B2B Digital Payment Market Rapid Growth, Demand, Size, Share and Report Thriving Worldwide by 2028
This research report categorizes the B2B digital payment market based on offering, functions, deployment model, organization size, vertical, and region.
Northbrook, IL 60062 -- (SBWire) -- 09/27/2023 --The global B2B Digital Payment Market size is projected to grow from USD 4.2 billion in 2023 to USD 8.2 billion by 2028, at a CAGR of 14.3% during the forecast period, according to research report by MarketsandMarkets™.
The growth of the fintech sector has introduced innovative payment solutions, such as digital wallets, blockchain-based payments, and peer-to-peer platforms. These innovations have contributed to the diversification of B2B digital payment options.
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Based on offering, the solutions segment holds the largest market size during the forecast period
The solutions segment of the digital payment market has been classified into payment infrastructure, billing and accounting management, and security, compliance, and fraud prevention management. Major B2B digital payment vendors are gradually adopting smart technologies, such as cloud computing, analytics, and big data, to offer comprehensive solutions to potential customers.
Based on solutions, the billing and accounting management segment is expected to grow with the highest CAGR during the forecast period
Billing and accounting management solutions are integral in the B2B digital payment market, streamlining financial processes, reducing errors, and enhancing overall financial management for businesses. These solutions encompass features like invoicing, payment processing, automated reminders, and expense tracking. They facilitate efficient creation and tracking of invoices, offer diverse payment methods, and provide automated reminders for overdue payments. The ability to categorize expenses, generate comprehensive financial reports, and integrate with accounting software ensures accurate financial insights. Security measures and compliance with regulations safeguard sensitive data, while streamlined approval processes and scalability accommodate diverse business needs. Ultimately, these solutions play a pivotal role in optimizing financial operations, promoting transparency, and supporting informed decision-making in the B2B digital payment landscape.
North America is expected to have the largest market size during the forecast period.
The B2B digital payment market in North America is highly competitive, as the US and Canada have a strong focus on Research and Development (R&D) and innovation. North America has been a global innovator, constantly at the forefront of payment technology along with retail and financial services. The region has always been dependent on the stability and convenience of its well-established payment infrastructure. The widespread adoption of mobile devices, such as smartphones and tablets, and the need to have convenient access to financial solutions have positively affected the B2B digital payment market in North America. The shift from paper-based processes to digital solutions, including digital wallets and virtual cards, was enhancing efficiency and security. Mobile payments gained traction, while blockchain and cryptocurrencies were explored for potential disruption.
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The B2B digital payment market comprises major providers, such PayPal (US), Fiserv (US), FIS (US), Global Payments (US), ACI Worldwide (US), Block (US), MasterCard (US), Visa (US), Payoneer (US), Stripe (US), Helcim (Canada), Payset (UK), Paytm (India), Razorpay (India), Rapyd (UK), Stax (US), EBANX (Brazil), Ramp (US), HighRadius (US), MatchMove (US), BharatPe (India), Juspay (India), Ripple (US), Terra (South Korea), Lolli (US), Paystand (US). To increase their market share in the B2B digital payment industry, these competitors have used a variety of growth methods, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.
Key Dynamic Factors For B2B Digital Payment Market:
Innovation and technological advancements:
Technology innovations like blockchain, AI, and machine learning are propelling innovation in B2B digital payment solutions, improving security, effectiveness, and transparency.
Environmental Regulations and Compliance
The adoption and expansion of digital payment solutions in the B2B market are influenced by changing regulatory frameworks and compliance requirements. Regulations that support privacy and security of data are particularly important.
Globalisation and International Business:
Effective cross-border payment solutions are required due to the growing globalisation of businesses. Demand is high for B2B digital payment services that enable simple and affordable cross-border transactions.
Cost effectiveness and openness:
B2B digital payment options are less expensive than conventional payment options. Businesses find transparency in transactions, lower processing costs, and quicker settlement times to be appealing characteristics.
Use Cloud-Based Solutions Instead:
The scalability, flexibility, and affordability of cloud-based payment solutions are driving use. Businesses may handle their payment operations more effectively thanks to cloud-based technologies.
Real-time payment demand:
Real-time payment capabilities are becoming more and more necessary for businesses to support their operations and improve cash flow. Instantaneous transaction processing B2B digital payment solutions are gaining popularity.
Cybersecurity Issues and Preventing Fraud:
Strong cybersecurity measures and fraud prevention strategies are essential for gaining trust and promoting the use of digital payment solutions in the B2B sector as a result of the surge in cyber threats and payment fraud.
Integration with accounting and ERP systems:
To speed financial processes, improve accuracy, and reduce manual entry errors, B2B digital payment solutions must seamlessly integrate with accounting and enterprise resource planning (ERP) platforms.
Customer demand for speed and convenience:
To increase operational efficiency, businesses are looking for simple and quick payment solutions. This demand is met by B2B digital payment services that offer a seamless user experience and speedy transactions.
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Competitive and Segmentation Analysis:
The B2B digital payment industry is extremely cutthroat, with numerous competitors vying for market share and trying to set themselves apart with cutting-edge products and improved client experiences. Key participants in the market include well-known financial organisations like PayPal, Square, Stripe, and Adyen, which use their strong networks and infrastructure to offer seamless B2B payment solutions. Additionally, new fintech firms like TransferWise, Payoneer, and Veem are upending the industry with adaptable, technologically advanced systems that are tailored precisely to the special requirements of businesses. These businesses frequently excel in providing cutting-edge features and effective cross-border payments.
The B2B digital payment market can be classified into segments based on a number of factors, including payment type, end-user industry, and region. Payment kinds include real-time payments, mobile payments, digital wallets, and electronic funds transfers, each of which caters to different payment preferences and requirements in the B2B market. Each end-user industry has its own unique requirements and regulatory issues, including e-commerce, healthcare, retail, and manufacturing. The market can be divided geographically into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa, with each region offering particular opportunities and difficulties.
In addition, these segments emphasise customization, security, cost-effectiveness, seamless connection with current systems (such ERPs), and adherence to regional laws. In order to get an advantage in this competitive environment, businesses are continually developing and updating their offerings to meet these criteria. The B2B digital payment market is experiencing increased competition as a result of common strategies such strategic alliances, mergers, and acquisitions that aim to increase market penetration and improve service offerings.
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