Online On-demand Home Services Market by Service and Geography - Forecast and Analysis 2020-2024
Global Online On-demand Home Services Market: About this market
Technavio’s online on-demand home services market analysis considers sales from home care and design; repair and maintenance; health, wellness, and beauty; and other services. Our study also finds the sales of online on-demand home services in APAC, Europe, MEA, North America, and South America. In 2019, the home care and design segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing business expansions will play a significant role in the home care and design segment to maintain its market position. Also, our global online on-demand home services market report looks at factors such as advantages of online on-demand home services, growing internet penetration, and increasing number of startups entering the market. However, high competition among vendors, reliability of vendors, and lack of a standard pricing model may hamper the growth of the online on-demand home services industry over the forecast period.
Global Online On-demand Home Services Market: Overview
Increasing number of start-ups entering the market
The market is witnessing an increase in the number of startups as a result of increased seed funding in the form of investments. These startups are introducing attractive offers and interactive platforms to engage more customers and drive revenue. For instance, startups such as Houzz, Porch, and Pro help customers to connect with professional contractors to avail a wide range of household improvement services. The proliferation of such startups will lead to the expansion of the global online on-demand home services market at a CAGR of almost 53% during the forecast period.
Increasing influence of digital media
With the proliferation of internet-enabled smartphones, digital media has emerged as a key communication and marketing channel for vendors operating in the global online on-demand home services market. Service visibility is one of the principal factors in the marketing strategy implemented by online on-demand home service providers. Vendors are sending customers push messages and e-mails that contain information about new services and offers to promote their business. They are also leveraging social media platforms such as YouTube, Facebook, Twitter, Instagram, and others for service promotions and campaigns. Such marketing efforts are improving consumer engagement, thereby increasing awareness about the services offered by the vendors. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global online on-demand home services market during the forecast period 2020-2024, click here.
With the presence of several major players, the global online on-demand home services market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading online on-demand home services manufacturers, that include Alfred Club Inc., Amazon.com Inc., ANGI Homeservices Inc., AskforTask Inc., Cleanly Inc., Helpling GmbH & Co. KG, MyClean Inc., ServiceWhale Inc., Serviz.com Inc., and TaskRabbit Inc.
Also, the online on-demand home services market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook