B2B Payments Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The B2B Payments Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s B2B Payments Global Market Report 2024, The B2B payments market size has grown strongly in recent years. It will grow from $1134.94 billion in 2023 to $1239.16 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to globalization and cross-border transactions, demand for faster and secure transactions, regulatory changes and compliance, automation of financial processes, emergence of fintech solutions.

The B2B payments market size is expected to see strong growth in the next few years. It will grow to $1794.55 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to continued global trade growth, focus on working capital optimization, rise of subscription-based services, integration with ERP systems, enhanced data security measures. Major trends in the forecast period include customization of payment solutions for industries, shift towards contactless and mobile payments, enhanced supplier and buyer collaboration platforms, focus on working capital optimization, integration of payment analytics for decision-making.

Growing global trade is expected to propel the B2B payments market going forward. Trade refers to the selling and buying of items, goods, and services between two firms, countries, or groups of people with the sole purpose of making a profit, when it is done internationally it is referred to as global trade. B2B payments are used in trade business for the rapid exchange of currency or money for goods and services, which plays an important role in export and import deals. For instance, in February 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization that promotes world trade, the global trade value increased by 25% to reach $28.5 trillion in 2021 compared to 2020. Furthermore, according to the World Trade Organization, a Switzerland -based regulator and facilitator of international trade, global merchandise trade volumes is increase by 3.5% in 2022. Therefore, the growth of global trade is driving the demand for the B2B payments market.

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The B2B payments market covered in this report is segmented –

1) By Payment Type: Domestic Payments, Cross-Border Payments

2) By Payment Mode: Bank Transfer, Cards, Other Payment Modes

3) By Enterprise Size: Large Enterprises, Medium-Sized Enterprises, Small-Sized Enterprises

4) By Industry Vertical: Manufacturing, IT And Telecom, Metals And Mining, Energy And Utilities, Banking, Financial Services And Insurance, Government Sector, Other Industry Vertical

Major companies operating in the B2B payments market are increasing their focus on introducing innovative solutions, such as seamless payment assistance, to gain a competitive edge in the market. A seamless payment experience refers to a transaction process that is frictionless and user-friendly, where customers can make payments easily and efficiently without encountering disruptions or obstacles. For instance, in December 2023, Alternative Payments, a UK-based company, launched Collections Assist, a product designed to revolutionize accounts receivable collections for service companies. The new product allows businesses to send overdue invoices to collections in just two clicks, saving time and reducing manual efforts. The platform enables businesses to offer their customers a seamless payment experience with Alternative Payments’ B2B checkout, which features the company’s branding and design elements.

The b2b payments market report table of contents includes:

 

1. Executive Summary
2. B2B Payments Market Characteristics
3. B2B Payments Market Trends And Strategies
4. B2B Payments Market – Macro Economic Scenario
5. Global B2B Payments Market Size and Growth

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32. Global B2B Payments Market Competitive Benchmarking
33. Global B2B Payments Market Competitive Dashboard
34. Key Mergers And Acquisitions In The B2B Payments Market
35. B2B Payments Market Future Outlook and Potential Analysis
36. Appendix

Top Major Players:

• JPMorgan Chase & Co
• Bank of America Corporation
• Citigroup Inc
• American Express Company,
• Capital One Financial Corporation

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