Global Commercial or Corporate Cards Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Commercial or Corporate Cards Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global commercial or corporate cards market report has been segmented as per product type, card type, application, and region.
Global Commercial or Corporate Cards Market: Overview
Commercial or corporate cards are special type of cards that are used by the individuals for various purposes such as travel, business, and purchasing. There are various types of commercial or corporate cards available in the market such as purchase cards, gift cards, travel and entertainment cards, and business cards along with closed loop or open loop card system. These cards provide easy payment option to the user across the globe as compared to the traditional payment process such as by check or by cash payment.
Global Commercial or Corporate Cards Market: Dynamics
Growing trend of digitalization across the globe is resulting in increased adoption of commercial or corporate cards among individuals in developed and developing countries is a key factor driving growth of the global market. Also, rising business travel expenditure is another key factor expected to drive growth of the global market over the forecast period. In addition, increasing awareness about digital payment options among working individuals and rising online transactions for various type of payment process across the globe are major factors fueling growth of the global commercial or corporate cards market.
Increasing preference towards use of various cards such as gift cards, purchase cards, business cards, and travel and entertainment cards as per necessity of an individual is another factor expected to support growth of the target market during the forecast period. In addition, rising preference for electronic payment option due to its various features such as highly secure way of transaction, no need to carry cash or checks, and instant payment/money transfer is expected to boost growth of the global market.
Furthermore, rising acceptance for commercial or corporate cards for easy payment process among merchants along with increasing adoption of card swipe machines across the globe is another factor expected to propel growth of the target market in the next 10 years.
However, increasing use of mobile apps for payment process, restrictions on some type of cards for specific type of purchases, and spending limit on cards are major factors expected to hamper growth of the global market.
Global Commercial or Corporate Cards Market: Segment Analysis
Rising consumer preference towards the use of purchase cards for making payments and multiple benefits offered by major card companies and banks. These are primary factors driving revenue growth of the purchase card segment among the product type segment.
Global Commercial or Corporate Cards Market: Region Analysis
The market in North America dominates the global market in terms of revenue, owing to high adoption of various cards such as gift cards, business cards, and purchase cards, increasing trend of digitalization, rising travel and entertainment expenses in countries such as US and Canada in the region. Market in Asia Pacific is expected to register significant growth in the global market followed by market in Europe, owing to increasing business travel expenditure and increasing preference for digital payment process among individuals in this region. In addition, increasing awareness about commercial or corporate cards among individuals and rising corporate cards and commercial cards service providers in countries such as Brazil, South Africa, and Israel in Latin America, and Middle East & Africa region are expected to result in average growth in terms of revenue during the forecast period.
Global Commercial or Corporate Cards Market Segmentation:
Segmentation by Product Type:
- Business Cards
- Purchase Cards
- Gift Cards
- Travel and Entertainment Cards
Segmentation by Card Type:
- Closed-loop Cards
- Open-loop Cards
Segmentation by Application:
- Large Enterprises
- Small & Medium-sized Enterprises
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Bank of America Corporation
- American Express Company
- JPMorgan Chase & Co.
- Citigroup Inc.
- Wells Fargo & Company
- S. Bancorp
- Bank of China Limited
- CSI Enterprises, Inc.
- Hang Seng Bank Limited
- Mastercard Incorporated
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