LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global online on-demand home services market to grow at a CAGR of close to 49% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global online on-demand home services market for 2017-2021. The report also lists home care and design, repair and maintenance, and health, wellness, and beauty as the three major service segments, of which the home care and design segment accounted for close to 60% of the market share in 2016.
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Technavio consumer and retail analysts highlight the following three market drivers that are contributing to the growth of the global online on-demand home services market:
- Consumer convenience and accessibility on-the-go to home services needs
- Increasing smartphone penetration and growing m-commerce platform
- Increasing urbanization and busier lifestyles with growing traffic woes
Consumer convenience and accessibility on-the-go to home services needs
The demand for online on-demand home services is increasing due to easy convenience and accessibility. The on-demand services are quite popular with the present generation, as they are the largest consumers of internet services. Consumers can raise a request for a home service that they are looking for using the web or an app. The popular on-demand home services include beauty, fitness, laundry, appliances, home cleaning, pest control, automobile repairs, plumbing, electrical, painting, carpentry, mobile repair, and computer repair.
Increasing smartphone penetration and growing m-commerce platform
The increase in smartphone penetration is enabling the demand for online on-demand services. Growing smartphone adoption and internet penetration enables consumers to access the online on-demand services. As internet penetration is growing all over the world, all related industries such online shopping, on-demand services, and others are witnessing massive growth. On-demand online home services are also going through the same phenomenon.
“The growing m-commerce platform provides services to buyers in a short timeframe either through vertical integration or aggregated supply. Smartphone features like push notifications, location tracking, and other features have made these on-demand services possible in the last few years, which is why this category holds so much opportunity,” says Poonam Saini, a lead analyst at Technavio for retail goods and services research.
Increasing urbanization and busier lifestyles with growing traffic woes
In recent years, rapid urbanization has led to major changes in the lifestyle of people in both developed and developing countries, such as Brazil, India, and China. The increase in disposable income has led to an increase in expenditure, which has, in turn, increased the popularity of on-demand home services.
Growing urbanization is leading to the growth of global online on-demand home services as rather than battling the traffic to avail services, customers prefer to get these services in the comfort of their home. Moreover, working people are pressed for time because they are increasingly relying on home services to take care of their household and personal work.
“The on-demand home services start-ups seem to have picked this problem of urban people. On-demand home services companies are contributing to a better lifestyle at affordable prices by delivering household services at the consumers' convenience and time,” says Poonam.
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