The Global Commercial or Corporate Card Market is estimated to be valued at US$ 26.3 billion in 2017 and is expected to exhibit a CAGR of 7.3% over the forecast period 2018-2026, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Commercial or Corporate Card Market refers to the use of specialized payment cards by businesses for managing various expenses such as travel, accommodation, entertainment, and other business-related activities. These cards offer enhanced control, convenience, and flexibility in managing corporate expenditures. The use of corporate cards enables businesses to track expenses, streamline the payment process, and provide employees with a secure and efficient method of making business-related purchases. These cards also offer various rewards and benefits, such as cashback, discounts, and airline miles, which further incentivize their adoption by businesses.
Key Takeaways:
The global commercial or corporate card market is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period of 2018-2026. This growth is driven by the increasing adoption of digital payment solutions and the need for efficient expense management in corporate organizations. North America is the fastest-growing and dominating region in the market, with the presence of key players like American Express Company and Bank of America Corporation. These companies, along with others like Amazon.com and JP Morgan Chase Co., are key players operating in the commercial or corporate card market, leveraging their strong brand recognition and financial capabilities to drive market growth.
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