Digital subscription is gaining importance as it provides a convenient way for the users to get the updated news online or to complete any online transaction such as online shopping. Decades ago, subscription was referred to a newspaper or a magazine wherein the consumers used to experience the updated news. Digital subscription is the general way of revolution towards digitalization. Digitally subscription services have been improving workflow, enabling innovative marketing and decreasing the time to market.
There are many factors responsible for driving the digital subscription services market such as cost-effectiveness, accessibility, reduced manual work and advanced technology. Due to the online revolution, it has become easy for the subscribers to experience music which can have more than 10 million tracks and thousands of playlists along with customization. It also helps to watch movies online, online shopping, gaming and videos. The growing media industry as well as the consumer goods industry catering to online transactions are growing rapidly due to the users’ preference for e-commerce.
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Digital subscription market is experiencing a steady growth due to the emerging technologies and the opportunities of sales through traditional system. Market players are emphasizing on improving their subscriptions from households and individuals in order to achieve high growth during the medium term. Due to lack of knowledge in the sector coupled with a perception that the process is expensive and difficult to manage, has resulted in the slow evolution of the digital subscription. Security is one of the major restraints of the market as financial as well as personal details of customers could be leaked, a data breach can expose confidential information of the customers.
The market is segmented on the basis of services, application, industry and region. In order to drive the demand for digital subscriptions, the services segment plays a vital role in developing digital streaming platforms with multiple players. Furthermore, the application segment gives a brief description about the subscription either based at household level or institutional level.
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Household subscribers are those who get a subscription paid for themselves or by someone else for their use, whereas, institutional subscription involves academic or non-academic and commercial subscription. An academic subscriber deals with subscription for higher education that has access to the journal’s web contents by purchasing an institutional subscription that can be through direct or subscription agent. Commercial is for the research and commercial subscriber where they require an authentication. Various industries such as banking, media and entertainment, publishing, retail and consumers and travel and tourism use digital subscription.
Subscription services have successfully adopted the mobile platforms in order to improve their reach among subscribers. Mobile based solutions have improved the penetration of subscription services and are expected to drive the market during the forecast period. Ease of use and highly customized services are helping the subscription companies to drive the revenue with the help of mobile platforms. Customer feedback along with analytics solutions related to orders and preferences are also helping the subscription service providers to add new subscribers on a daily basis.
Regional segmentation for the subscription digital market includes North America, Europe, Asia Pacific, Middle East and Africa and South America. North America and Europe region are expected to generate high demand due to high focus on digitalization and large subscriber base. The Asia-Pacific region is about to witness major growth in this market mainly due to increasing adoption of smart technologies and developing IT infrastructure.
The major vendors that offer digital subscription are Salesforce, Amazon, Flipkart, TechCrunch, Netflix, Microsoft Corporation, Algolia, Oracle Corporation, SAP SE, and Vigorate Digital Solutions. These leading companies are focusing on inventing new technologies and expansion for growth in digital subscription market.
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