The global business to business electronic markets market is expected to grow from $9.77 billion in 2020 to $10.34 billion in 2021 at a compound annual growth rate (CAGR) of 5.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $12.45 billion in 2025 at a CAGR of 4.8%.
The business-to-business electronic market covered in this report is segmented by deployment type into supplier-oriented, buyer-oriented, intermediary-oriented, by application into home and kitchen, consumer electronics, healthcare, clothing, beauty and personal care, sports apparels, automotive, others.
The surge in the inclination of companies towards electronic or e-commerce platforms to mark their online presence is expected to contribute to the growth of the business-to-business electronic. Business to business electronic markets help companies to reach a large consumer base, reduce cost, and improve efficiency by automating manual processes. B2B electronic markets increase opportunities for manufacturers to collaborate with suppliers and distributors. For instance, in October 2020, The Dentists Supply Co. and Henry Schein Inc., a USA-based dental products distributor together relaunched TDSC.com as a healthcare supply source for members of all 50 state dental associations.
Increasing cyberattacks on business to business e-commerce websites are expected to hinder the business-to-business electronic market’s growth in the coming years. Cyber-attacks harm the company’s reputation along with financial loss. In November 2019, the B2B e-commerce giant Alibaba had 2.2 billion cyberattacks in a single day. The cyberattack decreases the trust of customers and sellers and those who opt-out for their services and the business are also bound to pay a ransom in the form of money, e-currency, and data. This setback act as a major restraint for the growth of the market.
Manufacturers are establishing their B2B marketplaces for selling their products online and fulfilling the customer requirements for niche products, which is likely to be a key trend in the business-to-business electronic. For instance, in February 2020, Reliance steel has launched a B2B marketplace fast metals for the supply of metal products. In January 2019, Honeywell, a manufacturer of parts for airplanes and helicopters had launched a B2B marketplace for selling aerospace parts.
In May 2019, Shopify Inc., a Canada-based e-commerce company has acquired Handshake for $100 million. Through this acquisition, Shopify Inc. expands its B2B e-commerce platforms. Moreover, Handshake added new products and services to Shopify Inc.’s existing portfolio. Handshake is a USA-based B2B e-commerce company that provides a platform for the manufacturers and distributors close to its customers.
The major players covered in the global business-to-business electronic market are Amazon, Alibaba, Rakuten, Flipkart.com, IndiaMART InterMESH Ltd, eBay Inc.
The countries covered in the global business-to-business electronic market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The regions covered in the global B2B electronic market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The global business-to-business electronic market is segmented –
1) By Deployment Type: Supplier-Oriented, Buyer-Oriented, Intermediary-Oriented
2) By Application: Home And Kitchen, Consumer Electronics, Healthcare, Clothing, Beauty And Personal Care, Sports Apparels, Automotive, Others
3) By End Users: Network as a Service (NaaS), Data as a Service (DaaS), Storage as a Service (STaaS), Back-end as a Service (BaaS)
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