Technology

Business Credit Cards Market to Reach $59.9 Billion, Globally, by 2032 at 7% CAGR: Allied Market Research

Published

3 months ago

August 7, 2024

The global business credit card market is experiencing growth due to an increased demand for small business financing, technological advancements, and digitalization in the banking industry, and a rise of entrepreneurship and the sharing economy.

WILMINGTON, Del., Aug. 7, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Business Credit Cards Market by Type (Open-Loop Card and Closed-Loop Card) and Application (Small Business Credit Cards, and Corporate Credit Cards): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the business credit cards market was valued at $33.5 billion in 2023, and is estimated to reach $59.9 billion by 2032, growing at a CAGR of 7% from 2024 to 2032.

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103 – Tables
52 – Charts
210 – Pages

Prime determinants of growth

However, regulatory compliance and risk management, increasing competition and margin pressure hinder market growth to some extent. Moreover, the expansion of the small business services ecosystem offers remunerative opportunities for the expansion of the global business credit card market.

Report coverage & details:

Report Coverage

Details

Forecast Period

2024–2032

Base Year

2023

Market Size in 2023

$33.5 Billion

Market Size in 2032

$59.9 Billion

CAGR

7.00 %

No. of Pages in Report

210

Segments Covered

Type, Application, and Region

Drivers

Increased Demand for Small Business Financing Technological Advancements and Digitalization Rise in Entrepreneurship and Gig Economy

Opportunities

Expansion of Small Business Services Ecosystem

Restraint

Regulatory Compliance and Risk Management Increase in Competition and Margin Pressure

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The corporate card segment is expected to experience the fastest growth throughout the forecast period.

By application, the small business segment held the highest market share in 2023, accounting for more than half of the global business credit card market revenue, and is expected to retain its dominance throughout the forecast period, due to the widespread adoption of business credit cards among small and medium-sized enterprises (SMEs) for managing day-to-day expenses and facilitating business operations.

However, the corporate card segment is projected to attain the highest CAGR from 2024 to 2032. This can be attributed to the increasing adoption of corporate cards by large enterprises and multinational corporations for managing corporate expenses and optimizing cash flow. Corporate cards are specifically designed to meet the unique needs of larger organizations, offering features such as higher credit limits, robust expense management tools, and tailored reporting capabilities.

The closed loop segment is expected to lead throughout the forecast period.

By type, the open-loop segment held the highest market share in 2023, accounting for nearly half of the global business credit card market revenue and is expected to retain its dominance throughout the forecast period. This is due to its widespread acceptance and versatility across various merchants and industries.

However, the closed loop segment is projected to attain the highest CAGR from 2024 to 2032, due to its specialized applications and tailored solutions for specific industries or businesses. Closed loop cards are issued by individual merchants or businesses and can only be used at designated locations or within a specific network.

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Asia-Pacific to maintain its dominance by 2032

By region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for three-fourths of the global business credit card market revenue and is expected to dominate in terms of revenue throughout the forecast timeframe owing to increase in adoption of digital payments and growth in number of small businesses and startups across the region. Business credit cards are gaining popularity in Asia-Pacific as companies seek to streamline their financial operations, access credit for business expansion, and manage expenses more efficiently.

Players: –

American Express Banking Corp.

JPMorgan Chase Bank

Capital One

Bank of America Corporation

Citi Group Inc

Wells Fargo

U.S. Bancorp

Barclays Plc

Discover Bank

The Hongkong and Shanghai Banking Corporation Limited.

The report provides a detailed analysis of these key players in the global business credit card market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Recent Industry News

In May 2023, Brex, a fintech company, enhanced its expense management tools by introducing real-time expense tracking and receipt capture features on its corporate credit cards. These tools, accessible via a mobile app, help businesses monitor spending and manage expenses more effectively.In April 2023, Capital One Business introduced enhanced integration with accounting software in 2024, allowing businesses to automatically categorize expenses and generate customized reports. This integration with platforms like QuickBooks and Xero streamlines accounting processes, enables businesses to track expenses more efficiently.In June 2022, PayPal partnered with Mastercard and launched co-branded business credit cards for PayPal Business account holders. These cards offer enhanced cashback rewards on PayPal and Mastercard transactions, as well as exclusive discounts on business services such as shipping and marketing.

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Key Benefits for Stakeholders

This report provides a quantitative analysis of the business credit cards market segments, current trends, estimations, and dynamics of the business credit cards market analysis from 2022 to 2032 to identify the prevailing market opportunities.The market research is offered along with information related to key drivers, restraints, and business credit cards market opportunity.Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.In-depth analysis of the business credit cards market outlook segmentation assists to determine the prevailing market opportunities.Major countries in each region are mapped according to their revenue contribution to the global business credit cards market statistics.Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players, and business credit cards market forecast.The report includes the analysis of the regional as well as global business credit cards market trends, key players, market segments, application areas, and business credit cards market growth strategies.

Business Credit Cards Market Key Segments:

By Type

Open-Loop CardClosed-Loop Card

By Application

Small Business Credit CardsCorporate Credit Cards

By Region

North America (U.S., Canada)Europe (UK, Germany, France, Italy, Spain, Rest of Europe)Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)LAMEA (Latin America, Middle East, Africa)

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Technology

Todd Tucker joins Parking Revenue Recovery Services as Chief Operating Officer to Guide Growth as PRRS expands as a Vehicle Identification and Monitoring Technology Platform

Published

44 minutes ago

November 15, 2024

DENVER, Nov. 15, 2024 /PRNewswire/ — Parking Revenue Recovery Services (PRRS), Inc., a leader in AI-driven compliance and vehicle activity monitoring, is pleased to announce the appointment of Todd Tucker, JD, DBA, CAPP, CPP, as its new Chief Operating Officer, effective November 15, 2024. With over 30 years of experience in the parking industry, Tucker is a recognized leader, having held various senior executive roles. Todd assumes the role of Chris Conley, who has decided to retire and enjoy some well-earned time after 30 years in the parking industry.

Before joining PRRS, Tucker served as President at Parking Logix and has been a leader in multiple tech companies focused on mobility solutions, with two leading to strategic and/or investment transaction outcomes Todd’s experience as a parking operations leader/expert and his roles spearheading the development and growth of innovative technology offerings focused on parking provide him with a unique ability to build solutions that meet the needs of today’s parking operations.

PRRS is uniquely positioned in gateless parking technology solutions through its machine vision-based technology, which identifies all vehicle activity, enhances compliance, and enables clients to expand their service capabilities. Our technology allows clients to gather valuable insights into operation and consumer activity while helping our clients improve their customer experience. With Tucker’s extensive expertise in parking technology and leadership, PRRS aims to broaden its services across North America, solidifying its status as the premier provider of gateless technology solutions to operators and facilities.

“Todd’s proven track record of driving innovation and his dedication to enhancing technology-based services make him the ideal candidate to lead PRRS into its next growth phase,” said Gabor Burchner, Managing Director, GB & Partners IM. “As the demand for adaptable technology solutions providers continues to rise, Todd’s leadership and collaborative approach will be invaluable.”

PRRS, in partnership with Asura, has successfully implemented the ARC solution and its compliance services at over 400 parking sites across 29 states. With ongoing investment from GB & Partners IM, PRRS is set to expand beyond its current identity as a “parking notice firm” to become the leading gateless technology solution for the future.

“I am thrilled to join PRRS and enhance the value we provide to our parking operating partners,” said Todd Tucker. “Throughout my career, I’ve consistently sought to challenge the status quo by delivering innovative solutions in an ever-evolving industry. PRRS is at the forefront of leveraging technology to enhance its services, and with GB & Partners IM participation, we will continue to deliver exceptional value to the parking sector and beyond. I look forward to joining the PRRS team and collaborating with our clients to push boundaries and innovate in compliance and facility monitoring services.”

About Parking Revenue Recovery Services

Parking Revenue Recovery Services, Inc. (PRRS) is North America’s leading Parking Compliance and Facility Monitoring technology provider. PRRS is on track to provide over 1,000 parking locations and proudly supports national, regional, and local parking operators throughout the United States. Our client owners and parking operators use our monitoring and compliance services in all properties, including commercial lots and garages, municipal facilities, college and university facilities, airports, hospitals, commercial properties, and residential buildings. PRRS creates exceptional value for its parking operator clients through increased overall customer compliance and enhanced visibility into operating activity and usage while delivering excellent customer service. We maximize the value provided to our clients through excellence, innovation, and efficiency in its compliance and monitoring services, delivered by an outstanding team of parking professionals dedicated to the highest levels of customers.

About Asura Technologies

Asura Technologies specializes in next-generation video analytics and license plate recognition software, utilizing AI to create smart parking, traffic management, frictionless tolling, and safety security applications. Active globally since 2018, Asura Technologies USA collaborates with PRRS to provide highly effective, automated parking enforcement solutions through innovative technology.

About GB & Partners IM

GB & Partners IM is an independent private equity and venture capital firm focused on innovative city technologies, fashion, fintech, medical technologies, and mechanical engineering. As the largest Hungarian-based firm in its sector, GB & Partners IM offers extensive leadership experience in private equity and venture capital investments, M&A transactions, and IPOs, providing operational support to investment entities by international standards. In 2019, GB & Partners IM became the first Hungarian venture capital firm to gain membership in Invest Europe.

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SOURCE Parking Revenue Recovery Services, Inc.

Technology

Connect and Converse Across Borders with Moii: Now Available Worldwide

Published

44 minutes ago

November 15, 2024

SEOUL, South Korea, Nov. 15, 2024 /PRNewswire/ — Moii, an innovative avatar-based interest-matching conversation service developed by tech startup illuni, has officially launched globally. Available on the Google Play Store and Apple App Store, Moii offers users a unique way to meet new friends, share stories and enjoy engaging conversations. The service allows people around the globe to experience safe, interest-based connections with like-minded people, fostering a sense of community across borders. Moii exemplifies illuni’s commitment to creating immersive digital experiences through advanced artificial intelligence (AI) technology.

To create heartfelt connections, download Moii from the Google Play Store (https://play.google.com/store/apps/details?id=com.illuni.moii&hl=en-US) and Apple App Store (https://apps.apple.com/us/app/moii-heartfelt-connections/id6456406927).

Create Moiiments, Connect Globally

In a world where genuine interaction can feel rare, Moii provides a space for simple, meaningful conversations without the pressure of video or photo sharing. By connecting users based on shared interests, Moii creates a relaxed environment for spontaneous chats, whether someone is looking for a listening ear, a language exchange, or a fresh global perspective. With engaging features such as avatar costumes and singing content in virtual karaoke – introduced in a recent November update – the app continues to attract a growing user base of young adults seeking meaningful connections beyond small talk.

“Since our global launch on the 1st of November, users from over 30 countries have come together on Moii to share interests, create unique content and enjoy friendly conversations,” said Byung-Hwa Park, CEO of Illuni. “We are thrilled by the enthusiasm for Moii as people around the world find it to be a fun and welcoming platform.”

Aimed at users in their 20s and 30s, Moii allows users to interact in a fully customizable 3D environment. Instead of revealing their actual appearance, users create avatars that reflect their personalities and interests, providing a sense of anonymity, security, and comfort. Once matched, users can personalize their avatars, use conversation cards, and enjoy mini games, making every interaction fun and engaging.

With a mission to create comfortable spaces for conversation, Moii promotes cross-cultural and language exchange on a global scale. Whether users want to make foreign friends, practice a new language, or simply chat with a friendly listener, Moii offers a low-pressure, refreshing way to connect.

Looking ahead, Illuni plans to expand Moii’s language support, making it accessible to even more users across the globe.

For more information about Moii, visit https://www.moii.net/en

About illuni

Illuni is a forward-thinking startup focused on developing immersive digital experiences through advanced AI technology. The company is committed to building innovative mixed-reality services that redefine user engagement in digital spaces. Alongside Moii, illuni’s portfolio includes Storyself (https://storyself.com), an interactive storybook app that transforms users’ pictures into story characters, allowing them to become the protagonists of various tales—making it both engaging and educational for children.

To learn more about illuni and its suite of mixed-reality projects, visit: https://www.illuni.com/en

For media inquiry, please contact: illuni Communications, e-mail: contact@illuni.com

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SOURCE illuni

Technology

LONGi’s Solar Panels Enhance Sustainability in Bengaluru’s Residential Complex

Published

44 minutes ago

November 15, 2024

BANGALORE, India, Nov. 15, 2024 /PRNewswire/ — LONGi, in partnership with SolarSquare, has completed a 342 kW solar project using advanced Hi-MO 5 solar panels for a residential apartment complex in Bengaluru.

Launched seven months ago, this solar project is set to save the residential complex up to $47,736 annually and has already generated an impressive 340,000 units of electricity. Thanks to the high efficiency of the solar modules, significant economies of scale, and the inherent advantages of rooftop solar, the project is projected to reach its break-even point within just 4.75 years.

Before the installation of the rooftop solar panels, residents faced annual electricity costs of approximately $143,305. The switch to solar energy is expected to result in annual savings between $47,768–$53,768, effectively reducing their electricity expenses by around 33%.

Nikhil Nahar, Co-founder and Director of SolarSquare, stated, “Through our strategic partnership with LONGi over the years, our customers have gained access to state-of-the-art technology for their projects. LONGi’s solar panels consistently deliver performance and help our customers save on electricity bills. With a shared vision to accelerate the mass adoption of renewable energy and enhance sustainability, our partnership has continually provided innovative solutions, earning the trust of our customers.”

LONGi remains committed to delivering advanced solar technology and helping more residential complexes achieve energy independence through its highly efficient and reliable products.

About LONGi

Founded in 2000, LONGi is committed to being the world’s leading solar technology company, focusing on customer-driven value creation for full scenario energy transformation.

Under its mission of ‘making the best of solar energy to build a green world’, LONGi has dedicated itself to technology innovation and established five business sectors, covering mono silicon wafers cells and modules, commercial & industrial distributed solar solutions, green energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has more recently, also embraced green hydrogen products and solutions to support global zero carbon development. www.longi.com

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