PUBLISHER: The Business Research Company | PRODUCT CODE: 1435302
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435302
Business-to-business electronic entities are those that provide services facilitating the connection between buyers and sellers of goods through the Internet or other electronic means, typically earning a commission or fee for their services.
The main deployment types of business-to-business electronics include supplier-oriented, buyer-oriented, and intermediary-oriented models. In a supplier-oriented electronic setup, a group of suppliers establishes an online marketplace to create an efficient channel for selling to a large number of enterprises. The application areas of business-to-business electronics span across home and kitchen, consumer electronics, healthcare, clothing, beauty and personal care, sports apparel, automotive, and other sectors, commonly utilized in services such as Network as a Service (NAAS), Data as a Service (DAAS), Storage as a Service (STAAS), and Back-end as a Service (BAAS).
The business-to-business electronic market research report is one of a series of new reports from The Business Research Company that provides business-to-business electronic market statistics, including business-to-business electronic industry global market size, regional shares, competitors with a business-to-business electronic market share, detailed business-to-business electronic market segments, market trends and opportunities, and any further data you may need to thrive in the business-to-business electronic industry. This business-to-business electronic market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
The business-to-business electronic market size has grown steadily in recent years. It will grow from $32.76 billion in 2023 to $33.58 billion in 2024 at a compound annual growth rate (CAGR) of 2.5%. The growth observed during the historic period can be attributed to factors such as the influence of mobile technology, widespread proliferation of the internet, the emergence of early e-commerce platforms, adoption of Electronic Data Interchange (EDI), integration of Enterprise Resource Planning (ERP) systems, and the impact of globalization on business-to-business electronic services.
The business-to-business electronic market size is expected to see steady growth in the next few years. It will grow to $37.1 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. The anticipated growth in the forecast period can be attributed to factors such as the adoption of cloud-based solutions, a heightened focus on personalization, the development of the API (Application Programming Interface) economy, the expansion of e-procurement, and enhanced cybersecurity measures in business-to-business electronic services. Major trends expected in the forecast period encompass the utilization of data analytics and insights, personalization of services, the integration of blockchain for security, applications of the Internet of Things (IoT), and an increased focus on user experience (UX).
The increasing trend among companies to establish their online presence through electronic or e-commerce platforms is anticipated to contribute significantly to the growth of business-to-business electronics. These electronic markets facilitate widespread consumer reach, cost reduction, and improved efficiency by automating manual processes. The surge in global online sales, as reported by Forbes Advisor in February 2023, with projections indicating further growth to $8.14 trillion by 2026, exemplifies the ongoing contribution of e-commerce platforms to the expansion of the business-to-business electronic market.
Global population growth is expected to be a driving force behind the continued expansion of the business-to-business electronic market. Factors such as birth rates, reduced infant mortality, migration, and societal and economic influences contribute to the growing global population. This demographic expansion leads to increased demand for products and services through B2B platforms, fostering market growth, scalability, and enhanced global connectivity. United Nations estimates in November 2022 indicated a global population exceeding 8 billion, with projections suggesting an increase to nearly 10 billion by around 2050. Thus, the growing population is anticipated to be a significant contributor to the sustained growth of the business-to-business electronic market.
The growth of the business-to-business electronic market may face hindrances due to the increasing frequency of cyberattacks on e-commerce websites. Cyber threats to the E-commerce sector surged by 37% in the third quarter of 2021 compared to the first quarter of the same year, causing reputational damage and financial losses. Such cyberattacks diminish customer and seller trust, leading to service opt-outs and businesses being compelled to pay ransoms in various forms. This cybersecurity challenge poses a substantial restraint on the market's growth.
A notable trend in business-to-business electronics involves manufacturers establishing their B2B marketplaces to cater to niche products and fulfill customer requirements. For instance, Reliance Steel launched the B2B marketplace Fast Metals in February 2020 for the supply of metal products. This trend is indicative of manufacturers directly engaging in B2B platforms to expand their market presence.
Major companies in the business-to-business electronic market are incorporating innovative technologies, such as virtual stores, into their e-commerce platforms. The introduction of virtual store technology by J.Crew in June 2023 exemplifies this trend, providing customers with an immersive shopping experience reminiscent of physically entering a retail store. These virtual stores aim to establish connections with diverse demographics, enhance customer engagement, boost sales, and create lasting digital interactions.
In April 2022, BigCommerce, an Open SaaS eCommerce company, acquired BundleB2B, a B2B ecommerce solution provider based in Texas, for an undisclosed amount. This strategic acquisition is expected to enhance BigCommerce's offerings for B2B customers, emphasizing the significance of B2B ecommerce solutions in the evolving market landscape.
Major companies operating in the business-to-business electronic market report are Walmart Inc., Amazon.com Inc., Alibaba Group Holding Limited, Rakuten Group Inc., eBay Inc., Kelly's Directories Ltd., MFG.com, Global Sources Trade Ltd., BusyTrade.com, Indiamart Intermesh Ltd., Hong Kong Trade Development Council, Tradekey Pvt Ltd., Made-in-China.com, EC21 Inc., DIYTrade.com, eworldtrade.com, Gasgoo International Co. Ltd., TradeIndia.com, EC Plaza Network Inc., ExportHub Inc., ChinaAseanTrade.com, Thomas Industrial Network Inc., Kompass India Information Private Limited, Taiwan External Trade Development Council, Eceurope Co.
Asia-Pacific was the largest region in the business-to-business electronic market in 2023. North America was the second-largest region in the global business-to-business electronic market share. The regions covered in the business-to-business electronic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the business-to-business electronic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The business-to-business electronic market includes revenues earned by entities by providing services such as listing services, sales assistance, and logistics services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Business-to-Business Electronic Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on business-to-business electronic market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for business-to-business electronic ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The business-to-business electronic market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.