New Report Highlights AI, Blockchain, and SaaS Transforming B2B E-Commerce; Virtual Cards Poised for 250% Growth by 2028

The "B2B E-Commerce Market, Marketplaces and Payments Trends 2024" report from ResearchAndMarkets.com highlights significant advancements and transformations in the B2B e-commerce landscape, driven by emerging technologies such as AI, blockchain, and SaaS. The report forecasts substantial growth in virtual card usage, with an expected increase of over 250% by 2028, emphasizing enhanced security and transaction speed. AI is playing a pivotal role in optimizing inventory management, logistics, and demand forecasting, making operations more efficient and data-driven. ### Regional Shifts in B2B Growth **North America** is leading in digital adoption, with 80% of U.S. B2B transactions projected to go digital by 2025. **Asia-Pacific** is a key driver of global growth, particularly in India, where the B2B market is expected to surpass €115 billion by 2027. **Latin America** is also showing rapid expansion, with online transactions anticipated to hit 80% by 2024. The **Middle East and Africa (MEA)** region is seeing steady growth, with platforms like Tradeling facilitating trade. ### Digital Marketplaces on the Rise B2B marketplaces are revolutionizing procurement practices worldwide. In **Asia-Pacific**, Alibaba.com dominates with nearly USD 130 billion in revenue. **North America** sees Amazon Business poised to exceed USD 65 billion by 2026. **Europe** hosts over 250 marketplaces, with ManoMano leading the pack. These platforms are leveraging AI to streamline procurement processes and offer more personalized solutions, enhancing the overall buyer experience. ### Key Takeaways 1. **Technology Integration**: AI, blockchain, and SaaS are reshaping B2B operations, enhancing efficiency and security. 2. **Virtual Card Growth**: Virtual cards are expected to grow significantly, offering better transaction security and speed. 3. **Digital Adoption Rates**: North America, Asia-Pacific, and Latin America are leading in digital adoption, with Europe and MEA following suit. 4. **Marketplace Dominance**: Major players like Alibaba.com, Amazon Business, and ManoMano are driving growth in their respective regions. 5. **Customer Experience**: An excellent online shopping experience is crucial, with a high percentage of B2B buyers likely to switch suppliers due to poor experiences. ### Management Summary The B2B e-commerce market is experiencing rapid digital transformation, fueled by technological advancements and changing buyer preferences. AI is optimizing various operational processes, from inventory management to demand forecasting, while blockchain enhances transparency and security. SaaS solutions are becoming increasingly popular due to their scalability and accessibility. Virtual cards are gaining traction due to their added security and convenience, with a projected growth rate of over 250% by 2028. ### Global B2B E-Commerce Market, Marketplace, and Payments Trends The report provides a comprehensive overview of the B2B e-commerce market trends, including Gross Merchandise Volume (GMV) projections. By 2026, the global B2B e-commerce GMV is expected to reach USD 23 trillion, up from USD 14 trillion in 2022. A significant portion of B2B buyers (81%) conduct online research before making purchases, and over 70% prefer to place orders through suppliers' websites. However, obstacles such as security concerns, complex order processes, and supply chain issues still hinder online transactions. ### Buyer Preferences and Challenges Despite the digital shift, B2B buyers face several challenges. Order errors and price sensitivity are common issues, with 31% of buyers reporting being put off by order errors. Younger buyers, particularly millennials and Gen Z, often face more difficulties in achieving consensus within their teams regarding vendor choices. In contrast, Gen X and Boomers report fewer hindrances in B2B purchases. ### Software and AI Integration AI functionality in software is becoming increasingly important. For example, 65% of B2B software buyers find AI in CRM software to be "very important". Other areas where AI is critical include supply chain management and customer service. The report also highlights the importance of service providers/ implementers in the software decision-making process, with 45% of B2B software buyers considering their input. ### Payment Market Trends The B2B payment market is expected to grow significantly, reaching USD 42 trillion by 2028, up from USD 15 trillion in 2024. Card payments are also on the rise, with a projected value of USD 5.3 trillion in 2028, compared to USD 1.8 trillion in 2024. Virtual cards, a subset of card payments, are expected to see the most substantial growth, increasing from USD 0.2 trillion in 2024 to USD 0.7 trillion in 2028. ### Regional Breakdowns **APAC**: - **China** and **India** are the primary growth drivers. - **Japan** and **South Korea** are showing steady progress, with **Australia**, **Thailand**, and **Indonesia** also contributing to the region's growth. **Europe**: - **Western Europe**, **Eastern and Central Europe**, and **Scandinavia** are seeing increased digital adoption. - **UK**, **Germany**, **France**, and **Netherlands** are key markets with significant B2B e-commerce activity. **North America**: - The **USA** is a frontrunner, with high digital transaction rates and leading marketplaces. **Latin America**: - **Brazil** and **Mexico** are key markets, with rapid growth in online transactions. **MENA**: - **UAE** is a focal point for B2B e-commerce and payments, with platforms like Tradeling supporting the market. **Africa**: - The region is in the early stages of digital adoption but shows promising growth potential. ### Companies Featured The report profiles major players such as Alibaba.com, Amazon Business, and ManoMano, detailing their market positions, strategies, and future outlooks. Alibaba.com's dominance in Asia-Pacific and Amazon Business's growth in North America are particularly noteworthy. ### Industry Evaluations and Company Profiles Industry insiders view the integration of AI, blockchain, and SaaS as crucial for the future of B2B e-commerce. These technologies are not only improving operational efficiency but are also driving competitive advantage. ResearchAndMarkets.com, the publisher of the report, is recognized as a leading source for international market research reports and market data, providing insights into key industries, top companies, and emerging trends. The report underscores the importance of a seamless and secure online experience to retain and attract B2B customers in an increasingly digital marketplace.