Artificial Intelligence
Global Subscription E-commerce Market Report 2023: Market to Grow by $2,323.08 Billion from 2022 to 2028
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Dublin, Jan. 30, 2023 (GLOBE NEWSWIRE) — The “Global Subscription E-commerce Market: Analysis By Application Type, By End User, By Mode of Payment, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global subscription e-commerce market was valued at US$96.61 billion in 2022. The market value is forecasted to grow to US$2419.69 billion by 2028. The market is anticipated to grow at a CAGR of approx. 71% during the forecasted period of 2023-2028.
Subscription e-commerce is a way of purchasing goods and services online in which customers can sign up for subscriptions to receive the products or services on a recurring basis. Customers who opt for subscriptions receive their products through monthly or weekly boxes, known as subscription boxes. Customers can subscribe to certain products with the seller which are required by them cyclically.
The factors such as growing use of subscriptions among millennials, rapid urbanization, rising popularity of online streaming services, increasing internet penetration and growing use of mobile devices, are expected to drive the overall market growth in the forecasted period.
Market Segmentation Analysis:
Entertainment subscription e-commerce market is the fastest growing segment of global subscription e-commerce market owing to rising penetration of internet, wide variety of exclusive content available in different languages, increased convenience of accessing these services from any device and cost effectiveness in terms of lower price charged as compared to TV cables.
Women subscription e-commerce market is both the largest and fastest growing segment of global subscription e-commerce market owing to rising number of working women, increasing presence of startups which are offering numerous feminine products and cosmetics, increasing penetration of social media trends and expanding e-commerce sector.
Online payment subscription e-commerce market is both the largest and fastest growing segment of global subscription e-commerce market owing to digitalization, increasing trend of online shopping, many digital subscription services complying to online payments, increasing government initiatives to promote cashless economy and rising scope of payment wallets among younger generation.
North America subscription e-commerce market holds the largest share in global subscription e-commerce market owing to expanding e-commerce industry, growing influence of social media platforms & celebrity endorsements on consumer lifestyles, rapid digitalization of businesses and rising adoption of cloud solutions contributing significantly to the expansion of digital commerce in the region.
Whereas, Asia Pacific subscription e-commerce market is the fastest growing region of global subscription e-commerce market owing to large consumer base, rapid urbanization, increasing penetration of internet, massive sales volumes and thriving social and mobile commerce ecosystem along with continuous launch of innovative subscription boxes by leading brands.
The Asia-Pacific subscription e-commerce market is divided into five regions on the basis of geographical operations, namely, China, Japan, India, South Korea and rest of Asia Pacific where China subscription e-commerce market holds the largest share of Asia Pacific subscription e-commerce market.
Impact Analysis of COVID-19 and Way Forward:
COVID-19 brought in many changes in the world in terms of reduced productivity, loss of life, business closures, closing down of factories and organizations, and shift to an online mode of work.
Lockdown policies, imposed by the government to prevent the spread of virus led to the closure of local retail shops, malls and supermarkets, incentivizing consumers to shift towards online shopping and use of e-commerce websites for the purchase of essential items, increasing the demand for e-commerce services and boosting the growth of subscription e-commerce market.
As a result of rising awareness about online shopping and a positive shift in people’s attitude towards the use of subscription services, which were able to offer predictability and convenience in terms of availability and home delivery of essential items, the subscription e-commerce market would grow substantially. Therefore, the global impact of COVID-19 on subscription e-commerce market turned out to be positive.
Competitive Landscape:
The market for subscription e-commerce has been moderately fragmented due to the presence of large number of e-commerce platforms that operate in e-commerce subscription market.
Strategic partnerships and collaborations are the key strategies followed by the companies operating in the subscription e-commerce market as these collaborations enable companies to extend their market share and gain a competitive edge in the market.
For instance, on December 15, 2022, Netflix, Inc. announced that the company teamed up with boAt to launch a first-of-its-kind ‘Stream Edition’ audio range in India. The product range would feature True Wireless Earbuds (TWS), Headphones (On-Ear), and a Wireless Neckband. With the noise cancelling feature, the limited-edition audio range would enable users to enjoy watching Netflix in an enhanced way, by blocking out the sounds that the user don’t want to hear and focusing on those that the user do.
Market Dynamics:
Growth Drivers: The global subscription e-commerce market has been growing over the past few years, due to factors such as growing use of subscriptions among millennials, rapid urbanization, rising popularity of online streaming services, increasing internet penetration, growing usage of mobile devices, rising purchasing power, low cost of subscription boxes, etc.
The preferences of the people, especially young generation, are shifting from traditional TV to online media because of the access to unlimited content provided to the users at a reasonable price. Moreover, online streaming services give the users the flexibility and convenience of watching a large number of TV shows, movies, news, sports, etc. from any device at any point of time.
With rising disposable incomes, people are becoming more willing to pay for such subscription services in return for unlimited access to online media, creating a positive demand for subscription e-commerce services, boosting the growth of global subscription e-commerce market.
Challenges: However, the market growth would be negatively impacted by various challenges such as e-commerce fraud, low adoption of subscription boxes in developing countries, etc. The use of subscription-based services are prevalent in the developed regions of the world, such as the US, but the adoption of subscription boxes in developing countries is still quite low. A major portion of the population in developing countries have lower disposable income as compared to developed nations, making it difficult for the people to sign up for subscription boxes in these countries.
Trends: The market is projected to grow at a fast pace during the forecasted period, due to various latest trends such as rising use of social media in marketing, increasing adoption of subscription among men, busy and hectic lifestyles, etc. Majority of the customers purchasing goods online are influenced by the feedbacks given by other users on several social media platforms.
Their decisions are also impacted by social media influencers and the reviews given by famous personalities about a particular product or service. Social media helps the companies in online marketing, thereby enabling them to establish a strong web presence.
The rapidly growing use of social networking platforms by the people would provide a huge opportunity to the players in the subscription e-commerce industry to advertise about the subscription services provided by them, boosting the growth of global subscription e-commerce market in the upcoming years.
Key Metrics
| Report Attribute | Details |
| No. of Pages | 155 |
| Forecast Period | 2023 – 2028 |
| Estimated Market Value (USD) in 2023 | $165.64 Billion |
| Forecasted Market Value (USD) by 2028 | $2419.69 Billion |
| Compound Annual Growth Rate | 71.0% |
| Regions Covered | Global |
Market Dynamics
Growth Drivers
- Growing Use of Subscriptions among Millennials
- Rapid Urbanization
- Rising Popularity of Online Streaming Services
- Increasing Internet Penetration
- Growing Usage of Mobile Devices
- Rising Purchasing Power
- Low Cost of Subscription Boxes
Challenges
- E-commerce Fraud
- Low Adoption of Subscription Boxes in Developing Countries
Market Trends
- Rising Use of Social Media in Marketing
- Increasing Integration of Artificial Intelligence (AI)
- Increasing Adoption of Subscription among Men
- Curation-based and Membership Subscription Models
- Busy and Hectic Lifestyles
Competitive Landscape
- Global Subscription E-commerce Market Players by Total Number of Online Visits
- Global Subscription E-commerce Market Players by Subscription Model
The key players of subscription e-commerce market are:
- Amazon.com, Inc.
- Unilever PLC (Dollar Shave Club)
- Blue Apron Holdings, Inc.
- Beauty For All Industries (IPSY)
- HelloFresh SE
- Netflix, Inc.
- The Walt Disney Company
- Femtec Health, Inc. (Birchbox, Inc.)
- Peloton Interactive, Inc.
- Stitch Fix, Inc.
- Loot Crate, Inc.
- FabFitFun, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/a5jfs1
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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Artificial Intelligence
ITC Infotech to acquire specialised Cloud services company Blazeclan Technologies Private Limited, to augment its Multi-Cloud capabilities and accelerate Customers’ Digital Transformation Journey
The acquisition will enable ITC Infotech to build a strategic cloud asset with a focus on the Hyperscaler Partner eco-system to ramp up future growth
PARAMUS, N.J. and LONDON and BANGALORE, India, April 18, 2024 /PRNewswire/ — ITC Infotech, a leading global technology services and solutions provider, announced today the signing of a definitive agreement to acquire 100% shareholding of Blazeclan Technologies Private Limited (Blazeclan) – a born-in-the-cloud consulting company providing Cloud services on AWS, Azure and GCP. The acquisition reiterates ITC Infotech’s commitment to help clients steer their digital transformation journey and deliver business outcomes built on the foundation of strong Cloud capabilities.
Headquartered in Pune, India, Blazeclan is an AWS Premier Partner, Snowflake Elite Partner and a leader in providing Cloud transformation solutions to customers globally with strong expertise in Cloud Migration, Digital Services, Digital Cloud Consulting and Data Analytics & Insights. Leveraging its powerful platforms, frameworks and accelerators, Blazeclan helps drive on-demand and sustainable cloud adoption for its clients. Blazeclan’s broad suite of services and disruptive building blocks help speed up digital transformation by modernizing the infrastructure with native cloud services and migration accelerators. Blazeclan has been recognized as a Niche Player in the 2023 Gartner® Magic Quadrant for Public Cloud IT Transformation Services.
This acquisition will augment ITC Infotech’s capabilities to service its customers in a multi-cloud and hybrid cloud environment with a focus on the Partner eco-system to accelerate future growth. ITC Infotech proposes to leverage the platforms and accelerators built by Blazeclan and the strong certified architect pool to strengthen its cloud offerings. This move is aligned with the Company’s strategy of pursuing value accretive investments focused on sharpening capability-led solutions while strengthening partnerships which form critical pillars of growth for ITC Infotech. With this agreement, ITC Infotech intends to further deepen its global presence through Cloud Competency Centres in Australia, Singapore, Malaysia, and India.
Sudip Singh, Managing Director and Chief Executive Officer of ITC Infotech, said, “In an evolving ecosystem, enterprises today need to leverage their Cloud investments to stay ahead of the curve and deliver higher value to their customers. With the proposed acquisition of Blazeclan, we believe that we will be strongly positioned to step up our clients’ digital transformation journey. This acquisition will not only strengthen our capabilities significantly but will enable us to make scalable progress in the cloud space, while providing access to key opportunities to unlock larger business value for our customers.”
Varoon Rajani, Founder & Chief Executive Officer of Blazeclan said, “I am thrilled to announce the next chapter for Blazeclan as we join the ITC Infotech family. Our shared commitment to people-centric values, customer obsession, and global excellence align seamlessly. With ITC Infotech’s rich technical expertise, we are poised to elevate our capabilities and better serve our customers. Blazeclan’s expertise in cloud and modernization combined with ITC Infotech’s strengths creates a winning formula. This partnership promises excitement and growth for both organizations, our valued partners, customers and dedicated employees. Together, we are embarking on a journey of innovation, growth, and mature enterprise solutions.”
This acquisition is expected to close in 6 to 8 weeks, subject to customary closing conditions.
About ITC Infotech:
ITC Infotech is a leading global technology services and solutions provider, led by Business and Technology Consulting. ITC Infotech provides business-friendly solutions to help clients succeed and be future-ready, by seamlessly bringing together digital expertise, strong industry specific alliances and the unique ability to leverage deep domain expertise from ITC Group businesses. The company provides technology solutions and services to enterprises across industries such as Banking & Financial Services, Healthcare, Manufacturing, Consumer Goods, Travel and Hospitality, through a combination of traditional and newer business models, as a long-term sustainable partner. ITC Infotech is a wholly-owned subsidiary of ITC Limited, one of India’s leading private sector companies and a diversified conglomerate with businesses spanning Consumer Goods, Hotels, Paperboards and Packaging and Agri Business. For more information, please visit: http://www.itcinfotech.com/
About Blazeclan:
Blazeclan is amongst the world’s leading providers of cloud services with a history of leading enterprises to unlock the value of cloud computing. Established in 2010, the company has been empowering customers across the globe with cloud advisory services, cloud migration, DevOps and Automation, Big Data and Analytics, Cloud Native Application development, and cloud managed services.
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Advanced technology and support to enable the development of GenAI solutions
BARCELONA, Spain, April 18, 2024 /PRNewswire/ — Veeva Systems (NYSE: VEEV) today announced the Veeva AI Partner Program to provide partners with the advanced technology and support needed to integrate Generative AI (GenAI) solutions seamlessly with Veeva Vault applications.
“Our customers are exploring GenAI solutions across many use cases as the technology evolves,” said Tom Schwenger, Veeva president and chief customer officer. “The Veeva AI Partner Program provides access to critical technology to help partners develop GenAI solutions that integrate seamlessly with Veeva applications.”
The Veeva AI Partner Program includes:
Vault Direct Data API training and support to build expertise in leveraging Veeva Vault Platform’s unique, high-speed API. This new class of API makes Vault data accessible to applications up to 100 times faster than traditional APIs and is transactionally sound and consistent across large datasets. Vault Application Sandbox to develop, test, and support partner applications integrated with Veeva Vault applications.The Veeva AI Partner Program is part of Veeva’s focused strategy to enable AI for the life sciences industry. The Vault Direct Data API and AI Partner Program enable customers and partners to more easily build AI applications that integrate seamlessly with Vault applications.
Companies can learn more about the Veeva AI Partner Program at veeva.com/AIPartnerProgram.
About Veeva SystemsVeeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world’s largest biopharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders, and the industries it serves. For more information, visit veeva.com/eu.
Veeva Forward-looking StatementsThis release contains forward-looking statements regarding Veeva’s products and services and the expected results or benefits from use of our products and services. These statements are based on our current expectations. Actual results could differ materially from those provided in this release and we have no obligation to update such statements. There are numerous risks that have the potential to negatively impact our results, including the risks and uncertainties disclosed in our filing on Form 10-K for the fiscal year ended January 31, 2024, which you can find here (a summary of risks which may impact our business can be found on pages 9 and 10), and in our subsequent SEC filings, which you can access at sec.gov.
Contact:
Meera Lakhani-PatelVeeva [email protected]
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Artificial Intelligence
Altair Acquires Cambridge Semantics, Powering Next-Generation Enterprise Data Fabrics and Generative AI
Acquisition expands Altair’s data analytics and AI offerings
TROY, Mich., April 18, 2024 /PRNewswire/ — Altair (Nasdaq: ALTR) a global leader in computational intelligence, acquired Cambridge Semantics, a modern data fabric provider and creator of one of the industry’s leading analytical graph databases. Cambridge Semantics’ graph-powered data fabric technology accelerates the creation of comprehensive enterprise knowledge graphs, integrating the complex web of structured and unstructured enterprise data together into a single, simplified view.
Bringing together Cambridge Semantics’ transformational knowledge graph technology with Altair’s leading tools for data analytics and data science offers organizations a solid foundation for building advanced analytics ecosystems that inject artificial intelligence (AI) into day-to-day business operations.
“Knowledge graphs are key pieces of data fabrics. They put the right data in the right hands at the right time. We believe Cambridge Semantics brings the fastest and most scalable knowledge graphs to organizations who have significant data volumes and deep questions,” said James R. Scapa, founder and chief executive officer, Altair. “Additionally, knowledge graphs are critical for successful generative AI applications as they provide the business context necessary to ground generative AI models, eliminate hallucinations, and dramatically improve response quality.”
Cambridge Semantics’ technologies will be integrated into the Altair® RapidMiner® platform, adding knowledge graph, data governance, data virtualization, and data discovery technology to the platform’s existing data preparation, ETL, data science, business intelligence, MLOps, workload management, and orchestration tools.
“Joining Altair is a natural transition for Cambridge Semantics as we seek to accelerate the pace of our technology adoption,” said Charles Pieper, chairman and chief executive officer, Cambridge Semantics. “Cambridge Semantics has historically been successful with Fortune 500 government, defense, life science and manufacturing organizations. Bringing Cambridge Semantics to Altair’s broad customer base through the Altair Units business model – and integrating it into Altair RapidMiner – is an exciting prospect for us and for our customers.”
Cambridge Semantics was founded in 2007 by an innovation and engineering team from IBM’s Advanced Technology Group with a shared belief that semantic graph data models were a transformational technology destined to help organizations exploit their data in unprecedented ways: fueling analytics, revealing new insights, and enabling strategically important, competitive differentiation. Its technical team was fundamental to the development of data warehouses IBM Netezza and Amazon Redshift and represents one of the largest single collections of knowledge graph experts in the world.
“This acquisition adds deep data warehousing expertise to our already strong analytics and data science team, creating an enhanced core group of engineers that understand the entire data lifecycle – from data creation to real impact,” said Srikanth Mahalingam, chief technology officer, Altair. “We are all excited about where this combined team and technology will take us.”
For more information about Altair RapidMiner, visit https://altair.com/altair-rapidminer.
About AltairAltair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit www.altair.com.
Media contacts
Altair Corporate
Altair Investor Relations
Bridget Hagan
Monica Gould, The Blueshirt Group
+1.216.769.2658
+1 212.871.3927
[email protected]
[email protected]
Altair Europe/The Middle East/Africa
Charlotte Hartmann
+49 7031 6208 0
[email protected]
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