From 2021 to 2031, the B2B Payments Platform market is expected to increase at a CAGR of more than 11.4 percent. A B2B payment platform is an online payment system that allows businesses and organizations to pay all of their invoices using their existing debit cards, credit cards, or bank accounts. According to recent study, the B2B Payments Platform industry is expected to grow at a faster rate between 2021 and 2031.
Changes in consumer behavior, technological advances in the sector, new technologies, new market participants, and modified market infrastructure will drive the market’s growth in the future years. Furthermore, fraud instances involving business internet payments are limiting demand for B2B payments platforms.
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What is Driving Demand for B2B Payments Platform Market?
The factors such as changes in consumer behavior, technological innovations in the industry, new technologies, new market participants, and changed market infrastructure is fueling the demand for the B2B payments platform market.
Also the demand for online payment, virtual cards, and the capability of managing new forms of transactions is augmenting the demand for the B2B payments platform market. The increasing strategic partnership among finch companies and B2B payments platform service provider is expected to drive the demand fir the B2B payments platform market.
By Enterprise Size Type Large Enterprises Segment is driving the Adoption of B2B Payments Platform Market
Large enterprises segment is anticipated to constitute a highest market share in the B2B payments platform market over the forecasted period. In recent years, large enterprises uses B2B online payments for monetary transaction as it helps them to enhance their services between businesses or sales of goods via online channels.
It helps large enterprises to increase their market share. It is expected to drive the market share of large enterprises in forecasted period. However, SMEs segment is expected to grow at fastest CaGR owing to increasing number of cross border transaction between SMEs across the globe.
North America B2B Payments Platform Market Outlook
North America is anticipated to constitute a highest market share in the B2B payments platform market over the forecasted period. The North America shows significant growth in B2B payments platform market owing to availability of advanced infrastructure for online payment mode.
U.S. and Canada government invest money on securing the transaction network. The stringent government regulations and annual budget in telecommunication industry in major economies such as US and Canada has been one of the major driving factor for the growth of the B2B payments platform market in North America region.
North America has massive presence of B2B payments platform service providers such as Ora American Express, MasterCard, Capital One, Bank of America Corporation, and PayPal Holdings Inc. Presence of such key vendors in region fuels the growth of the B2B payments platform market in North America region.
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APAC Demand Outlook for B2B Payments Platform Market
Asia Pacific is anticipated fastest-growing region in the B2B payments platform market over the forecasted period owing to factors such as internet penetration in the region and rising adoption of the virtual card accounts within the commercial line businesses.
In addition, APAC region has developing countries such as China, India, and develops economy such as Japan that witness’s significant growth in adoption of online payment mode due to increasing internet penetration in the region.
For an instance, as per the ACI Worldwide report, digital payments in India are set to account for 71.7% of the total payments volume by 2025, leaving cash and cheques at 28.3%. Such development in the region propels the demand for the B2B payments platform market. Thus increasing digital payments ultimately propels the demand for the B2B payments platform market.
Who are the Major Vendors of B2B Payments Platform Market?
Some of the leading vendors and companies of B2B payments platform market include
- American Express
- Bank of America Corporation
- Capital One
- Payoneer Inc.
- PayPal Holdings Inc.
Key Segments By Payment Type:
- Domestic Payments
- Cross-Border Payments
By Payment Mode:
By Enterprise Size:
- Large Scale Business
- IT & Telecom
- Metals & Mining
- Energy & Utilities
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.