Press release
Online On-demand Home Service Market to Touch USD 7,280 Million By 2026: Facts & Factors
According to a research report published by Facts and Factors, the global online on-demand home service market in 2019 was approximately USD 1,320 Million. The market is expected to grow at a CAGR of 28% and is anticipated to reach around USD 7,280 Million by 2026.Online on-demand home service is the economic activity conducted by technology companies to fulfill customer demand on time. Growing penetration of internet and increasing number of mobile apps have made it possible to shop globally from any location. According to internet world stats, global internet penetration rate is around 55.1% and is growing at a rapid rate due to urbanization and advancement in technology. In addition to the above factor, availability of multiple options on single platform, easy booking and payment options, and extended varieties and discount options as compared to offline shopping is acting as a fuel to the lamp for this market.
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Growth in the smartphone users along with rising trend of online professional services are some of the high impact rendering factors driving the market growth at a rapid pace. According to Delloite’s report on global mobile consumer’s trend, 80% of the world population is having smartphone out of this around 30% of the population use smartphones for online product payment and in-store payments. Conversely, data theft is a major concern for online services that hinders the market growth. Nonetheless, order-focused delivery and time saving are some of the factors that may drive the market in the coming years.
The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the online on-demand home service sector. Key strategic developments in the Online On-demand Home Service market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the online on-demand home service market are appropriately highlighted in the report.
Significant players for the online on-demand home service market are Amazon Web Services (AWS), Walmart, The home depot, Flipkart, Handy, Netflix, Hello Alfred, YourMechanic, ebay, HomeAway, Helpling, Zaarly, Airtasker, AskForTask, CLEANLY, Laurel & Wolf, and ServiceWhale among others.
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By geography, the online on-demand home service market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the online on-demand home service market in terms of revenue share for the year 2018. The growth of the region is mainly due to large percent of public using shred or on-demand services online services. For instance, around 72% of the Americans are engaged in some kind of shred or on-demand activities such as purchase of second hand goods online, use of programs that offer same day delivery of the goods, ticket purchasing for sports and entertainment from online ticket resellers, and many more. In addition, U.S. consumers are spending around USD 57 Billion annually in the on-demand economy. As per the report published by New York Times U.S. held the largest market share and expected to witness the highest CAGR in the coming years. Additionally, several startup companies are involved in fund raising activities. For instance, Boston-based Renoviso has raised 5 Million USD that provides on-demand booking for home construction projects, Handy has raised USD 109 Million for on-demand house cleaning service; New York-based Paintzen has raised USD 12 Million for on-demand house painting services.
The online on-demand home service market research report delivers an acute valuation and taxonomy of the online on-demand home service industry by practically splitting the market on the basis of different detection, end use, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the online on-demand home service industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the online on-demand home service industry is provided for the leading economies of the world.
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The global online on-demand home service market is analyzed on the basis of type and service. Based on type the online on-demand home service market is divided into cellular and non-cellular. By service, the global online on-demand home service market is segmented into food delivery, retail, healthcare, media & entertainment, beauty, carpentry, home welfare, and others. The home welfare segment is further classified into laundry, lawn care, house cleaning, house painting, electrician, plumbing, construction & renovation, and others. Food segment held largest revenue market share in the year 2018. On the other hand, home welfare segment is expected to witness the highest CAGR in the analyzed period. The growth of the online on-demand food delivery service is mainly due to order-focused food delivery services, easy accessibility and convenience.
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This report segments the online on-demand home service market as follows:
Global Online On-demand Home Service Market: Type Segment Analysis
Cellular
Non-Cellular
Global Online On-demand Home Service Market: Service Segment Analysis
Food
Retail
Healthcare
Media & Entertainment
Beauty
Carpentry
Home Welfare
Laundry
Lawn Care
House Cleaning
House Painting
Electrician
Plumbing
Construction & Renovation
Others
Others
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