Global Commercial Or Corporate Cards Market Is Estimated To Witness High Growth Owing To Increasing Demand From Businesses
The global Commercial Or Corporate Cards market is estimated to be valued at US$ 26.3 billion in 2017 and is expected to exhibit a CAGR of 7.3% over the forecast period 2018-2026, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Commercial or corporate cards are payment cards issued by financial institutions to businesses for their employees, enabling them to make purchases and pay for travel and entertainment expenses. These cards provide various benefits such as centralized expense management, improved control over spending, enhanced security, and streamlined payment processes. They are widely used across industries such as travel & hospitality, retail, healthcare, and others.
B) Market Dynamics:
The market dynamics of the Commercial or Corporate Cards market are driven by two key factors:
1. Increasing demand from businesses: Businesses are increasingly adopting commercial or corporate cards to improve the efficiency of their payment processes and track expenses more effectively. These cards offer businesses greater control over expenditure, centralized expense management, and detailed reporting capabilities, which help in streamlining operations and reducing costs.
2. Advancements in technology: Technological advancements such as mobile payment solutions, contactless payments, and integration of artificial intelligence and machine learning are further driving the growth of the Commercial or Corporate Cards market. These advancements provide businesses with secure and convenient payment options, enhanced fraud protection, and real-time transaction monitoring.
C) Segment Analysis:
The Commercial or Corporate Cards Market can be segmented based on card type, financial institution, and industry verticals. The dominant segment in this market is the Travel & Entertainment Cards segment, which is expected to witness significant growth due to the increasing travel and entertainment expenses incurred by businesses.
D) PEST Analysis:
Political: The political stability in developing economies is expected to drive the growth of the Commercial or Corporate Cards market by providing a favorable environment for businesses to expand and adopt advanced payment solutions.
Economic: The growing economy and increasing disposable income of individuals in emerging economies are likely to create a positive impact on the market growth.
Social: The changing consumer preferences towards digital payments and the increasing adoption of smartphones are driving the demand for commercial or corporate cards.
Technological: Advancements in technology such as mobile payments, contactless payments, and artificial intelligence are revolutionizing the Commercial or Corporate Cards market by providing businesses with secure and convenient payment options.
E) Key Takeaways:
1. The global Commercial or Corporate Cards market is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period, due to increasing demand from businesses and advancements in technology.
2. The Asia-Pacific region is expected to be the fastest-growing and dominating region in the Commercial or Corporate Cards market, driven by the growing economy and increasing disposable income of individuals.
3. Key players operating in the global Commercial or Corporate Cards market include AirPlus International Ltd., Amazon.com, Inc., American Express Company, Bank of America Corporation, Citigroup, Inc., JP Morgan Chase & Co. Inc., U.S. Bancorp, Wex Inc., Wells Fargo & Company, Corporate Spending Innovations Enterprises, Inc., NGC US, LLC, and Bank of China Limited. These players are focusing on technological advancements and strategic partnerships to gain a competitive advantage in the market.
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