Concierge Service Market Size Predicted to Increase at a Positive CAGR | Quintessentially Group, My Concierge, Knightsbridge Circle
Concierge Services Market was valued at USD 334.75 Million in 2021 and is expected to reach USD 496.73 Million by the year 2028, at a CAGR of 5.8%.
The role of the concierge has evolved over time, as have its responsibilities. A concierge services on the other hand, is a person, system or business that specializes in offering VIP clients like CEOs, high-level managers, celebrities, and wealthy people personal assistance like transportation, flight booking, household management, vacation planning, an appointment with a doctor and a trainer, and lifestyle management.
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Growing economies and disposable wealth are the main factors propelling the demand for concierge services. Concierge service providers are expanding their network and forming partnerships with hotels, restaurants, and travel agencies to ensure efficient operation and execution of the specific duties assigned by clients. These elements support service providers' efforts to satisfy customer wants, fulfil service commitments, and win over customers' trust. To make the most of their time, High Net Worth Individuals (HNWIs) are increasing the need for tailored services. In order to give customers a stress-free travel experience, concierge service providers handle all the time-consuming paperwork in a professional manner. In order to make travel simple and convenient, service providers consider all baggage, customs, duty-free pick-up, and visa and passport services.
By reducing the need for human interaction, the expanding influence of technology is also anticipated to encourage the rise in demand for concierge services. With the advent of artificial intelligence, clients are given improved recommendations and choices based on their evolving demands and travel schedules. For instance, Wyndham's Wingate hotels and Starwood's Aloft hotels are collaborating with the software firm Intelity to offer guests mobile device access to information about transit, food, amusement, and shopping. Hyatt Hotels respond to customer demands through social media channels like Hyatt Concierge.
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Segmentation Analysis of Concierge Services Market
By Type, the Personal segment is expected to account largest market share in the concierge services market during the forecast period. The people who work in the field which includes traveling from one destination to another for doing effective work mostly prefer these services.
By Application, the Transportation segment is expected to dominate the concierge services market during the forecast period. The concierge service providers took all the traveling responsibilities of the customer. The distant location, schedule timing, booking, and transportation from the airport to the venue are all this arranged by providers with a guarantee of the highest level of service provided.
Regional Analysis of Concierge Services Market
Asia Pacific region dominates the concierge services market during the forecasted period. The increasing disposable income of the population in developing countries like China, Japan, Singapore, and India is driving the growth of the market. Only china has a total of 1,002 billionaires in the country and India has 215 billionaires which show the number of people with high income, and this population is a prime customer for these services. More people are getting help from concierge service providers to save time and have better control over planning, and budget. Additionally, people are more frequently going on vacations and trips to explore nature, food, culture, and hand over all the chaos of booking tickets, hotels, and restaurants, to the concerned service provider.
• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
• North America (U.S., Canada, and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, UAE, South Africa)
Top Key Players Covered in Concierge Services Market
• Quintessentially Group (UK)
• Knightsbridge Circle (UK)
• John Paul Group (US)
• Pure Entertainment Group (Canada)
• My Concierge (France)
• The Fixer Lifestyle Group (UK)
• Velocity Black (UK)
• Sky Premium International (Singapore)
• The Billionaire Concierge (Kenya), and other major players.
Key Industry Development in The Concierge Services Market
In March 2021, Quintessentially Group is the world's leading luxury lifestyle group that offers private concierge services, and lifestyle management in the world announced partnering with NDB Bank's Privilege Select to provide easy banking services.
In July 2021, Knightsbridge Circle is a leading travel and lifestyle service provider launched the most expensive prestigious Elite Tier membership, which costs £100,000 per year that involves world-class healthcare and VIP access to the world's most exclusive events.
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The Concierge Services market report reveals the top competitors as well as their effective market strategies that helped them achieve their goals. It also considers the features and attributes that may influence market sales growth. The analysis contains precise market size, share, production capacity, demand, and growth numbers for the industry for the projected year. The market is fast changing, according to the research report, and the impact is being evaluated in terms of both current position and expected ramifications. The market research report provides type, industry, channel, and other factor information, as well as market volume and value for each segment of the market. The global Concierge Services market research report provides an in-depth analysis of the industry's current and future position. The research report, which was created through rigorous primary and secondary research, provides all necessary market data.
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