Global Business-to-Business Electronic Market Set For 2.5% Growth, Reaching $37.1 Billion By 2028
Business-to-Business Electronic Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, December 19, 2024 /EINPresswire.com/ --
Over the past few years, we have seen steady growth in the business-to-business B2B electronic market. This growth is expected to surge, from $32.76 billion in 2023 to $33.58 billion in 2024, at a compound annual growth rate CAGR of 2.5%. Factors such as the influence of mobile technology, internet proliferation, early e-commerce platforms, electronic data interchange EDI adoption, integration of enterprise resource planning ERP systems, and the impact of globalization have all contributed to this historic growth period.
Where is the Business-to-Business Electronic Market Headed in Terms of Future Growth?
The B2B electronic market is set to experience continued steady growth in the coming years, projected to reach $37.1 billion by 2028 at a CAGR of 2.5%. This growth is anticipated to be driven by advancements such as cloud-based solutions, a focus on personalization, the development of the Application Programming Interface API economy, the expansion of e-procurement, and enhanced cybersecurity measures.
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What is Fueling This Robust Growth in B2B Electronics?
A considerable surge in companies gravitating towards electronic or e-commerce platforms to establish their online presence is expected to boost market growth. B2B electronic markets are helping companies reach a broader consumer base, reduce costs, and enhance efficiency through the automation of manual processes. Overall, the expansion of online sales on e-commerce platforms is a critical contributor to the growth of the B2B electronic market.
What Recent Developments Are Occurring in the Business-to-Business Electronic Market?
There are significant developments in the B2B electronic market. Major market players include Walmart Inc., Amazon.com Inc., Alibaba Group Holding Limited, Rakuten Group Inc., eBay Inc., and Kelly's Directories Ltd., among others. These corporations play a pivotal role in the sale and purchase of goods and services in the B2B electronic marketplace.
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Emerging Trends in Business-to-business Electronics
Manufacturers have begun establishing their B2B marketplaces for selling their products online and meeting customer requirements for niche products. For instance, in February 2020, Reliance Steel launched a B2B marketplace called Fast Metals for the supply of metal products. In March 2020, YoKart, an Indian ecommerce marketplace builder launched YoKart B2B, a new B2B marketplace.
The B2B electronic market is segmented as follows:
1 By Deployment Type: Supplier-Oriented, Buyer-Oriented, Intermediary-Oriented
2 By Application: Home And Kitchen, Consumer Electronics, Healthcare, Clothing, Beauty And Personal Care, Sports Apparels, Automotive, Other Applications
3 By End Users: Network as a Service NAAS, Data as a Service DAAS, Storage as a Service STAAS, Back-end as a Service BAAS
In terms of regional market share, Asia-Pacific was the largest region in the B2B electronic market as of 2023, with North America being the second largest. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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