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Business-to-Business Electronic Global Market: Trends and Insights | 2024 To 2033 Key Players
Business-to-Business Electronic Global Market Share
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According to The Business Research Company's, The business-to-business electronic market size has grown steadily in recent years. It will grow from $32.76 billion in 2023 to $33.58 billion in 2024 at a compound annual growth rate (CAGR) of 2.5%. The growth in the historic period can be attributed to growth of mobile technology influence, internet proliferation, early e-commerce platforms, edi adoption, integration of erp systems, globalization impact.
The business-to-business electronic market size is expected to see steady growth in the next few years. It will grow to $37.1 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. The growth in the forecast period can be attributed to cloud-based solutions, focus on personalization, api economy development, expansion of e-procurement, enhanced cybersecurity measures. Major trends in the forecast period include data analytics and insights, personalization of services, blockchain for security, iot applications, focus on user experience (ux).
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Market Drivers and Trends:
The surge in the inclination of companies towards electronic or e-commerce platforms to mark their online presence is expected to contribute to the growth of business-to-business electronics. Business-to-business electronic markets help companies reach a large consumer base, reduce costs, and improve efficiency by automating manual processes. B2B electronic markets increase opportunities for manufacturers to collaborate with suppliers and distributors. For instance, in February 2023, Forbes Advisor, a financial advice platform affiliated with the renowned business and finance publication Forbes, reported a substantial increase in global online sales. The figures show a rise from $5.21 trillion in 2021 to $5.71 trillion in 2022, with projections indicating an expected surge to $8.14 trillion by 2026. Additionally, 20.8% of retail purchases are expected to take place online in 2023. Therefore, the surge in online sales on the ecommerce platforms will continue to contribute to the growth of the business-to-business electronic market.
Manufacturers are establishing their own B2B marketplaces for selling their products online and fulfilling customer requirements for niche products, which is likely to be a key trend in business-to-business electronics. For instance, in February 2020, Reliance Steel launched a B2B marketplace called Fast Metals for the supply of metal products. In March 2020, YoKart, an Indian ecommerce marketplace builder launched YoKart B2B, a new B2B marketplace.
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Major Key Players of the Market:
Walmart Inc., Amazon.com Inc., Alibaba Group Holding Limited, Rakuten Group Inc., eBay Inc., Kelly's Directories Ltd., MFG.com, Global Sources Trade Ltd., BusyTrade.com, Indiamart Intermesh Ltd., Hong Kong Trade Development Council, Tradekey Pvt Ltd., Made-in-China.com, EC21 Inc., DIYTrade.com, eworldtrade.com, Gasgoo International Co. Ltd., TradeIndia.com, EC Plaza Network Inc., ExportHub Inc., ChinaAseanTrade.com, Thomas Industrial Network Inc., Kompass India Information Private Limited, Taiwan External Trade Development Council, Eceurope Co.
Business-to-Business Electronic Market 2024 Key Insights:
• The business-to-business electronic market size is expected to see steady growth in the next few years. It will grow to $37.1 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%.
• Surge In E-Commerce Fuels The Growth Of Business-To-Business Electronics
• Manufacturers Pioneering B2B Marketplaces For Niche Product Sales
• Asia-Pacific was the largest region in the business-to-business electronic market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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