Future Prospects of Global Laboratory Proficiency Testing Market

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Laboratory Proficiency Testing Market  The global Laboratory Proficiency Testing Market is estimated to be valued at US$ 1.29 billion in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Laboratory proficiency testing involves evaluating the performance of laboratories for a given scope of testing through inter-laboratory comparisons. It helps assess the quality and competence of laboratories by determining reproducibility and accuracy of test results. Proficiency testing products are used by laboratories to determine method validity and accuracy, and improve testing processes. Market Key Trends: One of the major trends in the laboratory proficiency testing market is the growing number of accredited medical laboratories. Accreditation assures compliance with ISO 15189 and ISO/IEC 17025 standards, which require participation in proficiency testing programs. Accordi
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Subscription and Recurring Payment market consists of recurring payments

Subscription and Recurring Payment Market
Subscription and Recurring Payment market


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The global Subscription and Recurring Payment market is estimated to be valued at US$ 154.05 Bn 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 consists of recurring payments that are made at regular intervals for products/services on a subscription basis. Subscription payment models offer many advantages for both businesses and customers. It provides a steady stream of revenue for businesses and offers convenience to customers who can get continued access to products/services without hassle of payment each time.

Market key trends:
One of the major trends witnessed in the subscription and recurring payment market is the growth of subscription e-commerce models. Many e-commerce companies are adopting subscription-based payment models for goods ranging from apparel, beauty products to food items. Companies are realizing the numerous advantages of recurring payments such as improved customer retention and predictable cash flows. They can easily forecast sales and manage inventory. For customers, subscribing to products offers convenience and ability to try different items regularly without much commitment. This emerging trend is expected to significantly drive the adoption of recurring digital payment solutions.
Segment Analysis
The subscription and recurring payment market can be segmented on the basis of type, solution, service, pricing model, organization size, and industry vertical. By type, the subscription management segment dominated the market in 2022 as it helps companies in streamlining and managing subscription-based recurring revenue streams. By solution, the billing management segment held the largest market share due to the need for streamlining billing processes to improve customer retention.

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 demand for subscription-based business models.

Regional analysis
North America dominated the subscription and recurring payment market in 2022 holding around 40% share. This is mainly due to the presence of major players offering payment solutions in the region. Asia Pacific is expected to be the fastest-growing region during the forecast period, owing to growing digital payments and adoption of subscription-based services in countries like China and India.

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. PayPal held the largest market share in 2022 owing to its strong presence and wide customer reach. Stripe is witnessing high growth due to investments in advanced payment technologies and product innovation.

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https://www.dailyprbulletin.com/subscription-and-recurring-payment-market-trends-driven-by-increasing-adoption-of-saas-in-various-verticals/

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