 billion by 2031, growing at a CAGR of 9.9% from 2022 to 2031.

𝐂𝐥𝐚𝐢𝐦 𝐘𝐨𝐮𝐫 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/8548

Major determinants of the market growth

Rapid adoption of automation and digitalization and growth of global trade and strategies to expand business sector have boosted the growth of the global b2b payments market. Moreover, increase in cross-border transactions involving number of suppliers, retailers, and businesses supplemented the market growth. However, fraud in business payment and discontinuation of various business hinder the market growth. On the contrary, advancements in automation and new partnerships among market players would open new opportunities in the future.

Covid-19 scenario:

The pandemic severely affected the growth of the market, due to the imposition of lockdown by government authorities in various countries and shutdown of travel and business across the globe.
However, the b2b payments market is expected to gain traction in the coming years, due to incorporation of new strategies such as business expansion and new product launches.
The public segment dominated the market

By payment type, the domestic payments segment held the largest share in 2021, accounting for more than two-thirds of the global b2b payments market, and is projected to continue its dominance during the forecast period. Several leading B2B payment companies, as well as government authorities, have pioneered the innovation in payment platforms for domestic businesses, which drives the growth of the segment. However, the cross-border payments segment is estimated to register the highest CAGR of 11.8% during the forecast period, owing to the increase in the financial security of international payment, availability of multicurrency conversion technology, and limited stringent rules for cross-border product sales.

𝐁𝐮𝐲 𝐓𝐡𝐢𝐬 𝐄𝐱𝐭𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬) @ https://www.alliedmarketresearch.com/checkout-final/9ff592c442a7b87ff2feb8a6345e0240

The small-sized enterprises segment to portray the highest CAGR through 2031

By enterprise size, the small-sized enterprises segment is projected to manifest the highest CAGR of 13.1% from 2022 to 2031, due to rise in adoption of B2B payment technology among small-sized enterprises for improving business efficiencies, streamlining business operations, and managing delegated payment policies. However, the large enterprises segment held the largest share in 2021, contributing to more than half of the global b2b payments market, and is expected to maintain its leading position throughout the forecast period. This is due to significant adoption of B2B payment solution in large enterprises to improve the payment transaction process and assures support to clients with rapidly varying distribution models.

The manufacturing segment dominated the market

By industry vertical, the manufacturing segment held the largest share in 2021, accounting for nearly two-fifths of the global b2b payments market, and is expected to continue its dominance throughout the forecast period. Leveraging enterprise blockchain technology in digital B2B payments solutions streamlines the manual processes and painful reconciliation, as well as mitigates payment frauds within the manufacturing segment. However, the IT and telecom segment is projected to manifest the highest CAGR of 15.1% during the forecast period, owing to increase in security of corporate owners' financial information from cyber-attack and providing advanced analytic tools such as machine learning technology for payment business.

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: 𝐈𝐧𝐬𝐢𝐝𝐞𝐫'𝐬 𝐆𝐮𝐢𝐝𝐞 𝐭𝐨 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞@ https://www.alliedmarketresearch.com/purchase-enquiry/8548

Asia-Pacific held the lion's share

By region, the market across Asia-Pacific dominated the market in terms of revenue in 2021, accounting for nearly two-fifths of the global b2b payments market, and is projected to dominate the market during the forecast period. Furthermore, the region is expected to register the highest CAGR of 12.2% during the forecast period, due to growing number of companies going digital and increasing digital transformation during the COVID-19 pandemic.

Key players: American Express, JPMorgan & Chase Co., Mastercard, Payoneer Inc., PayPal Holdings, Inc., Paystand, Inc., Square, Inc., Stripe, TransferWise Ltd., and Visa Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the B2B payments industry.

Key Findings of the Study
•    By industry vertical, the manufacturing segment accounted for the largest B2B payments market share in 2021.
•    By region, North America generated highest revenue in 2021.
•    By payment type, the domestic payment segment generated the highest revenue in 2021.

𝐆𝐞𝐭 𝐘𝐨𝐮𝐫 𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥𝐢𝐳𝐞𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 & 𝐓𝐎𝐂 𝐍𝐨𝐰! @ https://www.alliedmarketresearch.com/request-for-customization/A08183

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