Recurring Payments Market Expected To Grow At A CAGR Of 6.9% During 2033

Fact Mr has published a new market analysis report on recurring payments. According to MR, the worldwide value of recurring payments in 2022 will be US$ 130.2 billion. With a 6.9% predicted growth rate from 2023 to 2033, the market is estimated to be worth $268.7 billion by the end of the forecast period.
Revenue from subscription-based companies is likely to be a substantial revenue-generating component of recurring payments, with a CAGR of more than 5.4% projected from 2023 to 2033.

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According to Fact.MR's analysis of the Recurring Payments Market, a market research and competitive intelligence company, the market value expanded at a CAGR of roughly 9% from 2018 to 2022. The market is expected to reach a valuation of US$ 268.7 billion by 2033, with an absolute dollar potential of US$ 131.4 billion.

Some of the recent developments in the Recurring Payments Market are :

In March 2022, Spotify announced a partnership with Google. The multi-year agreement between the two will offer Spotify customers a first-of-its-kind payment option to subscribe to Spotify. The customers who download Spotify from the Play store will have Spotify payments as well as a Google Play Billing option to sign up for subscription payments.

In February 2023, Recurly announced its partnership with subscription business model consultancy platform Recuro to combine their technologies to meet the needs of high-growth subscription companies.

Key Players:
• Netflix
• Spotify
• The New York Times
• Coursera
• Atlassian
• Apple Services(iCloud)
• American Express
• Ipsy
• Life Time
• AT&T

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Regional Analysis:

The Chinese market is anticipated to expand to be worth US$ 34.5 billion by 2033, with an absolute dollar rise of US$ 16.2 billion. From 2018 to 2022, the Chinese market grew at a CAGR of 9.5%, and it is predicted to expand at a CAGR of 6.1% from 2023 to 2033.

Recurring payments have gained popularity in China in recent years, owing to the country's fast increasing digital economy and changing consumer behavior. With a market value of $3.6 trillion in 2022, China's digital payment industry is dynamic and fast changing. This demonstrates the country's strong acceptance of digitalized payments, which creates huge prospects for recurring payments.

The UK market is predicted to grow to be valued US$ 16.5 billion, with an absolute dollar increase of US$ 5.9 billion. The country's market grew at a 7.4% CAGR from 2018 to 2022 and is predicted to expand at a 4.2% CAGR from 2023 to 2033.

The United Kingdom has been at the forefront of open banking efforts and FinTech developments. With the Payments Services Directive 2 (PSD2), the United Kingdom began adopting open banking legislation in 2018. Four years after its deployment, the country has over 4.5 million active users and a 60% increase in new clients in 2021, with around 27 million open banking payments handled.

Key Segments of Industry:
• By Component :
o Services
o Payment Platforms
• By Payment Type :
o Fixed
o Variable
• By End Use :
o B2B
 Subscription-based Businesses
 Publication Services
 Streaming Services
 Cloud Services
 Financial Services
 E-learning
 Utilities
 Telecom
 Subscription E-commerce
 Club Memberships
o B2C (SaaS Solutions)

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This release was published on openPR.