New York, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The global online on-demand home services market is estimated to reach US$ 7.03 Bn by the end of 2033, increasing at a CAGR of 5.7% from 2023 to 2033. Online on-demand home services include all digital markets that provide prompt access to a wide range of home amenities. Because of their accessibility and convenience, these facilities are becoming more and more necessary on a global scale.
New businesses have been created to suit the rising demands of consumers for a wide range of services, including financial & retail, as well as the ability to watch movies in the comfort of their own homes. Additionally, the advantages of these services, such as time-saving aspects, adaptability, and mobility, further increase consumer demand for the same.
“The use of smartphone technology is evolving in a way that is impacting marketing methods, corporate ventures, and lifestyle choices, alternatively evolving the industry in a progressive manner. Internet usage is increasing along with smartphone adoption, which is fueling target market expansion,” says an analyst at Persistence Market Research.
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Key Takeaways from Market Study
- Under platform type, the market for online on-demand home services was predominantly dominated by the mobile category with a market share of 58.6% in 2022.
- Under the end-use segment, the healthcare category is anticipated to exhibit a high-value CAGR of 17.7% during the forecast period (2023 to 2033).
- Expansion of the global market may be hampered by the fierce rivalry among vendors established in regional and local markets. Such establishments make it competitive for new entrants to set up their shop in the market.
The market for online on-demand home services is expected to increase at a faster rate going forward as compared to previous years thanks to the rising use of smartphones, cheaper data availability, and a growing number of online applications. Along with rapidly rising urbanization, increased demand for products that are more easily accessible will also contribute to market value expansion over the coming years. Additionally, factors such as the rising impact of digitalization and improving standards of living across the world will contribute to the expansion of the market as a whole.
In 2014, a start-up company, Urban Clap, started providing residential services. At their customers' homes, the company offers affordable, high-quality services. The intermediary model has been done away with by enabling experts to register directly on their website.
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Key Market Players
The study includes groundbreaking insights into the competitive landscape of the online on-demand home services market, as well as the highlights of manufacturers' differentiated strategies.
Amazon Inc., Angi Inc., AskforTask Inc., ByNext Inc., E Home Services, Fixi Co. Ltd., Helpling GmbH and Co. KG, Home Reno Pte. Ltd., HomeServe Plc, Houzz Inc., MyClean Inc., Oneflare Pty Ltd., Paintzen Inc., Porch.com Inc., Super Home Inc., TaskEasy Inc., TaskRabbit Inc., The ServiceMaster Co. LLC, Up Your Home Services Sdn Bhd, and Urban Co. are key providers of online on-demand home services.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the online on-demand home services market, covering global industry analysis of 2017 to 2023 and forecasts for 2023 to 2033. This research report provides compelling insights on the basis of platform type and end use, across seven major regions of the world.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
About Consumer Goods Division at Persistence Market Research
The Consumer Goods team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs by offering expert analysis, actionable insights, and strategic recommendations. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the consumer goods industry lucidly in 50+ countries for over a decade. We provide end-to-end research and consulting services; reach out to explore how we can help.
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