Astute Analytica reports that the Global Electronic Bill Presentment and Payment (EBPP) market, size will grow from US$ 26,614.0 million by 2030. The global market will record a tremendous compound annual growth rate (CAGR) of 9.7% during the study period, i.e., 2022-2030.
The report’s segmentation section focuses on each category while also identifying those with the greatest influence on the Electronic Bill Presentment and Payment (EBPP) Market. The segmentation provided the framework for locating businesses and assessing their financial health, product portfolios, and potential for future growth. In order to forecast the level of competition, the second step involved analyzing the core competencies and market shares of leading companies. To determine the size of the market as a whole, a bottom-up approach was adopted.
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Factors Affecting the Market
Technology is maintaining a vital place across all industrial verticals, including healthcare, automotive, construction, etc. Companies leverage cloud and service-based services to propel innovation and bring significant revolution. Thus, it will drive the growth of the global Electronic Bill Presentment and Payment (EBPP) market during the forecast period.
Growing investments in this market are expected to boost the growth of the overall market. For instance, the US Federal Government set aside $58.4 billion budget for IT at civilian Federal agencies in 2022, which is an increase of 2.4 percent from 2021.
COVID-19 Impact Analysis
The COVID-19 outbreak forced many organizations to adapt to digital methods, which rapidly accelerated digital transformation. Work environments changed abruptly as remote work became the new normal among organizations. As a result, it is forecast to strengthen the potential scope of the Electronic Bill Presentment and Payment (EBPP) market in the coming years. This report by Astute Analytica covers all the factors depicting the impact of the pandemic.
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The market features a monopolistic competitive landscape, with key players like PayPal, Inc., Fiserv, Inc., MasterCard, and Pagero AB collectively accounting for nearly 38.6% of the market. Major market players are adopting multi-channel strategies through investments and mergers and acquisitions to strengthen their hold in the market.
Strategic Outlook of Key Players:
- Fiserv, Inc. – The company caters to a wide range of payment channels, methods, and services. The company’s technological solutions help organizations efficiently manage business workflows and transactions. The company is focused on introducing innovations in e-payment solutions to offer customers flexible payment options and advanced features.
- PayPal, Inc – In 2018, PayPal, Inc collaborated with Synchrony Bank, a consumer financial services company headquartered in Stamford to expand its strategic consumer credit relationship. PayPal, Inc. is keen on expanding its P2P payment sector as a key part of its market development strategy.
- MasterCard – The company is a provider of multinational financial services for the B2B payments sector. Mastercard’s Remote Payment and Presentment Service (RPPS) processes tens of millions of electronic payments every month for all stakeholders. On February 2022, Aliaswire, a merchant service technology company, collaborated with Mastercard, for the integration of its Direct Biller payment platform with Mastercard Bill Pay Exchange Pagero AB – Pagero AB has built an open network to provide end-to-end digital communication for businesses. In May 2022, the company was selected by the Government of Malta for providing Peppol e-invoicing and networking services for all of its local councils, regional authorities, and departments. The company focuses on new customer acquisition and encouraging the increasing use of its solutions in its existing customer base.
Factors leading to the growing adoption of Electronic Bill Presentment and Payment (EBPP) services and solutions
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North America is forecast to emerge as the largest shareholder in the global Electronic Bill Presentment and Payment (EBPP) market in terms of revenue. The growth of the market is attributable to various factors, including early adoption of advanced technology, growing investments in the sector, and rising infrastructural development. Furthermore, the Asia-Pacific market for Electronic Bill Presentment and Payment (EBPP) will also grow steadily due to growing spending by government bodies. Additionally, increasing initiatives to improve infrastructure will also drive the market forward.
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