B2B eCommerce Market Set to
Progress at $170.34 Billion by 2028
As per Triton’s report, the global B2B eCommerce market obtained $42.54 in 2021. It is anticipated to register a CAGR of 21.22% by 2028.
A recent by Triton Market Research titled Global B2B eCommerce Market includes the Global Analysis and Forecasts by Product Type (Industrial & Science, Automotive, Consumer Electronics, Beauty & Personal Care, Construction, Sports, Clothing, Food and Beverage, Others), Payment Mode (Digital/Mobile/E-Wallets, Credit and Debit Cards, Cash on Delivery, Bank Transfer, Others), and by Regional Outlook (North America, Latin America, Europe, Middle East and Africa, Asia-Pacific).
Business-to-business eCommerce refers to the sale or exchange of services or goods between companies via an online portal. The transaction is generally carried out among retailers and wholesalers.
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As per Triton’s research report, the global B2B eCommerce market is expected to witness growth at a CAGR of 21.22%, attaining a revenue worth $170.34 billion by 2028.
The eCommerce sector has experienced tremendous technological advancements over time. For example, businesses have implemented artificial intelligence and cloud computing. Aside from this, the internet has become a crucial resource for bringing together more buyers and
merchants on various platforms. Therefore, the B2B eCommerce industry is being driven mostly by expanding buyer demand and a boom in technical advancement. On the contrary, rising concerns pertaining to security and privacy, coupled with the need for high investments, restrict the global market’s progression.
Based on product category and payment method, the growth of the business-to-business eCommerce industry is estimated. Industrial & scientific, automotive, consumer electronics, beauty & personal care, sports, apparel, food & beverage, and other categories are included in the product type section. It is divided into sections for digital, mobile, and e-wallets, credit and debit cards, cash on delivery, bank transfers, and other payment methods.
Globally, the Asia-Pacific dominates the B2B eCommerce market. The rise in digitalization across sectors has elevated the need to expand operations. As a result, companies are shifting to eCommerce platforms. Moreover, social media penetration has created high demand for digital marketing, another factor opening new avenues for the B2B eCommerce market.
Chinaaseantrade.com, Quill Corporation, Kompass, MSC Industrial Direct, Amazon Inc, Flipkart, ThomasNet, DIYTrade, EC21, Flexfire LEDs, eWorldTrade, IndiaMART InterMESH Ltd, Alibaba Group Holding Ltd, Global Sources, and eBay Inc are prominent firms in the B2B eCommerce market.
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Question & Answer: B2B eCommerce Market
Question 1: What are the key factors driving the B2B eCommerce market?
Answer: Over the years, the eCommerce industry has undergone significant technological developments. For instance, companies have deployed cloud technology and artificial intelligence. Besides this, the internet has emerged as a vital tool in connecting more buyers and sellers across platforms. Thus, the surge in technological development and growing buyers are key factors driving the B2B eCommerce market.
Question 2: What factors restrict the global B2B eCommerce market’s progression?
Answer: Rising concerns pertaining to security and privacy, coupled with the need for high investments, restrict the global market’s progression.
Question 3: Which region dominates the B2B eCommerce market?
Answer: Globally, the Asia-Pacific dominates the B2B eCommerce market. The rise in digitalization across sectors has elevated the need to expand operations. As a result, companies are shifting to eCommerce platforms. Moreover, social media penetration has created high demand for digital marketing, another factor opening new avenues for the B2B eCommerce market.
Question 4: Which are the prominent firms in the B2B eCommerce market?
Answer: Chinaaseantrade.com, Quill Corporation, Kompass, MSC Industrial Direct, Amazon Inc, Flipkart, ThomasNet, DIYTrade, EC21, Flexfire LEDs, eWorldTrade, IndiaMART InterMESH Ltd, Alibaba Group Holding Ltd, Global Sources, and eBay Inc are prominent firms in the B2B eCommerce market.
Related Report:
Global Big Data E-Commerce Market
The Global Big Data in the e-commerce Market is anticipated to grow at a 13.27% CAGR during the forecast period 2019-2028.
Big data has emerged as an ideal solution across industries, including eCommerce. Sales data, delivery information, inventory and payment data are among the crucial information essential for businesses.
Factors such as the adoption of big data by online retailers and big data adoption to analyze customer behavior are fueling the market’s growth.
However, a lack of professionals and privacy concerns are likely to impede the global market’s growth over the forecast period.
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