The global B2B payments market size was US$ 941.4 million in 2021. The global B2B payments market is forecast to grow to US$ 2,121.9 million by 2030 by growing at a compound annual growth rate (CAGR) of 10.1% during the forecast period from 2022 to 2030. 

Factors Influencing the Market

The B2B payment industry is witnessing significant growth due to growing digitalization across the world. Moreover, automation has taken over a substantial place in the daily lives of people. As a result, it will accelerate the growth of the B2B payments market during the study period. 

Rising global trade activities and surging demand for the cross-border transaction, which includes several suppliers, wholesalers, retailers, and businesses, will benefit the B2B payments market in the coming years. 

The global B2B payments market is also driven by the COVID-19 outbreak, which surged the need for online transactions. On the contrary, the high chances of fraud associated with B2B payments may limit the growth of the market during the forecast period.

The growing range of small-medium enterprises across the globe will also escalate the growth of the global B2B payments market during the study period. 

COVID-19 Impact Analysis

The ongoing COVID-19 pandemic is considered to be an opportunity for the global B2B payments market. Due to the wake of the pandemic, the demand for B2B payments has increased drastically. On the contrary, the implementation of lockdown across several sectors, combined with the bans on import & export, travel restrictions, etc., hampered the growth of the industries. Thus, it impeded the growth of the B2B payments market. In addition to that, irregularities in business operations and losses have significantly restricted the B2B payments market growth. 

Regional Analysis

Globally, the Asia-Pacific B2B payments market is forecast to emerge as the largest market, owing to the rising payment volume between the businesses and increasing adoption of digital payment systems. Furthermore, the presence of a wide range of small-medium-sized enterprises will offer lucrative growth opportunities for market growth. The market is also driven by the growing e-commerce industry and the massive population of the region. 

After Asia-Pacific, North America is expected to hold the massive share in the B2B payments market. It is majorly due to the growing adoption of virtual card accounts by the commercial line businesses in the U.S. Furthermore, the rapidly growing use of digital payment technology among several industries, including healthcare, manufacturing, retail, etc., will drive the B2B payments market forward during the forecast period. 

Competitors in the Market

• American Express
• Mastercard
• PayPal Holdings, Inc.
• Visa Inc.
• Bank of America Corporation
• Capital One
• Payoneer Inc.
• Square, Inc.
• Stripe
• TransferWise Ltd.
• Other Prominent Players

Market Segmentation

The global B2B payments market segmentation focuses on Payment Type, Enterprise Size, Payment Mode, Industry Vertical, and Region. 

By Payment Type Outlook

• Domestic Payments
• Cross-Border Payments

By Enterprise Size Outlook

• Large Enterprises
• Medium-Sized Enterprises
• Small-Sized Enterprises

By Payment Mode Outlook

• Traditional
• Digital

By Industry Vertical Outlook

• Manufacturing
• IT & Telecom
• Metals & Mining
• Energy & Utilities
• BFSI
• Others

By Regional Outlook

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America