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North America B2B Payments Market Size, Share, Growth, Forecast: By Payment Type: Domestic Payments, Cross-Border Payments; By Payment Mode: Traditional, Digital; By Enterprise Size: Large Enterprises, Small and Medium-sized Enterprises; By End Use: BFSI, Manufacturing, Others; Regional Analysis; Competitive Landscape; 2023-2028
North America B2B Payments Market Outlook
The North America B2B payments market size is estimated to expand at a CAGR of 9.10% in the forecast period of 2023-2028. The market is expected to be aided by the heightened adoption of digital payments modes by the population, coupled with the region’s well-established payments infrastructure.
Key Trends in the Market
B2B payments refer to the exchange of currencies between businesses (a buyer and a supplier) in return of goods or services. Being an inter-commerce transaction, it does not involve a consumer but businesses including corporations, start-ups, retailers, and wholesalers. Based on the agreement between buyer and seller, these payments can be recurring or single transactions. Some of the popular modes of payment include cash, credit cards, digital payment platforms, and others.
- The rapid adoption of digital payments methods among business entities is among the key North America B2B payments market trends. With technological advancements and innovations in the payments industry, digital payments have become more secure and faster when compared to traditional methods.
- Incorporation of new strategies, collaborations between market players, and new product launches further support companies and enterprises to automate operations and integrate digital payment solutions into their systems. The usage of AI and machine learning makes the entire process much more smoother and faster whilst contributing to the business growth.
- Increase in cross-border transactions due to rise in global trade between businesses also widens the scope of B2B payments. Improved data insights and usage of new tools and platforms aid businesses in optimising their performance by keeping a track of their spendings, thereby aiding the North America B2B payments market demand.
Market Analysis
Based on payment type, the market is divided into domestic payments and cross-border payments. On the basis of payment mode, the market is classified into traditional and digital.
The North America B2B payments market segmentation, based on enterprise size, includes large enterprises and small and medium-sized enterprises. Based on end use, the market is divided into BFSI, manufacturing, IT and telecom, metals and mining, and energy and utilities, among others. The major regional markets in North America include the United States of America and Canada.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the North America B2B payments market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- American Express Company
- JPMorgan Chase & Co.
- Bank of America Corporation.
- Citigroup Inc.
- Capital One Financial Corp
- Mastercard Inc.
- PayPal Holdings Inc.
- Visa Inc.
- Stripe, Inc.
- VeriFone, Inc.
- Others
Market Share by Payment Mode
Despite the growing popularity of digital payments, traditional payments mode still dominate the market due to the familiarity of businesses with this system. As per the North America B2B payments market analysis, a large demographic still relies on bank transfers and usage of cheques due to the years of usage and willingness to follow the norms. Few businesses also prefer to stick to the traditional method to meet legal obligations, as the traditional method align better with the government regulations. Meanwhile, the preference for digital payments is expected to increase significantly in the forecast period due to the speedy transfers and convenience of transactions. Besides, companies are constantly working on making digital payments more secure, lowering the risk of data breaches and counterfeit fraud.
Market Share by Region
The US holds a substantial portion of the North America B2B payments market share due to the presence of advanced and well-established payments infrastructure in the country. The increasing global trade activities and the growing economy of the US also contribute to the market growth. The favourable government policies, improvements in security aspect of digital payments methods, and innovations by market players are likely to provide a boost to the country’s B2B payments ecosystem.
Competitive Landscape
American Express Company, founded in 1850, is a multinational financial corporation headquartered in New York, United States. The company provides digital payments solutions that are used by merchants in over 40 countries.
JPMorgan Chase & Co., founded in 1871, is a financial institution that specialises in investment banking and asset management. Headquartered in New York, United States, the company has a presence in over 60 markets.
Bank of America Corporation., founded in 1923 and based in North Carolina, United States, is an investment bank, providing financial solutions to small scale businesses and large corporations worldwide.
Other market players include Citigroup Inc., Capital One Financial Corp, Mastercard Inc., PayPal Holdings Inc., Visa Inc., Stripe, Inc., and VeriFone, Inc.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Payment Type |
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| Breakup by Payment Mode |
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| Breakup by Enterprise Size |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global B2B Payments Market Analysis
8.1 Key Industry Highlights
8.2 Global B2B Payments Historical Market (2018-2022)
8.3 Global B2B Payments Market Forecast (2023-2028)
8.4 Global B2B Payments Market by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 North America B2B Payments Market Analysis
9.1 Key Industry Highlights
9.2 North America B2B Payments Historical Market (2018-2022)
9.3 North America B2B Payments Market Forecast (2023-2028)
10 North America B2B Payments Market by Payment Type
10.1 Domestic Payments
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Cross-Border Payments
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
11 North America B2B Payments Market by Payment Mode
11.1 Traditional
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Digital
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
12 North America B2B Payments Market by Enterprise Size
12.1 Large Enterprises
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Small and Medium-sized Enterprises
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
13 North America B2B Payments Market by End Use
13.1 BFSI
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 Manufacturing
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 IT and Telecom
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 Metals and Mining
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Energy and Utilities
13.5.1 Historical Trend (2018-2022)
13.5.2 Forecast Trend (2023-2028)
13.6 Others
14 North America B2B Payments Market by Country
14.1 United States of America
14.1.1 Historical Trend (2018-2022)
14.1.2 Forecast Trend (2023-2028)
14.2 Canada
14.2.1 Historical Trend (2018-2022)
14.2.2 Forecast Trend (2023-2028)
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyer’s Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators for Demand
15.4 Key Indicators for Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 American Express Company
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 JPMorgan Chase & Co.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Bank of America Corporation.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Citigroup Inc.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Capital One Financial Corp
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Mastercard Inc.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 PayPal Holdings Inc.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Visa Inc.
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Stripe, Inc.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 VeriFone, Inc.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global B2B Payments Market: Key Industry Highlights, 2018 and 2028
2. North America B2B Payments Market: Key Industry Highlights, 2018 and 2028
3. North America B2B Payments Historical Market: Breakup by Payment Type (USD Million), 2018-2022
4. North America B2B Payments Market Forecast: Breakup by Payment Type (USD Million), 2023-2028
5. North America B2B Payments Historical Market: Breakup by Payment Mode (USD Million), 2018-2022
6. North America B2B Payments Market Forecast: Breakup by Payment Mode (USD Million), 2023-2028
7. North America B2B Payments Historical Market: Breakup by Enterprise Size (USD Million), 2018-2022
8. North America B2B Payments Market Forecast: Breakup by Enterprise Size (USD Million), 2023-2028
9. North America B2B Payments Historical Market: Breakup by End Use (USD Million), 2018-2022
10. North America B2B Payments Market Forecast: Breakup by End Use (USD Million), 2023-2028
11. North America B2B Payments Historical Market: Breakup by Country (USD Million), 2018-2022
12. North America B2B Payments Market Forecast: Breakup by Country (USD Million), 2023-2028
13. North America B2B Payments Market Structure
Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 9.10% between 2023 and 2028.
The major factors aiding the market growth include rise of cross-border transactions, technological advancements, and incorporation of new strategies by market players.
The key trends of the market include growing digitisation and the region’s rapid economic growth.
The major regions in the market are the United States of America and Canada.
The primary types of B2B payments are domestic and cross-border payments.
The different B2B payment modes include traditional and digital.
The major end users of B2B payments include BFSI, manufacturing, IT and telecom, metals and mining, and energy and utilities, among others.
The key players in the market are American Express Company, JPMorgan Chase & Co., Bank of America Corporation., Citigroup Inc., Capital One Financial Corp, Mastercard Inc., PayPal Holdings Inc., Visa Inc., Stripe, Inc., and VeriFone, Inc., among others.
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