Press release
Top Market Shifts Transforming the Online On-demand Home Services Market Landscape: Key Insights
Online On-demand Home Services
What Is the Expected CAGR for the Online On-demand Home Services Market Through 2025?
The market size for online on-demand home services has been expanding swiftly over the past few years. It is projected to increase from $5.24 billion in 2024 to $5.92 billion in 2025, with a compound annual growth rate (CAGR) of 12.8%. The historic growth of this market is owed to factors such as widespread use of smartphones, urbanization trends, changes in consumer lifestyles, technologically advanced consumer base, and the rise in entrepreneurial opportunities.
What's the Projected Size of the Global Online On-demand Home Services Market by 2029?
The market size of online, on-demand home services is projected to expand significantly in the succeeding years, with a potential increase to $10.27 billion in 2029, boasting a compound annual growth rate (CAGR) of 14.8%. The surge predicted in the forecast period may be due to factors such as the integration of IoT and smart homes, increased remote work, the rise of contact-free safe service options, artificial intelligence-based personalisation, and the broader scope of service provisions. The major trends to be expected in the forecast period entail contactless payments and digital transactions, an emphasis on health and safety regulations, the extension to tier 2 and 3 cities, customised service suggestions, and the emergence of do-it-yourself and remote guidance services.
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Top Growth Drivers in the Online On-demand Home Services Industry: What's Accelerating the Market?
The escalating use of smartphones is anticipated to promote the expansion of the online on-demand home services market in the coming days. A smartphone is a mobile electronic gadget that connects to a cellular network and plays a crucial role in people's everyday lives, providing a platform for a plethora of services. This escalating use of smartphones is projected to enhance the online on-demand home services market. For example, in February 2024, Uswitch, a UK online comparison and switching service firm, stated that almost all UK adults aged 16-24 (98%) currently possess a smartphone. By 2025, it's projected that the UK population will rise to 68.3 million, with roughly 95% (about 65 million people) expected to be smartphone users. Hence, the escalating use of smartphones is bolstering the growth of the online on-demand home services market.
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What Trends Will Shape the Online On-demand Home Services Market Through 2029 and Beyond?
Product innovation is becoming an increasingly prevalent trend within the online on-demand home services sector. Key players in this market are prioritizing the creation of novel products in a bid to secure a competitive advantage. To illustrate, Homebase, an American tech firm, introduced a platform in March 2023 to simplify the delivery of online on-demand home services. The Homebase app's purpose is to assist businesses in efficiently managing services provided by hourly employees by easing scheduling, time tracking, and payroll procedures. Homebase supplies an approachable platform for employers to coordinate their teams, monitor working hours, and enhance total workforce supervision. This innovative resource is designed to promote operational efficiency, minimize administrative duties, and augment employee contentment, particularly in sectors dependent on hourly workers.
What Are the Main Segments in the Online On-demand Home Services Market?
The online on-demand home servicesmarket covered in this report is segmented -
1) By Types: Cellular, Non-Cellular
2) By Platform: Web, Mobile
3) By End-User: Media And Entertainment, Carpentry, Food, Home Welfare, Beauty, Retail, Healthcare
Subsegments:
1) By Cellular: Mobile Apps, SMS-Based Services
2) By Non-Cellular: Web-Based Platforms, Phone Call Services
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Which Top Companies are Driving Growth in the Online On-demand Home Services Market?
Major companies operating in the online on-demand home services market include Amazon.com Inc., Angi Inc., Helpling GmbH, TaskRabbit Inc., The ServiceMaster Company LLC, AskforTask Inc., Handy Technologies Inc., TaskEasy Inc., Urban Company (previously UrbanClap) Technologies Pvt. Ltd., Paintzen Inc., Porch.com Inc., E Home Services Pte. Ltd., ServiceWhale Inc., Fixico B.V., Airtasker Pty Ltd., Zaarly Inc., Hello Alfred Inc., Thumbtack Inc., HomeAdvisor Inc., LawnStarter Inc., Lawn Love Inc., Plowz & Mowz Inc., YourMechanic Inc., Openbay Inc., Instacart Inc., Shipt Inc., Postmates Inc., DoorDash Inc., Uber Technologies Inc.
Which Regions Will Dominate the Online On-demand Home Services Market Through 2029?
North America was the largest region in the online-on-demand home services market in 2024. The regions covered in the online on-demand home services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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