Dublin, Nov. 02, 2021 (GLOBE NEWSWIRE) -- The "Global Subscriptions and Recurring Payment Market 2021" report has been added to ResearchAndMarkets.com's offering.
This new report reveals continuing interest of consumers and businesses to the subscriptions business model together with recurring payments. The market is set to grow across the globe in the next five years, and many companies are adjusting their business model to the new trend.
Global subscriptions and recurring payment markets are to grow in the next five years
After the onset of the coronavirus pandemic, the subscriptions and recurring payments markets accelerated, as consumers were restricted from visiting physical stores and saw new economic advantages in the model. This was substantiated in several studies cited in the publication: about four in ten global consumers chose a new subscription after the beginning of the pandemic, as reported by a 2021 survey. For businesses in post-pandemic times, an even more revealing fact is that almost a quarter of the new subscribers in the United Kingdom did so because they liked the simple idea of such purchases. Overall, the subscriptions markets in the countries considered in the report were forecasted to grow in absolute values, though growth rates were set to be lower than during the first waves of the health crisis.
Consumers worldwide prefer certain product categories to sign up for
On the global scale, "Boxes", "Video", and "Multiservice subscriptions" were the top three subscription categories in 2021, however, in 2025, "Multiservice subscriptions" were expected to outpace "Video". In Europe, furthermore, 2021's share of consumers using subscription services was similar to the global one and was forecasted so through 2025.
Additionally, one of the leading subscription categories, Subscription-Video-on-Demand, was set to count almost half a billion users in Asia-Pacific in 2025, while in Latin America, the figure was predicted to be about one fifth of APAC's, though growth rates are higher in Latin America.
In one of the main subscriptions markets in the world, North America, in 2020, the growth rate was especially pronounced in the sector of consumer retail products and digital media, according to the report.
2. Global Developments
- Subscription Market Sales, in USD billion, and Year-on-Year Change, in %, 2020 - 2025f
- Subscription Market Sales, in USD million, by Category, 2020 - 2025f
- Consumer Spending in Top 100 Subscription Applications, by App Store and Google Play Store, in USD billion, 2019 & 2020
- Key Metrics for a Subscription Business, October 2020
- Key Benefits of a Subscription Business, October 2020
- Top E-Commerce Subscriptions Business Models, November 2020
- Top Purchased Subscription Categories, in % of Respondents, May 2021
- Frequency of Adding a New or Renewing Existing Subscription, in % of Respondents, May 2021
- Top Purchased Subscription Categories, in % of Respondents, May 2021
- Top Factors When Choosing a Subscription, in % of Respondents, May 2021
- Preferred Payment Methods for Subscription Contracts, in % of Respondents, May 2021
- Share of Respondents Who Prefer Automatic and Manual Subscription Renewals, in %, May 2021
- Breakdown of Preferred Pricing Models, in % of Respondents, May 2021
- Top Reasons to Cancel Subscriptions, in % of Respondents, May 2021
- Annualized Subscription Economy Revenue Growth Compared to the S&P 500 Revenue Growth, in %, Q4 2019 - Q4 2020
- Annualized Subscription Economy Average Revenue Per Account Growth Rate, in %, Q4 2019 - Q4 2020
- Payment Options Available for Recurring Payments, by B2B and B2C Companies, in % of Payment Decision-Makers, September 2020
- Technologies Used to Handle Recurring Payments, in % of B2B and B2C Payment Decision-Makers, September 2020
- Percentage of Customers with Failed Payments that Turned into Churn, by B2C and B2B, and B2B Only Companies, in %, September 2020
- Implications for B2B & B2C Businesses from Recurring Payments Fails, in % of Payment Decision-Makers, September 2020
- Investment Plans Regarding Recurring Payment Service Providers, in % of B2B and B2C Payment Decision-Makers, September 2020
- Benefits of Adopting a Recurring Payment Solution, in % of B2B & B2C Payment Decision-Makers, September 2020
Companies Mentioned
- Amazon
- Alibaba
- Global Source
- DHCate
- Chinabrands
- Lightsinthebax
- ManoMano
- Alkemics
- Sary
- Retailo
- Fatura
- IndiaMART
- eWorldTrade
- ThomasNet
For more information about this report visit https://www.researchandmarkets.com/r/59oixq
