Europe recurring payments market was valued at US$ 5899.33 million in 2020 and is expected to reach US$ 28395.84 million by 2028, growing at a CAGR of 21.7% over the forecast period. More companies in the world are embracing business models focused on subscription and recurring payments. The advantages of a subscription model are stable cash flow, consistent growth and inventory management, lower consumer acquisition costs, and lower retention costs. Subscriptions and ongoing payment-based business models, however, are a highly efficient way to do business for a generation that increasingly tends to subscribe to a product rather than purchase the product. On the B2B side, with brands like Microsoft, Google and Amazon Web Services already providing a subscription model to buy platforms and tools. In the world of e-commerce, recurring payments are getting recognized heavily. Subscription fees ease the whole process of billing and also give the consumers a flawless checkout experience.
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Subscription-based deals can be critical to helping business-to-consumer (B2C) businesses build long-term partnerships and lock down more stable revenue streams. However, successful subscription deals need careful strategizing around payments. There are advantages to recurring payments, such as frictionless transactions, unmissed customer payments and consistent cash flow and merchant growth. As a constructive enhancement to offer outstanding customer support, smart and attentive organizations are increasingly embracing recurring payment solutions. For both providers and clients, recurring payments help streamline processes and reduce friction. Recurring payment solutions can help maximize approvals for business, reduce turnover, and increase the revenue potential of payment source.
Recurrent payments were often limited to services, newspapers, sports team season tickets, health clubs, or movie rentals. Subscription business models are driving growth in companies of every possible size and form. Recurrent subscription fees fuels the rise of companies in direct-to-consumer, everything from personal care to packaged meals to pet food. Recurring revenue models create predictable revenue flows that can raise a customer's lifetime value and decrease customer acquisition costs. Recurrent payment agreements help create sticky clients, foster a positive picture of the company, and reduce the turnover of consumers. Recurrent online or mobile payments are rising in volume and complexity. A recurring card transaction is one in which the payment credentials of the payer are deposited with a retailer for future use to manage daily bill payments easily, allow rapid checkout at an e-commerce merchant site, and pay for a product or services subscription.
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The ease of entering their account data only once is appreciated by buyers. When recurring transactions are used and the steady cash flow they generate, merchants enjoy the connectivity they achieve with their customers. Similarly, issuers like the amount of transactions that recurring transactions produce when cards are used, but these transactions will result in consumer losses and financial losses if not handled well. More organizations are moving to a model of revenue that includes subscriptions, file cards, and other recurring purchases. Through its one-click buying feature using stored card and account data, Amazon has famously achieved this capturing an estimated $7 billion to $10 billion in annual from Amazon Prime subscription fees.
In the content and entertainment categories, the recurring payment model has a broadest exposure. In fact, even content-based services offer subscription through recurring payment models. Saas companies are another niche that could theoretically benefit a lot from models focused on subscriptions with brands like Slack, Freshdesk, Intercom, Salesforce, and others which have adopted recurring payments solutions. The model has shown promise that even brands that used to produce revenue from their software sales turned to the model of recurring payment. Subscriptions are popular with customers as well as with companies. Consumers prefer these models because the expenditures correlate with their use, and they help consumers to plan and budget their expenses more accurately. Companies enjoy subscriptions because it helps to smooth out their sales stream and connect with customers for a longer period of time, providing more cross-selling and up-selling opportunities.
Subscription services for millennials are now incredibly popular. Eighty-seven percent of millennials already pay for some sort of subscription service, according to the American Press Institute. Consumer demand for subscriptions goes beyond the millennial generation. 80 percent of consumers are demanding new consumption models including subscription, sharing, and leasing. However, these payment models can be troublesome for organizations due to various factors such as involuntary turnovers. Due to payment problems like expired cards, missing cards and fraud-disabled cards could hamper the market growth. The transition towards subscription economy is accelerating. There are various opportunities for subscription-based companies to expand into a large number of markets. Mature markets will continue to see healthy growth, emerging markets such as China, India, Russia, Brazil and Mexico will see a huge growth in subscription payments over the forecast period.
The detailed research study provides qualitative and quantitative analysis of recurring payments market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- The solutions segment will have a dominant position in the market, streaming providers are the major end users of these solutions. The market is witnessing a huge growth due to increased focus of consumers towards recurring payment models.
- North America region will see a huge growth in recurring payments over the forecast period, United States will see a huge growth in the adoption of recurring payment solutions by various industry verticals. The adoption of these payment solutions by the entertainment industry has increased a lot and this trend will continue in the years to come.
- The major players operating in the market include Adelante, Adyen, Aria Systems, Inc., CHARGEBEE INC., Clover Network, Inc., Elavon Financial Services DAC, Nuvei, Square, Inc., Stripe, Vindicia, Inc., Visa (CyberSource), Worldline, Zoho Corporation Pvt. Ltd., ARVATO INFOSCORE GMBH and other market participants.
Recurring Payments Market:
- By Offerings
- By Organization Size
- Small and Medium Sized Enterprises
- Large Enterprises
- By Industry Verticals
- IT and Telecommunications
- Banking, Financial Services and Insurance (BFSI)
- Retail and Consumer Goods
- Travel and Hospitality
- Energy and Utilities
- By Geography
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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