Recurring Payments Market Forecast, Size and Trends 2031

The Recurring Payments market size is expected to register a CAGR of 7.9% in 2023–2031. Integration with digital wallets is likely to remain key recurring payments market trends.

Recurring Payments Market Analysis

Recurring payments, often known as subscription payments, are regularly paid to a customer's credit card or bank account at regular intervals. These payments can be set up as recurring billing at any frequency agreed upon by the client and the business. It could occur weekly, bimonthly, monthly, quarterly, or annually.

Recurring Payments Market Overview

Most businesses that accept recurring payments use a subscription business model, which allows customers to choose the duration and frequency of their subscription and to renew or cancel it at any time.  Subscription businesses are becoming increasingly popular in a variety of industries because they provide businesses with a consistent revenue stream while also providing convenience to clients. The global SaaS industry has risen by 500% in the last seven years. Subscription businesses are a strong option for both business owners and investors, particularly during times of economic uncertainty when enterprises must focus on maximizing cash flow.

Recurring Payments Market Drivers and Opportunities

Increasing Use of Digital Wallets to Favor Market

Digital wallets have become a simple option for consumers to subscribe to recurring services, particularly for younger generations, with 21% of Gen Z preferring this method of payment. For instance, according to a 2023 Digital Payment Takeover report by PYMNTS.com, 12% of people say the ability to pay a recurring monthly fee is the top digital wallet function they are interested in.

AI-Powered Tools in Payment Collection – An Opportunity in Recurring Payments

AI is an invaluable resource for subscription organizations, providing excellent solutions for churn control and recurring payments. Your subscription-based firm can use AI to predict churn, execute targeted retention efforts, and automate client communications. AI also automates recurring payment procedures, analyzes usage data to better understand consumer behavior, and offers forecast price insights. These features should boost client satisfaction, lower churn, and assure smooth recurring payments.

Recurring Payments Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Recurring Payments market analysis are type and end user.

• Based on the type, the Recurring Payments market is divided into a fixed pricing model and a variable pricing model. The fixed pricing model segment held the largest share of the market in 2023.
• By end user, the market is segmented into media & entertainment, BFSI, healthcare, telecom & it, government and education, retail, and others. The BFSI segment held the largest share of the market in 2023.

Recurring Payments Market Share Analysis by Geography

The geographic scope of the Recurring Payments Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

North America has dominated the Recurring Payments market. Digital transformation fintech innovation and changing consumer preference in North America countries are driving the demand for Recurring Payments in the region. The Recurring Payments market is undergoing substantial development in North America, which can be attributed to the rise of subscription-based business models.

Recurring Payments Market Report Scope

Recurring Payments Market News and Recent Developments

The Recurring Payments market is evaluated by gathering qualitative and quantitative data post post-primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Recurring Payments and strategies:

• PayPal announced it has added new features to its complete payment solution for small businesses. The solution enabled small businesses to accept a range of payments, including PayPal, Venmo, and PayPal Pay Later products. Giving customers more choices in how they can pay can help drive checkout. (Source: PayPal, Press Release, 2023)

Recurring Payments Market Report Coverage and Deliverables

The “Recurring Payments Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles

REGIONAL FRAMEWORK

Recurring Payments Market Report Analysis

MARKET PLAYERS

Recurring Payments Market Report Scope