The global corporate purchasing cards market was valued at almost USD 337 billion in 2016 and is expected to reach USD 531 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on corporate purchasing cards for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the corporate purchasing cards market during the forecast period. Some of the top vendors listed in this industry analysis include Wells Fargo & Company, American Express Company, BNP Paribas, JPMorgan Chase & Co, and HSBC Holdings.
During 2016, the Americas led the global corporate purchasing cards market by accounting for around 36% of the overall market share.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Significant, high-profile corporate data breaches over the last few years are prompting card-issuers to focus on enhancing security measures to prevent such incidents. Organizations are increasingly adopting virtual credit cards, virtual keypads, and dynamic passwords to improve cardholders’ transaction security.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Support for global expansion programs
Businesses are looking to expand their organizations across different regions. This provides an important role for B2B and T&E purchasing card programs as they need to integrate with business objectives to help meet the long-term goals of the organization.
Strategic importance of purchase-to-pay function
Industry dynamics, technological developments, and the introduction of modern B2B payment services are integrating to provide organizations with the ability to manage their cash flow and working capital requirements successfully. Purchasing cards help businesses to make financing decisions simultaneously while determining when and how to pay their suppliers.
Growing importance of corporate payments
Corporate payments have become a vital source of revenue and buyer retention for retail and corporate banks. As a result, banks and financial institutions are focusing on innovating and scaling up their operations and understanding developments in regulation and international trade along with constantly changing customer needs and expectations.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Corporate Purchasing Cards – Procurement Market Intelligence 2017’.
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