LONDON--(BUSINESS WIRE)--The global funeral homes and funeral services market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global funeral homes and funeral services market is the rising population of aged people across the globe. The mortality rate is anticipated to increase steadily as the Baby Boomer generation begins to age. This will drive the funeral services market growth in the forthcoming years across economies including the US, China, Japan, Spain, Canada, Sweden, Denmark, and others. Thus, with increasing number of families requesting traditional memorials and burial services will drive the demand for funeral homes and funeral services.
As per Technavio, the increasing penetration of technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global funeral homes and funeral services market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global funeral homes and funeral services market: Increasing penetration of technology
Use of innovative technologies is gaining prominence in the global funeral homes and funeral services market. The use of blockchain technology is expected to improve the products and services offered by vendors in this industry. For instance, the Global Funeral Care Foundation has started offering a decentralized platform without entry barriers. This platform can collect and share structured data to increase consumer satisfaction, provide honest opinions of community members, and ensure transparency of costs. Such a platform is expected to improve the quality of services being offered which in turn will boost the funeral homes and funeral services market growth during the forecast period.
“With the growing number of tech-savvy Millennials, vendors in the market are increasingly launching digital and online funeral services. These services allow the users to book funeral services directly through their websites or mobile apps. In addition, the growing demand for funeral homes is encouraging vendors to offer innovative solutions to offer a safe, secure, and dignified way for the family members to attend a funeral or memorial service remotely. Such developments will lead to the growth of the market in the forthcoming years,” says a senior research analyst at Technavio.
Global funeral homes and funeral services market: Segmentation analysis
This market research report segments the global funeral homes and funeral services market by service (at-need and pre-need) and geographic regions (Europe, North America, APAC, South America, and MEA).
Europe led the market in 2018, followed by North America, APAC, South America, and MEA respectively. The dominance of Europe can be attributed to high demand from countries such as the UK, France, Germany, and others. The APAC region will account for the fastest growth in the market owing to the increasing number of vendors offering pre-need funeral services in China, Japan, South Korea, Singapore, and other countries.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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