The B2B Payments Platform market is estimated to grow by more than 11.4% CAGR from 2021-2031. B2B payments platform is an online payment portal which helps businesses/enterprises/ to pay all their bills with the help of their existing debit cards, credit cards, or bank accounts.
According to latest research, B2B Payments Platform market is set to witness higher growth during 2021-2031. The market will show highest growth in coming years, owing to factors such as changes in consumer behaviour, technological innovations in the industry, new technologies, new market participants, and changed market infrastructure.
Moreover, fraud cases across business online payments is hampering the demand for the B2B payments platform market.
What is Driving Demand for B2B Payments Platform Market?
The factors such as changes in consumer behaviour, 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 fintech companies and B2B payments platform service provider is expected to drive the demand fir the B2B payments platform market.
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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
These key vendors have adopted various organic/inorganic strategies, to increase customer base at global market. They spends millions of dollars into product research and development to carry off the needs of their customers for B2B Payments Platform market.
Furthermore, many companies are focusing on launching of new product or enhance their product offering.
For instance, In March 2021, MasterCard announced addition of new functionality to its track business payment service. It gives businesses greater control of their payments.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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