Dublin, Oct. 08, 2021 (GLOBE NEWSWIRE) -- The "North America Subscriptions and Recurring Payments Market 2021" report has been added to ResearchAndMarkets.com's offering.
This report covers subscriptions and recurring payments markets in North America, including United States and Canada. The report contains relevant information about the current state of the markets in the region, market trends, subscription sales and shares, and consumer and business preferences. Not all types of information were included for each country, due to varying data availability.
This report provides insights into the current state and developing trends of the subscriptions and recurring payments industry across the globe and in North America specifically. The publication reveals that due to the pandemic in 2020, consumers realized benefits of such purchasing methods and the practice is here to stay post-COVID-19.
Amid COVID-19, consumers worldwide realized benefits of subscriptions and increasingly adopted them
Globally, after the onset of the COVID-19 pandemic, around two-fifth of consumers subscribed to new products and services to adapt to the changing situation, and despite the economic downturn, just a low percentage of consumers cancelled or downgraded their existing subscriptions.
Moreover, consumer spending on the top one hundred subscription applications rose by at least 30% globally, and by over 25% in the United States. With that, many online enterprises are finding the benefits that subscription purchasing agreements provide, such as revenue predictability, which in turn improves future business planning.
However, before incorporating subscriptions into their profile, companies have to choose an appropriate business model. So-called "Subscription Box" is one of the most popular ones to date, but there are also some other that may be even more suitable for certain firms. Additionally, it is also essential to learn which metrics to consider when evaluating subscriptions; one important metric is customer lifetime value.
Subscriptions spiked in the United States in 2020
In the United States, between 2019 and 2020, the subscriptions market revenue rose by over 25%, and as during the pandemic and the trend is clearly here to stay post-COVID-19. When it comes to the product and service categories, especially pronounced was the market growth rate in the sector of consumer retail products and digital media, as subscription services account for well over half of music industry revenue.
Among the subscription service providers, free trials, appeared to be uncommon though the top 30 performers in the industry realize the importance the most. Furthermore, among the payment service providers offering recurring payments for subscriptions in the United States, Square and PayPal stood out in a recent assessment of PSPs.
The report opens with a global chapter. It includes information on the global subscription and recurring payments market development and projections, top market trends, consumer choices and other relevant data points.
In addition to market data, the global chapter also includes information on the various subscriptions business models, their benefits, and well as key metrics to consider when offering subscriptions to customers.
The rest of the report is devoted to countries of North America, namely United States and Canada. Depending on data availability, the following types of information were included: market revenues, consumer spending, penetration rates, key types of subscription, subscription providers, recurring payment service, providers, etc.
For more information about this report visit https://www.researchandmarkets.com/r/r8d23h
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