by Precedence Research recently published a report titled “B2B Payments Transaction Market – Global Industry Analysis, Size, Share, Trends, Growth, Regional Outlook, and Forecast 2021-2030”
The global B2B payments transaction market size is projected to hit USD 70 billion by 2030 and is anticipated to grow with a healthy CAGR of 10.7% over the forecast period 2021-2030.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030.
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Business-to-business (B2B) payments transaction is the transactions that happen among the businesses to avail a product as well as a service. It is typically applied to multinational corporations (MNCs), startups, retailers, wholesalers, vendors, and merchants among others. These payments can be a periodic subscription or a one-time purchase. In addition, such type of payments are slightly different & complex as compared with the business-to-customer(B2C) payments, owing to the string of approvals & settlements involved.
Businesses are increasingly demanding for a speed, ease, security, and convenience for their payments; this has led to the more innovation and disruption in the payments industry.
Crucial factors accountable for market growth are:
- Rapid expansion of trades across the globe
- Increased import and export of goods & services
- Surge in volume of totalB2B payments
- Growth in number of online payment activities
- Growing per capita healthcare spending
- Rapid trend among the domestic small and medium sized companies to engage in massive trades
- Integration of automation technology in B2B payment
Scope of the B2B Payments Transaction Market
| Report Highlights | Details |
| Market Size | USD 70 Billion by 2030 |
| Growth Rate | CAGR of 10.7% from 2021 to 2030 |
| Base year | 2020 |
| Historic Data | 2017 to 2020 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Payment Type, Enterprise Size, Payment Mode, Industry Vertical |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, South America |
Market Dynamics
Driver
Growth of the global B2B payments transaction market is mainly driven by rapid expansion of trades across the globe due to an increased import and export of goods & services. For instance, developing nations have become significantly important in world tradewith several developing countries such as India and China have considerably augmented their exports of manufactures and services. Several studies indicate that the trade among developing nations has grown rapidly, with over 40% of their exports is going to other developing nations.
Restraint
The business revenue losses along with the discontinuation in business operations primarily hampers growth of the market during forecast period.
Opportunity
There is risingshift within the B2B ecosystem towards digital technologies. For the businesses, digitization ofaccounts receivable and accounts payable functions allows significant workflow automation by reducing thehuman errors and labor costs associated with manual processing of payments. Hence, digitization ofB2B payments transaction significantly creates lucrative growth opportunities for the market growth during the forecast period.
Challenges
Upsurge in fraud cases across business payment industry is anticipated to challenge growth of the global B2B payments transaction market. This is attributed to the fact that more number of large as well as small businesses are at risk of payments fraud. For instance, in November 2019, the police department of Irelandhave alarmed about the threat of B2B payments fraud after a number of businesses in the country lost thousands of dollars to business email compromise (BEC) scams.
Recent Developments
- In August 2021, Fiserv, a global fintech and payments company and Goldman Sachs Transaction Banking have launched the initial B2B payments offering.This offering is a B2B facility for domestic and foreign currency payments.
- In August 2021, Sentinels, the transaction monitoring platform has formed a collaboration with TerraPay,the payments infrastructure provider. Through this collaboration agreement, Sentinels is projected toofferTerraPay’s infrastructure with an AI-powered tool and improve transaction monitoring capabilities.
- In December 2020, First Abu Dhabi Bank (FAB), the UAE’s largest lender has partnered with Visa, an American multinational financial services corporation to offer a suite of digital payment solutions that are targeted at corporate clients.
Report Highlights
- Domestic Payments segment led the global B2B payments transaction market with remarkable revenue share in 2020. Upsurge in number of small and medium sized enterprises in the countries such as India and China is primarily uplifting the segment growth.
- By enterprise size, large enterprises held the major revenue share in the global B2B Payments Transaction market in 2020 owing to rising B2B payments transactions among the large manufacturer and wholesaler.
- By payment mode, traditional held the major revenue share in the global B2B Payments Transaction market in 2020 owing to current preference by large companies towards traditional payments.
- By industry vertical, manufacturing held the major revenue share in the global B2B Payments Transaction market in 2020.
Regional Snapshots
North America dominated the global B2B Payments Transaction market in 2020 and projected to augment the market in the coming years. The prime factor attributed for its growth is availability of advanced infrastructure that helps facilitating the online payment. In addition to this, the high spending by U.S. and Canada government on securing the transaction network, coupled with an availability of standard rules and regulations pertaining to online payment is further anticipated to encourage growth of the market in this region.
Asia Pacific projected as the most opportunistic region during the forecast period. The prime factor attributed to ongoing proliferation of business-to-business eCommerce market as well as surge in adoption of financial technology. In addition to this, digital transformation trend along with the strategic partnerships among global and local industry players have fueled adoption of B2B payments transaction in the region.
Competitive Intelligence
The B2B payments transaction market report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation, and so on.
Some of the key players in the global B2B Payments Transaction Market include:
- American Express
- Bank of America Corporation
- Capital One
- Mastercard
- Citigroup Inc.
- TransferWise Ltd.
- Payoneer Inc.
- PayPal Holdings Inc.
- Square Inc.
- Visa Inc.
Segments Covered in the Report
By Payment Type
- Domestic Payments
- Cross-Border Payments
By Enterprise Size
- Large Enterprises
- Small and Medium Sized Enterprises
By Payment Mode
- Traditional
- Digital
By Industry Vertical
- BFSI
- Manufacturing
- Metals & Mining
- IT & Telecom
- Energy & Utilities
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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