New York, NY, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled "B2B Digital Payment Market Share, Size, Trends, Industry Analysis Report, By Offering (Solution, Services); By Transaction Type; By Payment Mode; By Industry Vertical; By Region; Segment Forecast, 2023- 2032" in its research database.
According to the recent analysis by Polaris Market Research, the global B2B digital payment market size and share was valued at USD 4.6 billion in 2022 and is predicted to reach USD 17.85 billion by 2032. Also, the study states that the market reveals a robust 14.5% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032.
What are B2B Payments? How Big is B2B Digital Payment Market Share?
- An Introduction
B2B, or Business-to-business, is the exchange of money for goods and services that are provided through a supply chain process between two business organizations handled through business-to-business (B2B) processing. Also, in order to facilitate faster and safer payment processes and lessen the strain on accounts payable, end users are progressively incorporating emerging technologies like ML, AI, and others.
The B2B digital payment market is growing in the quickly evolving corporate landscape of today. It is changing how businesses carry out their business. This industry provides a selection of electronic payment options that are tailored to the particular requirements of companies that transact business with one another. With so many alternatives available, including virtual cards, blockchain-based solutions, and electronic funds transfers (EFTs), the B2B digital payment business is experiencing a boom in innovation and adoption.
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What are the Key Findings of the Report?
- The expansion of the B2B payments market is driven by the faster demand for B2B payment solutions among business owners due to their rapid digitalization and automation.
- The rising efficiency and speed in real-time payment is driving the market growth.
- The B2B digital payment market segmentation is mainly based on the transaction type, offering, industry vertical, payment mode, and region.
- North America dominated the market with the largest market share in 2022.
Who are the Major Players Operating in the B2B Payment Market?
- Adyen N.V.
- Billtrust
- Coupa Software Inc.
- Dwolla, Inc.
- Earthport PLC
- FLEETCOR Technologies, Inc.
- Intuit Inc.
- Mastercard Incorporated
- Nvoicepay, Inc.
- Optal Limited
- Payoneer Inc.
- Paytm Mobile Solutions Private Limited
- PayPal Holdings, Inc.
- Stripe Inc.
- TransferWise Ltd. (Now known as Wise)
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Market Dynamics
- Which Factors are Driving the Market Growth?
Many strong reasons are behind the rise of the B2B digital payment market growth. The main contributing aspect is the contemporary business environment's demand for speed and efficiency. Digital payments eliminate the delays that come with using traditional paper-based systems by enabling instantaneous transactions. Moreover, integrated electronic invoicing and automated features simplify the whole payment cycle, increasing operational productivity.
Additionally, the COVID-19 epidemic has expedited the transition to electronic payment methods. Businesses are investigating digital payment options as a result of the requirement for contactless transactions and remote operations, which further solidifies their position as a crucial element of contemporary commerce. When taken as a whole, these motivating elements are changing the B2B payment environment and advancing the B2B digital payment market toward a future dominated by technology.
- What are the Latest Market Trends and Opportunities?
Propelled by crucial factors like the expanding global reach of enterprises, which necessitates simplified and efficient cross-border payment procedures, the B2B digital payment market share is witnessing tremendous expansion. Traditional methods, which are sometimes hampered by lengthy processing times and high fees, are losing momentum to digital alternatives that offer speed, transparency, and cost-effective transactions.
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Overview of the Top Segments
- Domestic Sector Accounts for the Largest Share
Providers in this sector provide domestic firms with simple and affordable payment options by focusing on in-country transactions. By doing this, the difficulties involved with making cross-border payments are removed, including currency conversion and foreign transaction fees.
Additionally, the domestic market gains from a thorough comprehension of regional regulatory frameworks, which guarantees compliance and fosters corporate trust. The remarkable growth of the domestic segment in the B2B digital payment market has been largely fueled by this tailored strategy.
- Debit/Credit Card Sector Holds the Significant Revenue Share
Businesses embrace credit/debit cards because of their convenience and usability, which enable quick and safe transactions. Adoption is further encouraged by the availability of corporate credit cards as well as by rewards and rebate programs. Enhanced security features like tokenization and EMV chips reassure users.
Furthermore, credit and debit cards' widespread acceptability guarantees their applicability in cross-border business transactions. Together, these elements are responsible for the credit/debit card market's strong expansion in the B2B digital payment industry.
- BFSI Sector Witnesses Highest Growth
The BFSI sector has led the way in creating safe and effective digital payment systems by utilizing its deep understanding of the market. Businesses are instilled with confidence by their well-established infrastructure and skill in regulatory compliance.
Furthermore, BFSI institutions are spearheading innovation by bringing in functions like automated reconciliation, real-time settlements, and sophisticated fraud detection. In the business-to-business (B2B) sector, digital payment solutions are being adopted more quickly due to this increased degree of security and service.
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B2B Digital Payment Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 17.85 Billion |
| Market size value in 2023 | USD 5.29 Billion |
| Expected CAGR Growth | 14.5% from 2023 – 2032 |
| Forecast Year | 2023 – 2032 |
| Segments Covered | By Offering, By Transaction Type, By Payment Mode, By Industry Vertical, By Region |
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Regional Landscape
North America: This tendency has been further accelerated by North America's extensive use of credit cards and ACH transfers, as well as its strong technology infrastructure. The B2B digital payment market in North America is growing due to robust legal frameworks and sophisticated cybersecurity safeguards in place. This is opening the door for a more connected and digitalized business environment.
Asia Pacific: Throughout the projection period, the Asia-Pacific region is anticipated to increase at the fastest rate. Market-driven, governmental, and technological factors are to blame for this. If companies and payment providers want to thrive in this dynamic and quickly changing environment, they must comprehend and navigate these forces.
Browse the Detail Report “B2B Digital Payment Market Share, Size, Trends, Industry Analysis Report, By Offering (Solution, Services); By Transaction Type; By Payment Mode; By Industry Vertical; By Region; Segment Forecast, 2023- 2032” with in-depth TOC at: https://www.polarismarketresearch.com/industry-analysis/b2b-digital-payment-market
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Current Progresses
- The digital wallet company Belo released a web platform in August 2023 with the goal of helping businesses conduct cross-border transactions. According to Contxto, this program aims to address the unique challenges that Latin American micro, small, and medium-sized businesses (SMEs) face when conducting business internationally.
Report Answers to the Following Questions
- What is the B2B digital payment market size during the forecast period?
- Which region has the largest market share?
- What is the study period of the market?
- Which aspects are driving the B2B digital payment market demand?
- What are the opportunities for the new market entrants in the market?
Polaris Market Research has segmented the B2B digital payment market report based on offering, transaction type, payment mode, industry vertical, and region:
By Offering Outlook
- Solution
- Services
By Transaction Type Outlook
- Cross-border
- Domestic
By Payment Mode Outlook
- Digital Wallet
- Debit/Credit Card
- Others
By Industry Vertical Outlook
- IT & Communication
- BFSI
- Retail & E-commerce
- Travel & Hospitality
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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