B2B Payments Market to reach US$ 2,117.0 Billion by 2032 According to the latest report, the global B2B payments market size reached US$ 1,108.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2,117.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7.3% during 2024-2032.
Global B2B Payments Industry Trends and Drivers:
There is a significant rise in the export and import of goods and services worldwide. This, coupled with various efforts undertaken by governing bodies of numerous countries to minimize trade barriers, is representing one of the key factors positively influencing the market. In line with this, the establishment of numerous 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 to enhance their market value and boost their sales of goods or services via online distribution channels is propelling market growth. Additionally, the increasing utilization of automated clearing house (ACH) in B2B payments due to its relative speed and efficiency 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 market growth. Moreover, leading market players are increasingly focusing on expanding partnerships and collaborations with international clients to introduce more advanced and comprehensive solutions.
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Based on payment type, domestic payments hold the largest market share.
On the basis of payment mode, the market has been bifurcated into traditional and digital segments. At present, the traditional payment mode accounts for the majority of the total market share.
Based on the enterprise size, large enterprises dominate the market.
On the basis of industry verticals, the market has been categorized into BFSI, manufacturing, IT and telecom, metals and mining, energy and utilities, and others. Presently, the manufacturing sector exhibits a clear dominance.