Global Online On-demand Home Services Market 2020-2024 | Increasing Influence of Digital Media to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 26, 2019--
The global online on-demand home services market is expected to post a CAGR of almost 53% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global online on-demand home services market 2020-2024. (Graphic: Business Wire)
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 is one of the key factors fueling the growth of the global online on-demand home services market.
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As per Technavio, the increasing influence of digital media will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Online On-Demand Home Services Market: Increasing Influence of Digital Media
The growing adoption of smartphones is encouraging vendors to leverage digital media marketing to improve visibility and sales. 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. The rising popularity of digital media is expected to positively influence the growth of the market during the forecast period.
“Rising number of advertising and marketing campaigns and increasing investments in M&A activities will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Online On-Demand Home Services Market: Segmentation Analysis
This market report segments the global online on-demand home services market by geography (APAC, Europe, MEA, North America, and South America) and service (home care and design; repair and maintenance; health, wellness, and beauty; and others).
The APAC region led the market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the rising number of smartphone and internet users in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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SOURCE: Technavio Research
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