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The latest report by IMARC Group, titled “B2B Payments Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global B2B payments market reached US$ 942.6 Billion in 2021. B2B payments are financial transactions between two or more merchants for an exchange of goods or services. They assist in getting faster payments, improving cash flow, and avoiding ambiguity and discrepancy between merchants. They also aid in simplifying accounts payable and receivable as with B2B payment solutions, payments are automatically stored by software tools and applications. As a result, they find extensive applications in telecom, information and technology (IT), manufacturing, energy and utilities, metals and mining, and banking, financial services and insurance (BFSI) industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global B2B Payments Market Trends:
There is a significant rise in the export and import of goods and services around the world. This, coupled with several efforts undertaken by governing authorities of numerous countries to minimize trade barriers, represents one of the key factors positively influencing the market. In line with this, the establishment of various small and medium-sized enterprises (SMEs) across the globe is creating a positive outlook for the market. Apart from this, the increasing adoption of B2B payments in large enterprises for enhancing their market value and boosting their sales of goods or services via online distribution channels is propelling the market growth. Additionally, the increasing utilization of automated clearing house (ACH) in B2B payments as it is relatively faster and more efficient is offering a favorable market outlook. Furthermore, the rising use of automation in B2B payment systems for networking and connecting with suppliers, wholesalers, and retailers is further augmenting the market growth. Moreover, leading market players are increasingly focusing on expanding partnerships and collaborations with international clients to introduce more advanced and comprehensive solutions. Looking forward, IMARC Group expects the market to reach US$ 1,563.5 Billion by 2027, exhibiting a CAGR of 8.30% during the forecast period (2022-2027).
Market Summary:
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