Support for alternative payment methods is key to growing future subscription-based services
Top 3 subscription-based verticals unveiled: research. Source: pexels.com
According to Juniper Research, the global market value of the subscription economy will grow to $275 billion in 2022, up from $224 billion in 2021.
After evaluating 10 key subscription-based markets, the research identified the following 3 as generating the highest revenue in 2022:
- Physical Goods
- Digital Video
- Digital Music
Interestingly, increased user demand for recurring deliveries of key items, owing to the pandemic, and the support of automation in subscription services, are key reasons for the uptake of subscription services across these 3 verticals. It is representing 75% of global subscription market revenue in 2022.
Besides, the report found that subscriptions to digital services, including music, video streaming, spoken word, and video games, will be a major revenue stream, representing 39% of global subscription market value in 2022.
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