Recurring Payments Market Report, Size, Share, Growth, Trends, Industry Forecast to 2033

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The new report published by The Business Research Company, titled Recurring Payments Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the recurring payments market size has grown strongly in recent years. It will grow from $152.30 billion in 2023 to $166.69 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The recurring payments market size is expected to see strong growth in the next few years. It will grow to $240.13 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.

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What Is Driving The Growth Of The Global Recurring Payments Market?

Rising Subscription Adoption Fuels Growth In Recurring Payments Market
Increasing adoption of subscription-based business models is expected to propel the growth of the recurring payments market going forward. Subscription-based business models involve customers paying recurring fees for continuous access to a product or service. The adoption of subscription-based business models is increasing due to their ability to provide predictable revenue streams, enhance customer loyalty, and offer consumers convenient access to products and services without large upfront costs. Recurring payments are useful for subscription-based business models because they ensure a steady and predictable revenue stream, reduce administrative overhead for billing, and enhance customer retention through convenience and continuity of service. For instance, in February 2022, according to Whistl UK Ltd, a UK-based shipping company, in 2021, 81% subscribed to at least one service, up from 65% in 2020, indicating a significant increase in subscription adoption over the year. Therefore, the increasing adoption of subscription-based business models is driving the growth of the recurring payments market.

What Is The Key Trend In The Global Recurring Payments Market?

AI-Powered Recurring Payments Solution To Revolutionize Subscription Transactions
Major companies operating in the recurring payments market are focusing on developing advanced payment solutions, such as an artificial intelligence (AI)-powered recurring payments solution, to enhance transaction efficiency and provide personalized payment experiences for customers. An AI-powered recurring payments solution refers to a system that uses artificial intelligence to automate and optimize recurring transactions, improving efficiency, reducing errors, and offering personalized payment schedules based on customer behavior. For instance, in June 2024, Trustly AB, a Sweden-based consumer banking company, launched an AI-powered recurring payments solution designed to streamline subscription transactions for merchants. This innovative offering allows businesses to accept recurring payments directly from customers' bank accounts, significantly reducing reliance on traditional payment methods such as cards and direct debits. It includes enhanced fraud prevention measures, such as biometric authorization and verified payment credentials, to ensure transaction security.

How Is The Global Recurring Payments Market Segmented?
The recurring payments market covered in this report is segmented -

1) By Component: Services, Payment Platform
2) By Payment Type: Fixed, Variable
3) By End Use: Business-To-Business, Business-To-Consumer

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How Is The Competitive Landscape Of The Global Recurring Payments Market?
Major companies operating in the recurring payments market are Apple Inc., AT&T Inc., American Express Company, PayPal Holdings Inc., Square Inc., Stripe Inc., Adyen N.V, Klarna Inc., Zoho Corporation Pvt. Ltd., Recurly Inc., Elavon Inc., Odoo S.A., GoCardless, Chargebee Inc., QuickBooks, Zuora Inc., Braintree, Dwolla Inc., BlueSnap, Practice Ignition Pty Ltd., PayStand Inc., FastSpring Inc., Authorize.Net, JustOn GmbH

Contents Of The Global Recurring Payments Market
1. Executive Summary
2. Recurring Payments Market Report Structure
3. Recurring Payments Market Trends And Strategies
4. Recurring Payments Market - Macro Economic Scenario
5. Recurring Payments Market Size And Growth
…..
27. Recurring Payments Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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