Skip to main content

B2B Payments Growth will Reach $54 Trillion in 2023

Business-to-Business (B2B) payments represent a significant upside growth opportunity for fintech vendors. While many businesses have been transferring funds to each other for a long time, the typical process remains difficult to navigate due to the many workflow challenges.

B2B payments can take a variety of forms ranging from basic cash payments to sophisticated instruments like virtual cards, which solve the problems of B2B payments to varying degrees, but some core challenges remain.

The ever-greater use of process automation is also a key trend within the B2B payments arena and represents a potential solution if the underlying payment systems can support the necessary elements.

B2B Payments Market Development

According to the latest worldwide market study by Juniper Research, the transaction value of B2B domestic payments across payment methods will exceed $54 trillion in 2023 -- that's up from $49 trillion in 2021.

The research findings predict a growth rate of 10 percent, reflecting a slow recovery in business activity following the ongoing impact of the COVID-19 pandemic.

Juniper identified that while many businesses are now operating at pre-pandemic levels, the longer-term economic consequences of the global pandemic are still restricting value growth.

According to the Juniper assessment, leveraging payment process automation to reduce manual work --thereby boosting small business cash flow -- will be critical to the global economic recovery.


The Juniper analysts found that the need to automate B2B payments at scale is leading to a fundamental shift in the way online payments are made across the globe. That transition creates broad market implications.

Juniper now forecasts that the volume of B2B domestic cheque payments will fall by 30 percent globally between 2021 and 2023, with cash payments falling by 11 percent over the same period.

The need to automate payments means a shift towards more easily automated payment types, such as corporate cards and instant payments. Current manual processes have created some inertia in this market. 

"The pandemic has accelerated the transition away from traditional payment types, with growth focused on instant payments and card payments. This transition will be important for automation, but will take some time, given the established nature of these processes," said Nick Maynard, head of research at Juniper Research.

Outlook for B2B Payment Applications Growth

The research found that by 2023, global instant payment transaction volumes in the B2B domestic channel will grow by 56 percent -- that's the fastest of any single payment method.

The market study identified the launch of instant payment programs that can carry additional remittance data as having significant potential for simplifying the complex B2B payments ecosystem.

However, Juniper's analysts acknowledged the uneven state of instant payments program roll-outs as a critical limiting factor, with Europe currently moving much faster than North America.

That said, I anticipate more fintech start-ups could enter this emerging market with new disruptive business models that apply technology innovation to displace the incumbent financial service providers.

Popular posts from this blog

Industrial Cloud Computing Apps Gain Momentum

In the manufacturing industry, cloud computing can help leaders improve their production efficiency by providing them with real-time data about their operations. This has gained the attention of the C-suite. Total forecast Industrial Cloud platform revenue in manufacturing will surpass $300 billion by 2033 with a CAGR of 22.57 percent, driven by solution providers enhancing platform interoperability while expanding partner ecosystems for application development. ABI Research found the cloud computing manufacturing market will grow over the next decade due to the adoption of new architectural frameworks that enhance data extraction and interoperability for manufacturers looking to maximize utility from their data. Industrial Cloud Computing Market Development "Historically, manufacturers have built out their infrastructure to include expensive data housing in the form of on-premises servers. The large initial upfront cost of purchasing, setting up, and maintaining these servers is

Credit Scoring Service Spending will Reach $44B

Credit scoring is a method that lenders use to predict the probability a borrower or counter-party will default on loans, or incur additional charges for repayment -- also known as measuring credit worthiness. The method is a key tool in making credit affordable for individuals and businesses. It links credit products to risk potential, connecting borrowers to secondary capital markets and increasing the amount of funds available. This securing process establishes risk predictability dependent on a number of factors, determined by financial indicators and other publicly available information reported by the credit bureaus. Credit Score Market Development According to the latest worldwide market study by Juniper Research, they now forecast credit scoring services will grow by 67 percent to $44 billion by 2028. Juniper anticipates that emerging markets will experience the greatest growth -- projecting the African & Middle Eastern region to grow by 117 percent over the forecast period

Demand for Quantum Computing as a Service

The enterprise demand for quantum computing is still in its early stages, growing slowly. As the technology becomes more usable, we may see demand evolve beyond scientific applications. The global quantum computing market is forecast to grow from $1.1 billion in 2022 to $7.6 billion in 2027, according to the latest worldwide market study by International Data Corporation (IDC). That's a five-year compound annual growth rate (CAGR) of 48.1 percent. The forecast includes base Quantum Computing as a Service, as well as enabling and adjacent Quantum Computing as a Service. However, this updated forecast is considerably lower than IDC's previous quantum computing forecast, which was published in 2021, due to lower demand globally. Quantum Computing Market Development In the interim, customer spend for quantum computing has been negatively impacted by several factors, including: slower than expected advances in quantum hardware development, which have delayed potential return on inve