Dublin, March 13, 2024 (GLOBE NEWSWIRE) -- The "Online On-demand Home Services Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The online on-demand home services market size has grown rapidly in recent years. It will grow from $4.64 billion in 2023 to $5.29 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth observed in the historical period can be attributed to factors such as increased smartphone penetration, urbanization trends, evolving consumer lifestyles, a tech-savvy consumer base, and the presence of entrepreneurial opportunities in the online on-demand home services sector.
The online on-demand home services market size is expected to see rapid growth in the next few years. It will grow to $9.03 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The anticipated growth in the forecast period can be attributed to the integration of IoT and smart home technologies, the increasing prevalence of remote work, the emphasis on contactless and safe service options, AI-driven personalization, and the expansion of service offerings in the online on-demand home services sector. Major trends in this period include the adoption of contactless payment and digital transactions, a focus on health and safety protocols, the expansion of services to tier 2 and tier 3 cities, personalized service recommendations, and the rise of DIY and remote guidance services.
The anticipated growth of the online on-demand home services market is driven by the increasing use of smartphones. For instance, a June 2021 report by SimpleTexting revealed that Mississippi recorded 5.7 hours of daily mobile usage, averaging 86.2 days per month, indicating a significant reliance on smartphones. This surge in smartphone usage is a key factor driving the growth of the online on-demand home services market.
The trend towards flexible work is poised to further boost the growth of the online on-demand home services market. A survey conducted in 2022 by FlexJobs' Career Pulse revealed that 97% of respondents expressed a preference for remote or hybrid work arrangements, indicating a strong desire for flexibility. This shift towards flexible work arrangements significantly contributes to the growth of the online on-demand home services market.
Product innovation represents a prominent trend gaining traction in the online on-demand home services market, with major companies focusing on developing innovative products for a competitive edge. For example, Angi, an online directory connecting consumers with local home service providers, introduced Angi Key in July 2021 - a membership service offering homeowners access to affordable home maintenance, improvement, and emergency repair services. This innovative approach enables homeowners to easily access a variety of home improvement tasks, aligning with the trends in the online on-demand home services market.
Strategic partnerships are a focus for major companies operating in the online on-demand home services market to expand capabilities. Strategic partnerships involve leveraging strengths and resources for mutual benefits. For instance, H-E-B, a Texas-based supermarket chain, partnered with Thumbtack in March 2023 to facilitate customer access to home service professionals. Branded displays in over 300 H-E-B shops allow customers to identify local Thumbtack service providers for tasks such as cleaning, lawn care, and handymen. This strategic partnership aims to meet customer demands for easy access to a variety of home services.
In August 2021, LawnStarter, an online marketplace for lawn maintenance and outdoor services, acquired Lawn Love for an undisclosed amount. This acquisition is expected to benefit outside-home service providers by enabling them to handle more work, ultimately increasing the revenue of small businesses nationwide. Lawn Love, a web service company connecting businesses with households in need of lawn care, contributes to the growth of the online on-demand home services market.
North America was the largest region in the online-on-demand home services market in 2023. 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. The countries covered in the online on-demand home services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
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
Key Companies Mentioned: Amazon.com Inc.; Angi Inc.; Helpling GmbH; TaskRabbit Inc.; The ServiceMaster Company LLC
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Amazon.com Inc.
- Angi Inc.
- Helpling GmbH
- TaskRabbit Inc.
- The ServiceMaster Company LLC
- AskforTask Inc.
- Handy Technologies Inc.
- TaskEasy Inc.
- ByNext 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.
- SERVIZ Inc.
- Homejoy Inc.
- Thumbtack Inc.
- HomeAdvisor Inc.
- Takl Inc.
- LawnStarter Inc.
- Lawn Love Inc.
- Plowz & Mowz Inc.
- YourMechanic Inc.
- Openbay Inc.
- Carvana Co.
- Turo Inc.
- Getaround Inc.
- Zipcar Inc.
- Silvercar Inc.
- Drizly Inc.
- Saucey Inc.
- Minibar Delivery LLC
- Instacart Inc.
- Shipt Inc.
- Postmates Inc.
- DoorDash Inc.
- Grubhub Holdings Inc.
- Uber Technologies Inc.
- Caviar Inc.
- Seamless Holdings Corporation
- EatStreet Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ch8l5k
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
