New York (USA) – Astute Analytica’s recent report on the Global Electronic Bill Presentment and Payment (EBPP) Market covers all the factors that will impact the market in the coming years. The report covers several sections, such as the impact of COVID-19, shareholding segments, etc. Moreover, it also presents the list of past innovations and current events to give an overview of the trends.
The Global Electronic Bill Presentment and Payment (EBPP) Market is expected to grow by 109% in market value between 2022 and 2030, reaching a valuation of $26,614.0 million by 2030. The market is expected to register a CAGR of 9.7% during the forecast period, 2022 -2030.
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Factors affecting the market
Technology retains a vital place in all industry verticals, including healthcare, automotive, construction, and more. Enterprises are leveraging cloud and service-based services to propel innovation and bring about meaningful revolution. Thus, it will drive the growth of the global Electronic Bill Presentment and Payment (EBPP) market during the forecast period.
The growing investments in this market are expected to boost the growth of the overall market. For example, the US federal government has earmarked $58.4 billion for IT in civilian federal agencies in 2022, a 2.4% increase from 2021.
COVID-19 impact analysis
The COVID-19 outbreak has forced many organizations to adapt to digital methods, which has rapidly accelerated digital transformation. Work environments have changed abruptly as remote work has become the new norm among organizations. As a result, it is expected to strengthen the potential reach of the Electronic Bill Presentment and Payment (EBPP) market in the coming years. This report from Astute Analytica covers all the factors describing the impact of the pandemic.
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The market presents a monopolistic competitive landscape, with key players like PayPal, Inc., Fiserv, Inc., MasterCard and Pagero AB collectively accounting for almost 38.6% of the market. Major market players are adopting multi-channel strategies through investments and mergers and acquisitions to strengthen their grip on the market.
Strategic Perspectives of Key Players:
- Fiserv, Inc. – The company offers a wide range of payment channels, methods and services. The company’s technology solutions help organizations efficiently manage workflows and business transactions. The company is focused on introducing innovations in electronic payment solutions to provide customers with flexible payment options and advanced features.
- PayPal, Inc. – In 2018, PayPal, Inc partnered with Synchrony Bank, a consumer financial services company headquartered in Stamford, to expand its strategic consumer credit relationship. PayPal, Inc. wants to expand its P2P payment business as a key part of its market development strategy.
- MasterCard – The company is a multinational financial services provider for the B2B payments industry. Mastercard’s Remote Payment and Presenting Service (RPPS) processes tens of millions of electronic payments each month for all stakeholders. In February 2022, Aliaswire, a merchant services 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 to provide electronic invoicing and Peppol networking services to all of its local councils, regional authorities and departments. The company is focused on acquiring new customers and encouraging the growing use of its solutions among its existing customer base.
Factors Driving the Growing Adoption of Electronic Bill Presentment and Payment (EBPP) Services and Solutions
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North America is expected to become the largest shareholder in the global Electronic Bill Presentment and Payment (EBPP) market by revenue. The growth of the market is attributed to various factors, including early adoption of advanced technologies, growing investment in the industry, and growing infrastructure development. In addition, the Asia-Pacific Electronic Bill Presentment and Payment (EBPP) market will also witness steady growth owing to increased spending by government agencies. Moreover, increasing initiatives to improve infrastructure will also drive the market forward.
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