Business-to-business (B2B) payments is an inter-commerce exchange that does not include a consumer. It typically includes businesses, such as corporations, wholesalers, retailers, and start-ups. B2B payments is executed between two companies that involve in trading at the domestic or international level. Paper checks still hold a large part of the payments space, however, the recent trend of automation led to the advancement of digital B2B payments solutions that are a more effective form of financial services. This B2B method results in faster issuing, receiving, and processing of payments and facilitates significantly improved positive cash flow. Moreover, the advancement and growth of the financial service sector and the increasing alliance of dedicated companies in payment technology contributed to a significant rise in the adoption of the B2B payments market.
The rapid digitalization & automation in the B2B payments system has accelerated its demand among business owners drives the growth of the B2B payments market. Moreover, the growth of global trade, strategies to expand the business sector, and surge in cross-border transactions involving the number of suppliers, wholesalers, retailers, and businesses are boosting the B2B payments market size. However, an increase in fraud in business payment, as well as discontinuations of numerous businesses due to the outbreak of the global COVID-19 pandemic restrict the growth of the market. On the contrary, the advancements in way of digitalization and automation to bring transparency across B2B payments and increase in partnership among B2B payments players & FinTech giants are expected to offer remunerative opportunities for expansion of the market during the forecast period.
The B2B payments market is segmented into payment type, enterprise size, payment method, industry vertical, and region. By payment type, the market is bifurcated into domestic payments and cross-border payments. By payment method, the market is divided into bank transfer, cards, and others. By enterprise size, it is segregated into large enterprises, medium-sized enterprises, and small-sized enterprises. By industry vertical, it is fragmented into manufacturing, IT & telecom, metals & mining, energy & utilities, BFSI, government sector and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the B2B payments market are 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 industry.
The rapid digitalization & automation in the B2B payments system has accelerated its demand among business owners drives the growth of the B2B payments market. Moreover, the growth of global trade, strategies to expand the business sector, and surge in cross-border transactions involving the number of suppliers, wholesalers, retailers, and businesses are boosting the B2B payments market size. However, an increase in fraud in business payment, as well as discontinuations of numerous businesses due to the outbreak of the global COVID-19 pandemic restrict the growth of the market. On the contrary, the advancements in way of digitalization and automation to bring transparency across B2B payments and increase in partnership among B2B payments players & FinTech giants are expected to offer remunerative opportunities for expansion of the market during the forecast period.
The B2B payments market is segmented into payment type, enterprise size, payment method, industry vertical, and region. By payment type, the market is bifurcated into domestic payments and cross-border payments. By payment method, the market is divided into bank transfer, cards, and others. By enterprise size, it is segregated into large enterprises, medium-sized enterprises, and small-sized enterprises. By industry vertical, it is fragmented into manufacturing, IT & telecom, metals & mining, energy & utilities, BFSI, government sector and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the B2B payments market are 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 industry.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the B2B payments market analysis from 2021 to 2031 to identify the prevailing B2B payments market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the B2B payments market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global B2B payments market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
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
By Region
- North America
- U.S.
- Canada
- Europe
- France
- Italy
- Spain
- Rest Of Europe
- UK
- Germany
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- American Express
- JPMorgan & Chase
- Mastercard
- Payoneer Inc.
- PayPal Holdings, Inc.
- Paystand Inc.
- Square, Inc.
- Stripe
- TransferWise Ltd
- Visa Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: B2B PAYMENTS MARKET, BY PAYMET TYPE
CHAPTER 5: B2B PAYMENTS MARKET, BY ENTERPRISE SIZE
CHAPTER 6: B2B PAYMENTS MARKET, BY PAYMET MODE
CHAPTER 7: B2B PAYMENTS MARKET, BY INDUSTRY VERTICAL
CHAPTER 8: B2B PAYMENTS MARKET, BY REGION
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, “B2B Payments Market," the B2B payments market was valued at $125432.00 billion in 2021, and is estimated to reach $313947.8 billion by 2031, growing at a CAGR of 9.9% from 2022 to 2031.The B2B payments market is driven by factors such as the ongoing trend of digitalization & automation in the B2B payment system has accelerated its demand among business owners in networking & connecting with various suppliers, wholesalers, and retailers. Furthermore, growth of global trade, strategies to expand the business sector, and surge in cross-border transactions drive the growth of the B2B payments market. However, increase in fraud in business payment and discontinuations of numerous businesses due to the outbreak of the global COVID-19 pandemic, along with the lack of trained IT staff restrict the growth of the B2B payments market. On the contrary, the advancements in way of digitalization and automation to bring transparency across B2B payments coupled with increase in partnership among B2B payment players & FinTech giants is expected to offer remunerative opportunities for expansion during the B2B payments market forecast.
Depending on organization size, the large enterprise segment holds the largest B2B payments market share owing to the rise in preference for cloud technology compared to on-premise models across the large enterprises. Furthermore, increase in number of money transactions and rise in need for making early bill payments in the organization drive the growth of the B2B payment market. However, the medium-sized enterprises in the B2B payments market trends is analyzed to witness the fastest growth, owing to digital innovations within the middle-sized enterprises, with evolving marketplace demand and changing market infrastructure.
Depending upon region analysis, the B2B payments market share was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the early adoption of the emerging technology such as artificial intelligence (AI), Internet of Things (IoT) and others in varied industries is positively impacting the growth of B2B payments industry. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to a rise in focus on reducing dependence on conventional B2B payment solutions and ensuring long-term sustainability in corporate networking is anticipated to drive the B2B payments market size.
The COVID-19 pandemic is expected to positively impact the overall economy in the B2B payments industry, owing to, the proliferation of contactless B2B processing systems being widely available and significantly used during to the imposition of strict lockdown by government authorities. Thus, several vendors have reported an increment in their profit margin during the second quarter of 2020. However, the pandemic increasingly affects consumer preference and reduces spending for on-premises servers, while the impact of COVID-19 on Infrastructure as a service (IaaS) servers will be minimal, which supports the market growth in the wake of the pandemic. Moreover, payment technology companies are incorporating advanced and innovative solutions to mitigate the effects caused by the pandemic on the demand for B2B payments. For instance, in November 2020, Visa, in strategic partnership with Conferma Pay, launched a Visa Commercial Pay. This new suite of m intended to improve cash flow for businesses and reduce outdated manual processes. These factors will normalize the situation for paving the demand for B2B payments, which, in turn, is contributing to the B2B payments market growth.
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.
The key players that operate in the B2B payments market analysis are 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.
Companies Mentioned
- American Express
- JPMorgan & Chase
- Mastercard
- Payoneer Inc.
- PayPal Holdings, Inc.
- Paystand Inc.
- Square, Inc.
- Stripe
- TransferWise Ltd
- Visa Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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