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Virtual Cards Market
Tokenization Trends in Virtual Cards market : Enhancing Security and User Experience | At a CAGR of 21.3% to 2031.
Emerging Trends in B2C Remote Payment Virtual Cards” - Allied Market Research
NEW CASTLE, WILMINGTON, UNITED STATES, July 8, 2024 /EINPresswire / -- Allied Market Research recently published a report on the virtual cards market . It has touched upon various aspects of the industry ranging from growth forecasts, upcoming trends, regional and segmental analysis, and competitive landscape scenarios.
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The global virtual cards market size was valued at $281.22 billion in 2021 and is projected to reach $1,893.08 billion by 2031, growing at a CAGR of 21.3% from 2022 to 2031.
The report provides actionable data and market intelligence on the changing dynamics of the sector to help businesses understand how the market might evolve in the coming period. The study also presents accurate revenue numbers and CAGR values to substantiate the given information. The primary aim behind the publication of the report is to provide companies with practical guidance on the investment opportunities and growth drivers of the industry so that they can focus their energies on the right areas. The study also covers the latest advancements and upcoming trends in the industry to enable businesses to stay well-informed about the recent developments in the landscape.
A recent RFI Group study titled Capitalizing on the Potential in virtual cards conducted on behalf of Visa, found that virtual cards are becoming an important option for businesses across the globe. In Australia, 54% of businesses that already use purchasing cards find virtual cards appealing. This figure is even higher at 60% for businesses that do not currently use purchasing cards. In other regions, namely Canada and the U.S., where corporates already use purchasing cards, the appeal for virtual cards goes up by 74% and 93% of businesses respectively indicated they find virtual cards an attractive option. Moreover, this growing awareness and interest in virtual card use amongst corporates represents a lucrative opportunity for the market players in the upcoming years. In addition, by focusing on the appealing benefits of virtual cards, issuers can position themselves to improve relationships with existing customers and future B2B clients.
Studying the performance of the industry in major regions across the globe
This section of the report highlights the political and administrative actions, socioeconomic conditions , cultural norms and values, and demographic changes that are influencing the growth of the industry. In the case of the virtual cards market, the report covers major regions of North America, Asia-Pacific, Europe, and LAMEA. Prominent countries in these regions such as the US, Canada, China, India, Japan, the UK, Germany, France, etc., are analyzed in detail. Ultimately, regional analysis of the industry aids companies in developing tailored customer-winning strategies based on the various factors associated with that specific region.
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Formulating growth strategies with holistic industry highlights and competitive scenario
The report on the virtual cards landscape contains an in-depth study of the growth drivers, market restraints, and investment opportunities in the industry. The growth drivers and investment opportunities aim at helping new entrants get an idea of the nature of the industry, while the market restraints enable companies to overcome various challenges. On these lines, the important factors influencing the virtual cards market include:
1) Virtual cards offer added security benefits than physical cards
2) Consumer attraction towards physical cards
3) Rapid innovation in payments technology
Based on end users, the business segment contributed to around three-fourths of the global virtual cards market revenue in 2021 and is expected to lead the trail by the end of 2031. The individual segment, on the other hand, would exhibit the fastest CAGR of 23.1% throughout the forecast period.
Based on product type, the B2B virtual card segment contributed to more than two-fifths of the global virtual cards market revenue in 2021 and is expected to dominate by 2031. At the same time, the B2C POS virtual cards segment would showcase the fastest CAGR of 25.4% throughout the forecast period. The B2C remote payment virtual cards segment is also assessed in the study.
Based on industry vertical, the media and entertainment segment nearly one-fourth of the total market revenue in 2021, and is expected to dominate by 2031. The advertising segment, simultaneously, would manifest the fastest CAGR of 26.9% throughout the forecast period. The other segments analyzed in the report include hospitality, consumer goods, energy & utilities, and education.
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Based on region, the market across North America generated nearly two-fifths of the total market revenue in 2021 and is anticipated to retain the lion's share by 2031. The Asia-Pacific region, at the same time, would manifest the fastest CAGR of 24.1% during the forecast period. The other regions studied in the report include LAMEA and Europe.
Additionally, the competitive scenario of the landscape is also provided in the report to aid companies in understanding where they stand in the market. For this, the report takes the help of scientific analytical tools like Porter's five forces. Also, the competitor identification analysis offered in this sector enables businesses to acknowledge the strategies adopted by leading players in the landscape. Moreover, the study has also profiled the top companies in the market which include:
Standard Chartered Bank, JPMorgan Chase & Co., State Bank of India, Revolut Ltd, Mastercard, Citigroup Inc., ePayService, DBS Bank Ltd, HSBC, WEX Inc., Stripe, Inc., Billtrust (BTRS Holdings Inc.), Marqeta, Inc., Bento Technologies Inc., Capital One, American Express, Wise Payments Limited
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Key findings of the study
By product type, the B2B virtual card segment led the virtual cards market in terms of revenue in 2021.
By end user, the businesses segment accounted for the highest virtual cards market share in 2021.
By region, North America generated the highest revenue in 2021.
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