The global business-to-business e-commerce market size is anticipated to reach USD 33,317.37 billion by 2030, registering a CAGR of 19.7% from 2022 to 2030, according to a new study by Grand View Research Inc. Technologies enabling the adoption of B2B e-commerce platforms are promoting the market growth. For instance, the proliferation of 5G and smartphones worldwide is expected to be a key growth driver for the market. Moreover, the COVID-19 pandemic has resulted in an increased acceptance of B2B e-commerce among end-users. Companies across the globe are focused on adopting a mixed channel strategy with an emphasis on online channels to drive revenue.
Business-to-Business E-commerce Market Report Highlights
- The intermediary-oriented model segment dominated the market in 2021 and is expected to continue leading the market during the forecast period. This can be attributed to the presence of numerous suppliers and buyers, lower logistics and support costs, and a higher flow of goods & services in this segment
- The home & kitchen segment captured a sizeable revenue share in 2021. The lockdowns and restrictions imposed to curb the spread of coronavirus encouraged people to spend more time at home, thus contributing to the demand for home appliances around the globe
- Asia Pacific market is anticipated to grow at a healthy CAGR during the forecast period. This is attributed to rising investments in the telecommunication infrastructure, increasing proliferation of the internet, and a growing number of smartphone users in the region
- Since the outbreak of COVID-19, the key players in the market are focused on strengthening their foothold in the market by implementing strategies such as mergers & acquisitions, partnerships, and geographical expansion. For instance, in October 2020, eBay Inc. partnered with Google LLC’s Google Assistant to introduce voice control to eBay’s Android App. This new partnership was anticipated to bring voice control capabilities to the marketplace to meet the needs of the customers.
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B2B (business-to-business) is the sale of products, services or information between businesses or companies, such as wholesalers and online retailers. B2B business usually involved labor-intensive, manual sales and marketing processes. B2B websites and brick-and-mortar retailers sell directly from the B2B website to other businesses. They function as round-the-clock mini-trade displays, provides an entrance to an extranet, available to customers or registered users. COVID-19 pandemic has brought about a shift in consumer preference for online shopping, creating avenues for market growth.
Besides the demand generated for online e-commerce amidst the pandemic, proactive government support, such as tax waivers, improved transport infrastructure, and reforms supporting excise/customs duty, is also expected to support market growth. Moreover, various laws have been reinforced to protect data privacy for both consumers and businesses, such as the law drafted in California, U.S. Such initiatives are likely to improve online trade penetration.
The market is also expected to experience numerous growth opportunities, owing to the growing importance of technologies, such as AI, AR, and VR, in influencing consumer purchase decisions. The deployment of such technologies helps vendors to enhance the user experience while offering detailed product information in an interactive format. While chatbots have already made their way into the e-commerce market, technologies such as voice commerce are expected to further boost the market growth.
The COVID-19 outbreak has created unique challenges in most sectors, including business-to-business e-commerce. Businesses changed their business models as supply chains faced a bipolar effect of either excess inventory or shortage of inventory. Moreover, the aftereffects of the pandemic, such as salary cuts, minimized disposable incomes, and loss of jobs, have resulted in reduced spending by promising customers. To overcome these challenges, B2B businesses have shifted their focus on new online strategies, thus contributing to the transformation of the B2B e-commerce industry.
Business-to-Business E-commerce Market Insights By Demographics
Asia Pacific accounted for over 65.0% of the revenue share in 2021 and is expected to grow steadily compared to other regions during the forecast period. Vendors in this region are focused on developing services in alignment with the latest technologies that support their business, marketing, and operational strategies in the long run. North America is expected to record a healthy growth rate. Governments in North America have laid down security laws to protect their customers’ personal and transaction information. The continued rollout of various B2B web applications is also contributing to the growth of the North American B2B e-commerce market. B2B web applications are vital for several aspects of B2B e-commerce, including tracking leads and monitoring sales activities.
Competitive Analysis By Major Companies
The global business-to-business e-commerce market is fragmented, with several large, small, and medium-sized vendors. The COVID-19 pandemic has propelled many organizations in the B2B business to seek online platforms as an alternate option to meet their customers’ requirements. This trend is expected to continue in the near future. Local companies are focusing on new product developments and strategic collaborations with leading technology vendors to extend the capabilities of their existing solutions. The key players that led the global B2B e-commerce market include
- com, Inc.
- com
- com
- eBay Inc.
- com
- Flexfire LEDs
- com
- IndiaMART InterMESH Ltd.
- KOMPASS
- Quill Lincolnshire, Inc.
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Business-to-Business E-commerce Market Segmentation
Grand View Research has segmented the business-to-business e-commerce market based on deployment type, application, and region:
- Business-to-Business E-commerce Deployment Type Outlook (Revenue; USD Billion; 2018 – 2030)
- Business-to-Business E-commerce Application Outlook (Revenue; USD Billion; 2018 -2030)
- Business-to-Business E-commerce Regional Outlook (Revenue; USD Billion; 2018 – 2030)
- List of Key Players of Global Business-to-Business E-commerce Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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