Dublin, Jan. 06, 2025 (GLOBE NEWSWIRE) — The “Recurring Payments Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
This Recurring Payments market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The recurring payments market size has grown strongly in recent years. It will grow from $152.3 billion in 2023 to $166.69 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth observed during the historic period can be attributed to several factors, including rising concerns about data privacy, increased adoption of recurring payment models, greater digitalization of payments, a surge in the adoption of streaming services, and growing demand for automated billing solutions.
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%. The projected growth during the forecast period can be attributed to several factors, including the rise of subscription-based business models, the increasing adoption of payment platforms, a growing preference for convenient and seamless payment methods, ongoing digital transformation in businesses, and a rise in online commerce and mobile payments. Key trends expected during this period include advancements in payment technologies, innovations in security solutions, development of advanced security measures, technological advancements, integration of digital payment methods, and the incorporation of mobile payment applications.
The rising adoption of subscription-based business models is expected to significantly boost the growth of the recurring payments market. Subscription-based models involve customers paying recurring fees for ongoing access to a product or service. This model is gaining traction due to its ability to provide predictable revenue streams, foster customer loyalty, and offer consumers convenient access to products and services without substantial upfront costs.
Recurring payments are crucial for these models as they ensure a steady and predictable revenue flow, reduce administrative overhead related to billing, and enhance customer retention by offering convenience and continuity of service. For example, in February 2022, Whistl UK Ltd, a UK-based shipping company, reported that 81% of people subscribed to at least one service in 2021, up from 65% in 2020, highlighting a significant increase in subscription adoption. This trend is driving the growth of the recurring payments market.
Leading companies in the recurring payments market are developing advanced payment solutions, such as AI-powered recurring payments systems, to enhance transaction efficiency and deliver personalized payment experiences. An AI-powered recurring payments solution utilizes artificial intelligence to automate and optimize recurring transactions, improving efficiency, minimizing errors, and offering customized payment schedules based on customer behavior.
For instance, in June 2024, Trustly AB, a Sweden-based consumer banking company, introduced an AI-powered recurring payments solution designed to streamline subscription transactions for merchants. This solution enables businesses to accept recurring payments directly from customers’ bank accounts, reducing dependence on traditional payment methods such as cards and direct debits. It features advanced fraud prevention measures, including biometric authorization and verified payment credentials, to ensure transaction security.
In August 2023, Trustly AB acquired SlimPay SA for $75 million. This acquisition aims to enhance Trustly’s capabilities in the European recurring payments market by integrating SlimPay’s SEPA direct debit expertise with its account-to-account payment technology. The deal is expected to streamline subscription management, accelerate the rollout of Trustly’s new Azura payment engine, and capture a larger market share. SlimPay SA, based in France, specializes in recurring payment and subscription management.
North America was the largest region in the recurring payments market in 2023. The regions covered in the recurring payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the recurring payments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Recurring Payments Market Competitive Landscape and Company Profiles
- Apple Inc.
- AT&T Inc.
- American Express Company
- PayPal Holdings Inc.
- Square Inc.
Other Major and Innovative Companies
- 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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $166.69 Billion |
| Forecasted Market Value (USD) by 2028 | $240.13 Billion |
| Compound Annual Growth Rate | 9.6% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Recurring Payments Market Characteristics
3. Recurring Payments Market Trends and Strategies
4. Recurring Payments Market – Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Recurring Payments Market Size and Growth
5.1. Global Recurring Payments Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Recurring Payments Historic Market Size and Growth, 2018 – 2023, Value ($ Billion)
5.3. Global Recurring Payments Forecast Market Size and Growth, 2023 – 2028, 2033F, Value ($ Billion)
6. Recurring Payments Market Segmentation
6.1. Global Recurring Payments Market, Segmentation by Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Services
- Payment Platforms
6.2. Global Recurring Payments Market, Segmentation by Payment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
6.3. Global Recurring Payments Market, Segmentation by End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Business-to-Business
- Business-to-Consumer
7. Recurring Payments Market Regional and Country Analysis
7.1. Global Recurring Payments Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Recurring Payments Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/qp83hb
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- Recurring Payments Market Report 2024
