Global Recurring Payments Market Insights Forecast 2024 - 2033
5 Dec, 2024
What Is The Scope Of The Global Recurring Payments Market?
Recurring payments refer to automated transactions where funds are transferred at regular intervals without the need for manual intervention. It is used to streamline billing processes, ensuring timely payments for subscriptions, memberships, and services without requiring repeated authorization from the payer.
Recurring Payments Global Market Report 2024 provides data on the global recurring payments market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The recurring payments market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Recurring Payments ?
The recurring payments sector has experienced significant growth, expanding from $152.30 billion in 2023 to $166.69 billion in 2024, with a compound annual growth rate (CAGR) of 9.5%. This growth has been driven by increasing concerns over data privacy, wider adoption of recurring payment models, greater digitalization of payments, the popularity of streaming services, and the demand for automated billing solutions. Looking ahead, the market is projected to reach $240.13 billion by 2028, growing at a CAGR of 9.6%. This anticipated expansion is attributed to the rise of subscription-based business models, broader adoption of payment platforms, consumer preference for seamless payment options, digital transformation, and the growth of online and mobile payments. Key trends include advancements in payment technology, innovations in security solutions, and the integration of mobile and digital payment methods.
What Factors Are Driving Growth In The Recurring Payments Market?
The growing popularity of subscription-based business models is expected to drive the recurring payments market. As consumers increasingly opt for subscription services, businesses benefit from predictable revenue streams and enhanced customer loyalty. Recurring payments facilitate this model by ensuring steady cash flow and reducing administrative burdens. Reports show a significant rise in the number of people subscribing to services, further fueling the demand for recurring payment systems.
Get Your Free Sample Of The Global Recurring Payments Market ReportWhat Are The Main Segments Of The Global Recurring Payments Market?
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
What Emerging Trends Are Influencing The Growth Of The Recurring Payments Market?
In the recurring payments market, businesses are focusing on AI-powered solutions to streamline payment processes and personalize customer experiences. Trustly AB, a Sweden-based banking company, launched an AI-powered recurring payments solution in June 2024 to improve subscription-based transactions. The system automates recurring payments, reducing errors and enhancing security with advanced fraud prevention features like biometric authorization.
What Is The Largest Region In The Recurring Payments Market?
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.