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B2C Payment Market to Reach $4,736.2 Billion Globally, by 2032 at 12.3% CAGR: Allied Market Research
[February 12, 2024]

B2C Payment Market to Reach $4,736.2 Billion Globally, by 2032 at 12.3% CAGR: Allied Market Research


Growth in the e-commerce industry and rise in consumer demand for digital payments, technological advancements such as digital wallets, and contactless payments driving innovation, and increased adoption of mobile payments and online banking boost the growth of the global B2C payment market.

PORTLAND, Ore, Feb. 12, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "B2C Payment Market by Type (Cards, Digital Wallet, and Others), Industry Vertical (BFSI, Healthcare, Hospitality & Tourism, Hospitality & Tourism, Transportation & Logistics, Retail & E-commerce, Energy & Utilities, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the B2C payment market was valued at $ 1.5 trillion in 2022 and is projected to reach $ 4.7 trillion by 2032, exhibiting a CAGR of 12.3% from 2023 to 2032.

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Prime determinants of growth

Growth in the e-commerce industry, rise in consumer demand for digital payments, and technological advancements such as digital wallets and contactless payments driving innovation boost the growth of the global B2C payment market. In addition, factors such as increased adoption of mobile payments and online banking have positively impacted the growth of the market. However, cybersecurity threats, fraud risks, and regulatory uncertainty are expected to hamper the market growth. On the contrary, advancing biometric authentication technologies such as facial recognition and fingerprints can enhance security and blockchain-based solutions can enable faster cross-border transactions. Lower costs are expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the growth of the B2C payment market.

Report coverage & details:





Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$ 1.5 trillion

Market Size in 2032

$ 4.7 trillion

CAGR

12.3 %

No. of Pages in Report

249

Segments covered

Type, Industry Vertical, and Region.

Drivers

Growth in the e-commerce industry and rise in consumer demand for digital payments

Technological advancements such as digital wallets and contactless payments driving innovation

Increased adoption of mobile payments and online banking

Opportunities

Advancing biometric authentication technologies such as facial recognition and fingerprints can enhance security

Blockchain-based solutions can enable faster cross-border transactions and lower costs

Restraints

Cybersecurity threats and fraud risks

Regulatory uncertainty


 

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Impact of Russia-Ukraine War

  • The lockdowns and social distancing measures implemented globally led to a sharp decline in in-store shopping and accelerated the shift towards e-commerce.
  • Contactless payments also surged as consumers sought to avoid touching surfaces while transacting. Payment service providers promoted contactless cards and mobile wallets, which further accelerated adoption.
  • Initiatives by governments and industry players in response to pandemic-driven demands.

The cards segment to maintain its leadership status throughout the forecast period.

By type, the cards segment held the highest market share in 2022, accounting for more than half of the global B2C payment market revenue, owing to the high penetration of credit and debit cards. However, the digital wallet segment is projected to manifest the highest CAGR of 14.5% from 2023 to 2032, owing to a surge in the application of digital wallets in emerging markets.

The BFSI segment to maintain its leadership status throughout the forecast period

By industry vertical, the BFSI segment held the highest market share in 2022, accounting for nearly one-fourth of the global B2C payment market revenue. This is owing to increased B2C product offerings from major banking companies. However, the healthcare segment is projected to manifest the highest CAGR of 17.1% from 2023 to 2032, owing to increased digitalization in healthcare.

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North America is expected to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the B2C payment market revenue, advanced mature banking system is the major factor that drives the growth of the market in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.5 % from 2023 to 2032 and is projected to dominate the market during the forecast period, owing to economic development in China and India.

Leading Market Players: -

  • MasterCard Incorporated
  • The American Express Company
  • Visa Inc.
  • Apple Pay
  • PayPal Payments Private Limited
  • Capital One Financial Corporation
  • The Bank of America Corporation
  • Payoneer Inc.
  • Stripe
  • Due Inc.

The report provides a detailed analysis of these key players in the global B2C payment market. These players have adopted different strategies such as new product launches, collaborations, expansion, partnership, agreement, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the b2c payment market analysis from 2022 to 2032 to identify the prevailing b2c payment market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the b2c payment market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global b2c payment market trends, key players, market segments, application areas, and market growth strategies.

B2C Payment Market Report Highlights

By Type

  • Cards
  • Digital Wallet
  • Others

By Industry Vertical

  • BFSI
  • Healthcare
  • Hospitality and Tourism
  • Transportation and Logistics
  • Retail and E-commerce
  • Energy and utilities
  • Others

By Region

  • North America (U.S., Canada)
  • Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • Latin America (Brazil, Argentina, Rest of Latin America)
  • Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East And Africa)

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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