Subscriptions and Recurring Payment Market is Foreseen to Grow at CAGR of +10% by 2029, Says Brandessence Market Research

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Brandessence Market Research and Consulting Private Limited

May 10, 2023, 06:50 ET

LONDON, May 10, 2023 /PRNewswire/ --

Key Takeaways

  • This subscriptions and recurring payment market is anticipated to amplify with a CAGR of 10% over the forecast period.
  • Increasing adoption of digital payment methods and the rising demand for subscription-based services are primarily fuelling the industry growth.
  • The United States is anticipated to lead the market in terms of revenue share.
  • The subscriptions and recurring payment market presents significant opportunities for businesses to build long-term relationships with customers and drive sustainable growth.

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Global Subscriptions and Recurring Payment Market Outlook (2022-2029)

The subscriptions and recurring payment market has experienced substantial growth in recent years. This market is expected to continue to grow in the future, with a projected annual growth rate of around 10% over the next few years.

A subscription refers to an agreement between a supplier and a customer where a product or service is provided over a specified timeframe. The subscription fee can be variable based on usage, fixed, or a combination of both. Such subscriptions are recorded on a service contract. Recurring billing involves invoicing customers periodically (e.g., annually or monthly) for payment of one or more subscriptions. Subscription management, on the other hand, involves the process of selling new subscriptions and making changes to existing ones over time.

Competitive Hierarchy

Some of the major players in the Subscriptions and Recurring Payment Market are Amazon Prime, Apple, Disney, Google Play, HBO, Helcim, Netflix, Paramount, PayPal, Square, Spotify, Stripe, and Wave. To succeed in this market, businesses must stay abreast of emerging trends and regulations while adopting strategies that deliver a seamless and secure payment experience for customers. Overall, the subscriptions and recurring payment market presents significant opportunities for businesses to build long-term relationships with customers and drive sustainable growth.

Segmental Outlook

  • On the basis of the product, the subscriptions and recurring payment market is studied across service and solution. The service segment is further divided into managed services and professional services. The Solution segment is sub-segmented as billing mediation, financial customer care & dispute management, pricing & quote management, and subscription order management.
  • Based on payment mode, the global market is bifurcated as fixed payments and variable payments.
  • On the basis of industry, the subscriptions and recurring payment market is segmented as Automotive & Transportation, Aerospace & Defense, Building, Construction & Real Estate, Banking, Financial Services & Insurance, Education, Consumer Goods & Retail, Government & Public Sector, Energy & Utilities, Information Technology, Healthcare & Life Sciences, Media & Entertainment, Manufacturing, Telecommunication, as well as Travel & Hospitality.
  • Based on deployment, the global market is segmented as cloudless and on-premises.

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Region-Wise Outlook

The United States

In the US, the Subscription Video on Demand (SVOD) revenues are expected to grow at a modest CAGR, while the number of paid music subscriptions has significantly increased. Paid subscriptions are becoming increasingly popular among US consumers, with over three-quarters of streaming revenue coming from paid subscriptions. Additionally, a majority of households in the US have indicated that they currently subscribe to a video service, and more than half of the subscribers surveyed have plans to increase their retail subscriptions in the future.

Elaborating The Key Trends and Dynamics of This Industry

Several trends and drivers are currently affecting the subscriptions and recurring payment market. One of the primary drivers is the increasing adoption of subscription-based services, which has led to a shift in consumer behavior and preference for convenient and flexible payment options. Other key trends include the rising demand for digital payments, the emergence of new payment technologies, and the increasing popularity of mobile payment solutions. These trends are likely to continue in the future, with a focus on delivering a seamless and secure payment experience for consumers.

Major Growth Drivers

Increasing adoption of digital payment methods and the rising demand for subscription-based services, such as streaming media and software as a service (SaaS), are some of the key drivers contributing to this growth.

Rising adoption by younger generations: younger generations, such as millennials and Gen Z, are more likely to adopt subscription-based services and prefer digital payment methods. Preferences and behaviors also vary across industries, with consumers in some industries more likely to prefer annual subscriptions over monthly payments or vice versa.

Challenges

Various regulatory and legal issues: The subscriptions and recurring payment market is subject to several regulatory and legal issues, including data privacy, consumer protection, and fraud prevention. Businesses operating in this market must comply with various laws and regulations, including the General Data Protection Regulation (GDPR), the Payment Card Industry Data Security Standard (PCI DSS), and the California Consumer Privacy Act (CCPA). In the future, new regulations may be introduced to address emerging issues such as cybersecurity and data protection.

Opportunities

The subscriptions and recurring payment market presents several opportunities, including the potential for increased revenue, improved customer engagement, and enhanced customer loyalty.

To boost profitability and return on investment, players in the Subscriptions and Recurring Payment industries are now prioritizing the strengthening of their relationships with suppliers and fostering trust between them.

Restraints

However, this market also faces several threats, including increased competition, evolving customer preferences, and the potential for fraud and security breaches. Businesses in this market must stay vigilant and adopt strategies that address these threats while capitalizing on the opportunities presented.

On Special Requirement Subscriptions and Recurring Payment Market Report is also available for below region:

North America
  • U.S, Canada
Europe
  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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SOURCE Brandessence Market Research and Consulting Private Limited

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