The global corporate meeting cards market was valued at more than USD 67 billion in 2016 and is expected to surpass USD 106 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on corporate meeting 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 meeting cards market during the forecast period. Some of the top vendors listed in this industry analysis include Wells Fargo, American Express, Citigroup, JPMorgan Chase, and HSBC.
In terms of geographical analysis, North America led the global market for corporate meeting cards during 2016 by accounting for around 30% of the overall market share. The growth of the market in this region is attributable to the presence of a large number of MNCs and large-scale businesses in the region.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The use of paper checks for M&E payments is diminishing rapidly in the global market. Majority of organizations are reducing the use of paper checks to pay their suppliers and partners as it can reduce the transaction time. These payments include food and beverages, accommodations, travel, and venue. For instance, the transaction made using paper checks has declined to less than 25% since 2009.”
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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.
Need for streamlining the payment process
Large organizations are streamlining their business processes such as guarantee payments and deposits with suppliers, and integrating it with existing ERP systems in an attempt to reduce associated invoicing cost. This is likely to increase the demand for corporate meeting cards because these cards make the payment process much more simpler and help improve the existing relationship with suppliers.
Growing importance of corporate payments
Since corporate payments contribute a major portion of the banks’ revenues, these institutions offer innovative programs such as rewards and assistance on travel. Such offerings can increase the adoption of corporate meeting cards by companies for their meeting spend needs. For instance, AMEX Corporate Meeting Card offers services such as Emergency Global Assist Service that assists customers in case of any emergency during travel.
Large organizations imposing greater control over their M&E spend
After the great recession in 2008, global companies are focusing on reducing their spend limits and are trying to optimize their spend on M&E by tracking all their expenses. This is expected to drive the demand for corporate meeting cards as they provide an optimal solution to capture all M&E expenses and help companies in better expense management.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Corporate Meeting Cards – Procurement Market Intelligence 2017’.
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