LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global online on-demand home services market to grow at a CAGR close to 52% during the forecast period, according to their latest market research report.
Digital marketing trend and consumer engagement on social media platforms is one of the major trends being witnessed in the global online on-demand home services market 2018-2022. Product and service visibility is considered one of the principal factors in the marketing strategy implemented by online on-demand home service providers. Service providers are adopting digital and social media marketing strategies to increase their service visibility and product assortment in online and in-store retailing. In addition, digital platforms based on mobile and smartphone technologies help online on-demand service providers to increase their service visibility. Push messages and e-mails along with the details of new service launches and discounts are sent to consumers for service promotions. This enables consumer engagement with brand messages and enhances brand and service awareness, which, in turn, is expected to enhance the growth of the overall global online on-demand home services market, during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global online on-demand home services market is the innovation in providing home services:
Global online on-demand home services market: Innovation in providing home services
Online on-demand home service companies are providing home services using innovative ways. Many investors have also started investing in on-demand companies, and this is driving the online on-demand home services market. Improved mobile technologies and advances in connectivity have given rise to on-demand home services start-ups. The vendors in the market are launching on-demand services such as home tuition, packing and moving, and spa and beauty services to attract new customers and acquire more market share. For instance, Angie's List (a brand of ANGI Homeservices) launched a mobile app called SnapFix in 2016. SnapFix allows house owners to take a picture of the required job and receive bids to fix it. Thus, with such innovation in services, it is expected that the global online on-demand home services market will have a positive outlook during the forecast period.
According to a senior analyst at Technavio, “M-commerce platform is the fastest growing online platform, which is another major aspect driving the global online on-demand home services market. Traditionally, consumers used to obtain home services locally by reaching the providers directly. However, increasing millennial population and a shift in their shopping behavior, as well as growing smartphone and e-commerce and m-commerce markets are likely to contribute to the demand for hyperlocal services such as home cleaning, laundry, and plumbing during the forecast period.”
Global online on-demand home services market: Segmentation analysis
The global online on-demand home services market research report provides market segmentation by region, including the Americas, EMEA, and APAC. It also provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for over 44% share, followed by the EMEA and APAC respectively. During the forecast period, the Americas is expected to continue dominating the global online on-demand home services market, and also register the highest incremental growth.
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Five Forces Analysis
- Regional comparison
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- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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