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Electronic Bill Presentment and Payment Market to Hit USD 43.3 Billion by 2028; Electronic Bill Presentment and Payment Industry CAGR of 10.5% Between 2022-2028; Exclusive Insight Report by Vantage Market Research
Vantage Market Research
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WASHINGTON, July 08, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s latest study of the Global Electronic Bill Presentment and Payment Market finds that the increasing popularity of e-bill payment systems and rising emphasis on transaction transparency, convenience, ease of use, & time-saving choices are some significant factors accelerating the growth of the Electronic Bill Presentment and Payment Market. In addition, the growing adoption of electronic bill (e-bill) payment solutions by organizations to efficiently help customers to manage their expenses and optimize the management of the human resources to reduce operational costs & augment profitability is expected to propel the growth of the Electronic Bill Presentment and Payment Market during the forecast period.
The Global Electronic Bill Presentment and Payment Market revenue is expected to reach a value USD 43.3 Billion in the year 2028.
The Global Market revenue was valued at USD 23.8 Billion in the year 2021, and the income is forecast to grow to exhibit a Compound Annual Growth Rate (CAGR) of 10.5% during the projected period; comments Vantage Market Research, in a report, titled “Electronic Bill Presentment and Payment Market Size, Share & Trends Analysis Report by Product (Electronic Bill Payment, Electronic Bill Posting), by Application (Billers, Consumers, Bill Consolidator, Banks & Financial Institutions), by Channel (Mobile, Web, Email, IVR, POS, Kiosk), by End-Use (BFSI, Insurance, Healthcare, IT & Telecom, Retail, Education, Media & Entertainment, Manufacturing), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
According to our primary respondents’ research, the Electronic Bill Presentment and Payment market is predicted to grow at a CAGR of roughly 10.5% during the forecast period.
The Electronic Bill Presentment and Payment market was estimated to be worth roughly USD 23.8 Billion in 2021 and is expected to reach USD 43.3 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Electronic Bill Presentment and Payment market.
Market Dynamics:
Drivers:
Capitalize on New Business Opportunities:
In recent years, investment companies have focused on initiating and assisting in raising funds to develop the product portfolio and strengthen their respective market position. For example, in September 2021, Ascend Money, a Thai-based fintech company, raised USD 150 million in the Series C funding cycle for USD 1.5 billion. Charoen Pokphand Group, a Thai-based company, led a sponsorship cycle, including investors such as Ant Group and Bow Wave Capital Management. Ascend Money is considering using the funding to expand its e-wallet system called TrueMoney Wallet. The company intends to expand its digital financial services in Southeast Asia. Investment in such a business is expected to create new market growth opportunities in the forecast period.
Increasing Use of Smartphones Worldwide
The increasing use of smartphones with high internet access is a significant factor driving the Electronic Bill Presentment and Payment Market. The mobile internet enables customers to access their destination at various payment sites. It allows customers to perform multiple tasks such as debit & credit card payments, online bank transfers, and instant access to the latest e-mail accounts. Businesses also promote mobile devices by providing their employees with smartphones and tablets to maximize their profits by improving employee productivity. A substantial influx of laptops and notebooks, the popularity of BYOD (Bring Your Own Devices), the growth of mobile internet networks, and the proliferation of smart-enabled internet phones are expected to drive the market.
The outbreak of COVID-19 had far-seen effects, impacting almost all industries worldwide. Several manufacturing and development units globally were temporarily closed down and had to suspend their operations during the initial stages of the pandemic. Several state and national Governments globally implemented measures like lockdown to ensure social distancing norms observed to restrict the spread of the virus. Moreover, the economic disaster which followed right after the pandemic led to a significant delay in the commercial roll-out of the manufacturing and other enterprises. Due to this, many organizations witnessed a considerable revenue drop. These organizations are trying to recover from the economic crisis arising since the emergence of the COVID-19 pandemic in 2020. Due to this, the market players are facing multiple issues as the disruptions in the supply chain hampered the business.
However, in the second half of 2020, the situation is expected to improve, which is credited to the resuming of operations of several market players, leading to more supplies returning on track.
Vantage Market Research’s study on the Global Electronic Bill Presentment and Payment Market has taken the purview of the impact of the COVID-19 pandemic on the global market demand. The study has evaluated and forecasted the market size and growth trends for all the regions and countries based on the following data points:
COVID-19 Impact Analysis:
Impact Assessment of COVID-19 Pandemic
a. North America
b. Europe
c. Asia Pacific
d. Latin America
e. Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long-Term Dynamics
Short-Term Dynamics
The report on Electronic Bill Presentment and Payment Market highlights:
North America is expected to dominate the growth of the Electronic Bill Presentment and Payment Market in 2021, owing to the highly developed Electronic Bill Presentment and Payment Market (EPBB) Market in terms of total submissions and payment tools, retailers, and bidders. The market is also affected by the limits set by the government on the use of Electronic Bill Presentment and Payment Market (EBPP) on roads across several major cities, such as New York and California in the United States, New South Wales in Australia, Netherlands, and Dubai in U.A.E., to note a few. In developing countries, internet and smartphone access have increased to benefit from smooth digital payments. In India, E-commerce sales are also growing with the development of digital payment information. The fastest-growing internet speed and other technological advances in Internet-related services help businesses pay their bills online.
List of Prominent Players in the Electronic Bill Presentment and Payment Market:
ACI Worldwide.
Bottomline Technologies Inc.
Communications Data Group Inc.
CSG Systems International Inc
E Billing Hub
Recent Developments:
October 2020: A.C.I. Worldwide, a provider of digital payment solutions announced its partnership with Entergy Services L.L.C., a power company. Through this partnership, Entergy Services L.L.C. has used A.C.I. Speedpay, an A.C.I. Worldwide product, to launch a mobile wallet payment channel, which includes moBills and Pay by Text, so its customers can pay via mobile devices.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Electronic Bill Presentment and Payment Market?
How will the Electronic Bill Presentment and Payment Market change in the upcoming six years?
Which application and product will take a lion’s share of the Electronic Bill Presentment and Payment Market?
What is the Electronic Bill Presentment and Payment market drivers and restrictions?
What will be the CAGR and size of the Electronic Bill Presentment and Payment Market throughout the forecast period?
This market, titled “Electronic Bill Presentment and Payment Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
• Product
• Electronic Bill Payment
• Electronic Bill Posting
• Application
• Billers
• Consumers
• Bill Consolidator
• Banks & Financial Institutions
• Channel
• Mobile
• Web
• Email
• IVR
• POS
• Kiosk
• End Use
• BFSI
• Insurance
• Healthcare
• IT & Telecom
• Retail
• Education
• Media & Entertainment
• Manufacturing
• Other End Uses
• Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
Region & Counties Covered
• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K
• France
• Germany
• Italy
• Spain
• Rest Of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• South East Asia
• Rest Of Asia Pacific
• Latin America
• Brazil
• Argentina
• Rest Of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest Of Middle East & Africa
Companies Covered
• ACI Worldwide.
• Bottomline Technologies Inc.
• Communications Data Group Inc.
• CSG Systems International Inc
• eBillingHub
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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