The global business credit card market is experiencing growth due to an increased demand for small business financing, technological advancements, and digitalization in the banking industry, and a rise of entrepreneurship and the sharing economy.
WILMINGTON, Del., Aug. 7, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Business Credit Cards Market by Type (Open-Loop Card and Closed-Loop Card) and Application (Small Business Credit Cards, and Corporate Credit Cards): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the business credit cards market was valued at $33.5 billion in 2023, and is estimated to reach $59.9 billion by 2032, growing at a CAGR of 7% from 2024 to 2032.
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103 - Tables
52 - Charts
210 - Pages
Prime determinants of growth
However, regulatory compliance and risk management, increasing competition and margin pressure hinder market growth to some extent. Moreover, the expansion of the small business services ecosystem offers remunerative opportunities for the expansion of the global business credit card market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2032 |
Base Year | 2023 |
Market Size in 2023 | $33.5 Billion |
Market Size in 2032 | $59.9 Billion |
CAGR | 7.00 % |
No. of Pages in Report | 210 |
Segments Covered | Type, Application, and Region |
Drivers |
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Opportunities |
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Restraint |
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The corporate card segment is expected to experience the fastest growth throughout the forecast period.
By application, the small business segment held the highest market share in 2023, accounting for more than half of the global business credit card market revenue, and is expected to retain its dominance throughout the forecast period, due to the widespread adoption of business credit cards among small and medium-sized enterprises (SMEs) for managing day-to-day expenses and facilitating business operations.
However, the corporate card segment is projected to attain the highest CAGR from 2024 to 2032. This can be attributed to the increasing adoption of corporate cards by large enterprises and multinational corporations for managing corporate expenses and optimizing cash flow. Corporate cards are specifically designed to meet the unique needs of larger organizations, offering features such as higher credit limits, robust expense management tools, and tailored reporting capabilities.
The closed loop segment is expected to lead throughout the forecast period.
By type, the open-loop segment held the highest market share in 2023, accounting for nearly half of the global business credit card market revenue and is expected to retain its dominance throughout the forecast period. This is due to its widespread acceptance and versatility across various merchants and industries.
However, the closed loop segment is projected to attain the highest CAGR from 2024 to 2032, due to its specialized applications and tailored solutions for specific industries or businesses. Closed loop cards are issued by individual merchants or businesses and can only be used at designated locations or within a specific network.
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Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for three-fourths of the global business credit card market revenue and is expected to dominate in terms of revenue throughout the forecast timeframe owing to increase in adoption of digital payments and growth in number of small businesses and startups across the region. Business credit cards are gaining popularity in Asia-Pacific as companies seek to streamline their financial operations, access credit for business expansion, and manage expenses more efficiently.
Players: -
American Express Banking Corp.
JPMorgan Chase Bank
Capital One
Bank of America Corporation
Citi Group Inc
Wells Fargo
U.S. Bancorp
Barclays Plc
Discover Bank
The Hongkong and Shanghai Banking Corporation Limited.
The report provides a detailed analysis of these key players in the global business credit card market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry News
- In May 2023, Brex, a fintech company, enhanced its expense management tools by introducing real-time expense tracking and receipt capture features on its corporate credit cards. These tools, accessible via a mobile app, help businesses monitor spending and manage expenses more effectively.
- In April 2023, Capital One Business introduced enhanced integration with accounting software in 2024, allowing businesses to automatically categorize expenses and generate customized reports. This integration with platforms like QuickBooks and Xero streamlines accounting processes, enables businesses to track expenses more efficiently.
- In June 2022, PayPal partnered with Mastercard and launched co-branded business credit cards for PayPal Business account holders. These cards offer enhanced cashback rewards on PayPal and Mastercard transactions, as well as exclusive discounts on business services such as shipping and marketing.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the business credit cards market segments, current trends, estimations, and dynamics of the business credit cards market analysis from 2022 to 2032 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and business credit cards market opportunity.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the business credit cards market outlook segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global business credit cards market statistics.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players, and business credit cards market forecast.
- The report includes the analysis of the regional as well as global business credit cards market trends, key players, market segments, application areas, and business credit cards market growth strategies.
Business Credit Cards Market Key Segments:
By Type
- Open-Loop Card
- Closed-Loop Card
By Application
- Small Business Credit Cards
- Corporate Credit Cards
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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