The Future of Commercial or Corporate Cards: How Data Analytics is Changing the Way Businesses Spend

The global commercial or corporate cards market is expected to grow from USD 26.3 billion in 2022 to USD 49.3 billion by 2027, at a CAGR of 7.3%. The growth of the market is attributed to the increasing adoption of commercial or corporate cards by businesses for various purposes, such as employee expenses, travel and entertainment, and procurement.

• Increasing adoption of commercial or corporate cards by businesses: Businesses are increasingly adopting commercial or corporate cards for various purposes, such as employee expenses, travel and entertainment, and procurement. This is due to the various benefits offered by commercial or corporate cards, such as convenience, control, and security.
• Growing demand for cashless payments: The growing demand for cashless payments is another factor driving the growth of the commercial or corporate cards market. Businesses are increasingly using commercial or corporate cards to make payments for goods and services, as it is a more convenient and secure way to pay.
• Rise in e-commerce: The rise in e-commerce is also contributing to the growth of the commercial or corporate cards market. Businesses are increasingly using commercial or corporate cards to make online purchases, as it is a more convenient and secure way to pay.

The global commercial or corporate cards market is segmented by type, by end-user, and by region.

• By type: The market is segmented into purchase cards, travel and entertainment cards, and others. Purchase cards are the most widely used type of commercial or corporate cards. They are used by businesses to make purchases of goods and services. Travel and entertainment cards are used by businesses to make payments for travel and entertainment expenses. Others include fleet cards, fuel cards, and gift cards.
• By end-user: The market is segmented into small and medium-sized businesses (SMBs) and large enterprises. SMBs are the major users of commercial or corporate cards. Large enterprises are also using commercial or corporate cards, but to a lesser extent than SMBs.
• By region: The market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is the largest market for commercial or corporate cards. Europe is the second largest market, followed by Asia Pacific. The growth of the market in Asia Pacific is attributed to the growing adoption of commercial or corporate cards by businesses in emerging countries, such as China and India.

The key players in the global commercial or corporate cards market are American Express, Bank of America, Citigroup, Discover, and MasterCard. These players are adopting various strategies, such as product innovation, partnerships, and mergers and acquisitions, to expand their market share.

The commercial or corporate cards market is a competitive market. The key players are focusing on product innovation, partnerships, and mergers and acquisitions to expand their market share. The market is expected to grow at a significant rate in the forecast period.