Dublin, March 08, 2023 (GLOBE NEWSWIRE) -- The "Global Subscriptions and Recurring Payment Market 2023" report has been added to ResearchAndMarkets.com's offering.
The US market occupies a dominant position in the subscription and recurring payments market
Consumers worldwide have seen the benefits of the subscription economy in the face of the outbreak of the pandemic. The US market is no exception to this trend, as general subscription e-commerce sales in the US are increasing, with forecasted sales reaching a double-digit value in certain billion US dollars by 2024.
Furthermore, the number of digital buyers is also anticipated to increase steadily from 2019 to 2024, with growth rates remaining constant post-2021, as revealed by the latest report. The consumer expenditure on the top 100 subscription apps of both the App Store and Google Play also experienced a significant rise in growth rates between 2020 and 2021, with the total consumer spending reaching a new sales high by the end of 2021.
In terms of generations, millennials had the highest number of subscriptions as of 2021, with most millennials indicating that they subscribe for convenience and to save money. Furthermore, millennials were also among those who favored new introductory offers and subscription gifting options when compared to other age groups in 2021.
With Subscription Video on Demand revenues in the US forecasted to grow at a modest CAGR between 2021 and 2024, the average number of paid music subscriptions also showed acceleration since 2019 and reached a value in the millions as of 2021. Paid subscriptions are continuing to increase in popularity among US consumers, with more than three-quarters of the streaming revenue coming from paid subscriptions as of 2021. In Q4 2021, most households in the US indicated that they had a subscription to a video service, and more than half of the subscribers surveyed had plans to increase their retail subscriptions in the future.
Digital wallets, BNPL, One-click payment, among others are some trends shaping the subscription and recurring payments market, with payment processors adding new recurring payment features
Due to the growth of the subscription-based business model, recurring payments have become popular among customers and merchants alike. Recurring payments saw a boom mainly due to the acceleration of streaming platforms such as Netflix, Spotify, Amazon Prime, and others.
As subscription models are becoming popular even in traditional services such as education, food & beverages, parking lots, among others, companies within these sectors are also implementing recurring payments in their operations. Consumers subscribing to various subscription services demand frictionless methods of payment such as BNPL, digital wallets, and ACH, with ACH gaining popularity due to its cost-efficiency and reliability, as stated in the new report.
There is also a rise in demand for faster payment options such as biometric and crypto payments, along with one-click payments and auto-renewal of subscriptions.
Questions Covered:
- What is the forecasted number of subscription OTT video services globally by 2025?
- What are the emerging trends in the global subscription and recurring payments market?
- What is the estimated market value of the global subscription economy by 2022?
- What was the total consumer spending on top 100 app store and Google store subscription apps as of 2021?
Key Topics Covered:
- Subscription Market Overview and Trends, October 2022 (1 of 2)
- Subscription Market Overview and Trends, October 2022 (2 of 2)
- Recurring Payment Market Overview and Trends, October 2022
- Market Value of Subscription Economy, in USD billion, 2022 & 2026f
- Key Metrics for a Subscription Business, October 2022 (1 of 2)
- Key Metrics for a Subscription Business, October 2022 (2 of 2)
- Key Benefits of a Subscription Business, October 2022
- Top B2C E-Commerce Subscriptions Business Models, October 2022
- Share of Subscribers, by Verticals, Exclusive of "Entertainment And SVOD Categories", in % of Total Subscribers, December 2021
- Year-On-Year Growth of Overall Subscription Customer Count, by Verticals, Exclusive of "Entertainment And SVOD Categories", in % of Y-O-Y Growth, December 2021
- Percentage Increase in Average Monthly Subscribers, by Verticals, Exclusive of "Entertainment And SVOD Categories", in % of Y-O-Y Growth, December 2021
- Monthly Recurring Revenue, in USD million, and MRR Growth Rate, by Verticals, Exclusive of "Entertainment And SVOD Categories", in %, December 2021
- Average Order Value Growth Rate, by Verticals, Exclusive of "Entertainment And SVOD Categories", in %, December 2021
- Lifetime Value Growth Rate, by Verticals, Exclusive of "Entertainment And SVOD Categories", in %, December 2021
- Share of Customer Retention Rate in Past 12 Months, by Verticals, Exclusive of "Entertainment And SVOD Categories", in % of Customers, December 2021
- Annualized Subscription Economy Revenue Growth vs S&P 500 Revenue Growth, in %, 2019-2021
- Annualized Subscription Economy Revenue Growth vs S&P 500 Revenue Growth, in %, Q1 2022-Q2 2022
- Subscription Economy Index Quarterly Revenue Growth Rate, in %, Q1 2020 - Q4 2021
- Subscription Economy Index Average Churn Rate, in %, 2019-2021
- Subscription Economy Index Growth Rate, by Sectors, in %, 2021
- Consumer Spending in Top 100 Subscription Applications, by Revenue Channel, in USD billion, 2020 & 2021
- Top Segment That Will Account for the Largest Share of Subscription Revenue, in % of Global Revenue, 2022e
- Share of Direct-to-Consumer Companies That Will Offer Subscription Services, in %, 2023f
- Share of Adults Who Would Make Cutbacks In Case the Cost-of-Living Increases, by Areas, incl. "Subscriptions", in % of Adults, May 2022
- Share of Adults Who Would Make Cutbacks to Streaming Subscriptions In Case the Cost-of-Living Increases, by Country, in % of Adults, May 2022
- Share of Adults Who Have Cancelled At Least One Subscription vs Those Who Have Purchased At Least One Subscription, by Country, in % of Adults, May 2022 (1 of 2)
- Share of Adults Who Have Cancelled At Least One Subscription vs Those Who Have Purchased At Least One Subscription, by Country, in % of Adults, May 2022 (2 of 2)
- Generations That Cancelled And Resubscribed Paid Streaming Video Services Within the Last 12 Months, by Country, in % of Respondents, January 2022
- Subscription OTT Video Service Users, in billions, and Year-on-Year Change, in %, 2020-2025f
A selection of companies mentioned in this report includes
- Amazon Prime
- Apple
- Disney
- Google Play
- HBO
- Helcim
- Netflix
- Paramount
- PayPal
- Square
- Spotify
- Stripe
- Wave
Countries Covered
- Australia
- Brazil
- Canada
- China
- France
- Germany
- India
- Iran
- Israel
- Japan
- Mexico
- Russia
- Turkey
- UK
- USA
For more information about this report visit https://www.researchandmarkets.com/r/p2prki
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