Subscription and Recurring Payment Market Is Estimated To Witness High Growth
The Subscription and Recurring Payment Market is estimated to be valued at US$ 154.05 Billion in 2022 and is expected to exhibit a CAGR of 18.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The subscription and recurring payment market enables businesses to charge customers on a recurring basis for an ongoing subscription service or product. Subscription models are widely adopted across various industries like e-commerce, software-as-a-service (SaaS), media streaming, storage, etc. Businesses leverage recurring payments for collecting monthly or annual subscription fees through online payment gateways. This provides convenience to customers while ensuring a steady cash flow for businesses.
Market Dynamics:
Increased adoption of e-commerce has led more businesses to offer subscription box services or subscription-based memberships. Customers are also open to subscription models for online video, music, cloud storage and other digital services. This has boosted the subscription and recurring payment market size. Additionally, the growing trend of digital payments has made recurring payments more accessible and convenient for customers. They can now easily sign up for subscriptions and set up auto-pay from their debit/credit cards, net banking or digital wallet. This has further propelled the demand for subscription and recurring payment solutions.
Key Takeaways
The global subscription and recurring payment market is expected to witness high growth, exhibiting a CAGR of 18.5% over the forecast period, due to increasing digitization of commerce and preference for recurring services. Regional analysis
North America dominated the market in 2022, accounting for over 35% revenue share due to wide acceptance of subscription models among media, software and cloud industries in the US and Canada. Asia Pacific is projected to be the fastest-growing region, expanding at a CAGR of 21.5% during 2023-2030 owing to rising internet and smartphone penetration driving new digital subscriptions in India and China.
Key players
Key players operating in the Subscription and Recurring Payment market are PayPal, Stripe, Square, Recurly, Chargify, Zuora, FattMerchant, Payment Depot, PaymentEvolution, FastSpring, Chargebee, Spreedly, ChargeOver, Chargent, Vindicia, Chargify, Razorpay, Cashfree, CCAvenue, BillDesk. These companies are focused on enhancing recurring billing capabilities and applying technologies like AI to automate workflows and reduce billing errors.
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