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| Global Commercial Or Corporate Card Market Size |
Corporate cards provide businesses with a hassle-free payment solution for
corporate expenses. They allow employees to make purchases and travel
reservations without using cash or a personal credit card. Corporate cards
offer advanced security features and provide visibility into spending through
online portals.
The global
Commercial or Corporate Card Market is estimated to be valued at US$ 5.3 Bn in 2024 and is expected to
exhibit a CAGR of 5.9% over the
forecast period 2024 to 2031, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
Digitalization is a key trend propelling the growth of the commercial card
market. Corporate card providers are innovating their offerings by adding
digital features to expand their market share. Mobile apps allow users to
easily manage accounts, view spending activity, settle bills and dispute
transactions on the go. Digital cards embedded in mobile wallets provide an
additional layer of security and make online payments more convenient.
Integration of corporate cards with business software like ERP and accounting
tools provides automated expense management and approval workflows. As
digitalization streamlines payment processes and enhances the user experience,
it is expected to boost commercial card adoption among businesses over the
forecast period.
Segment Analysis
The global commercial or corporate card market is dominated by the
corporate/purchase cards segment. Corporate/purchase cards allow businesses to
control spending and provide enhanced governance over card usage. They offer
improved data tracking and easier expense management against budgets. These
features have increased corporate/purchase card adoption among firms to manage
travel and entertainment spending as well as equipment and software purchases.
Key Takeaways
Global
Commercial Or Corporate Card Market Size is expected to witness high growth over the
forecast period of 2024 to 2031. The global Commercial or Corporate Card Market
is estimated to be valued at US$ 5.3 Bn
in 2024 and is expected to exhibit a CAGR
of 5.9% over the forecast period 2024 to 2031.
Regional analysis: North America currently holds the largest share of the
global commercial or corporate card market. In the region, high corporate card
adoption for business travel and expense management is driving market growth.
Europe follows North America in market share and is expected to grow at a
steady pace during the forecast period. Asia Pacific is identified as the
fastest growing market for commercial or corporate cards due to rising business
spending in countries like China, India, and Southeast Asian nations.
Key players: Key players operating in the commercial or corporate card market
are ABB Ltd., Fuji Electric Co. Ltd., Havells India Ltd., Powell Industries,
Mitsubishi Electric Corporation, CG Power and Industrial Solutions Limited,
Schneider Electric, Hitachi Ltd., Siemens AG, Meidensha Corporation, Eaton
Corporation PLC, and Toshiba International Corporation (Toshiba Corporation).
The market is consolidated in nature with large global players accounting for
the majority share.
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