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The home services market share is expected to increase to USD 5.14 trillion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 36.21%.
This home services market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers home services market segmentation by type (home care and design, repair and maintenance, HWB, and others) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The home services market report also offers information on several market vendors, including Amazon.com Inc., Angi Inc., AskforTask Inc., Frontdoor Inc., Gapoon Online Consumer Services Pvt. Ltd., Helpling GmbH and Co. KGA, Home Reno Pte. Ltd., Johns Lyng Group Ltd., MyClean Inc., Oneflare Pty Ltd., Paintzen Inc., Porch.com Inc., SC Pointer Systems Srl, Super Home Inc., TaskEasy Inc., TaskRabbit Inc., The Home Depot Inc., The ServiceMaster Co. LLC, Urban Co., and Zauba Technologies and Data Services Pvt. Ltd. among others.
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The increasing influence of digital media is notably driving the home services market growth, although factors such as high competition among vendors may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the home services industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Home Services Market Driver
The increasing influence of digital media is one of the key drivers supporting the home services market growth. Nowadays, the increased adoption of Internet-enabled smartphones has emerged digital media as a key communication and marketing channel for vendors operating in the global home services market. There are several innovative features in technologically-advanced smartphones that help online on-demand service providers increase their visibility. For instance, push messages that contain the details of new service launches and discounts offered are sent to consumers for service promotions. Furthermore, as social media is now becoming popular vendors are using various platforms such as YouTube, Facebook, and others for service promotions and campaigns. Thus, the increasing popularity of social media will drive the home services market growth during the forecast period.
Key Home Services Market Trend
The increasing number of startups entering the market is one of the key home services market trends contributing to the market growth. Several startups are introducing attractive offers and interactive platforms to attract consumers. For instance, Airtasker, Askfortask, and Housejoy are some startups that offer general services. These startups help in connecting people who demand short-term, non-professional home improvement projects and other tasks to the respective service providers. Similarly, startups such as Handy, Helpling, and MyClean offer on-demand home cleaning services through online booking. Such an increase in the number of startups will contribute to the growth of the home services market during the forecast period.
Key Home Services Market Challenge
High competition among vendors is one of the factors impeding the home services market growth. The presence of numerous vendors is intensifying competition and an increasing price war among vendors. Such price wars can potentially erode profit margins and lead to smaller businesses exiting the market. However, the global home services market is highly fragmented, with the presence of numerous unorganized vendors. There are several issues associated with unorganized vendors, such as the incapability to maintain standard service quality and ensure transparency and on-time performance, which adversely affect the overall business. All these factors are expected to hamper the growth of the global home services market during the forecast period.
This home services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global home services market as a part of the global specialized consumer services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the home services market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the home services market encompasses successful business strategies deployed by the key vendors. The home services market is fragmented and the vendors are deploying growth strategies such as acquisitions, expansions, and marketing and advertising campaigns to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The home services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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43% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for home services in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increasing number of smartphone and Internet users, which makes home service apps easily accessible will facilitate the home services market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 had a positive impact on the regional market. Furthermore, the on-demand home services market has witnessed an increase in the demand for several home services, including food delivery and house cleaning services, as most companies have provided work-from-home options to their employees. Such factors are expected to drive the growth of the home services market in the region during the forecast period.
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The home services market share growth by the home care and design segment will be significant during the forecast period. The home care and design segment generate revenue from services such as interior designing, pest control, home deep cleaning, sofa cleaning, laundry services, glasswork, woodwork, waterproofing, masonry, and carpentry. The segment is fragmented by numerous small and large players operating in the market, which offer a wide range of home care and design services. The wide availability of home care and design services will boost the home services market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the home services market size and actionable market insights on the post-COVID-19 impact on each segment.
Our report provides extensive information on the value chain analysis for the home services market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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Home Services Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 36.21% |
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Market growth 2022-2026 |
$5.14 tn |
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Market structure |
Fragmented |
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YoY growth (%) |
26.85 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 43% |
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Key consumer countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Amazon.com Inc., Angi Inc., AskforTask Inc., Frontdoor Inc., Gapoon Online Consumer Services Pvt. Ltd., Helpling GmbH and Co. KGA, Home Reno Pte. Ltd., Johns Lyng Group Ltd., MyClean Inc., Oneflare Pty Ltd., Paintzen Inc., Porch.com Inc., SC Pointer Systems Srl, Super Home Inc., TaskEasy Inc., TaskRabbit Inc., The Home Depot Inc., The ServiceMaster Co. LLC, Urban Co., and Zauba Technologies and Data Services Pvt. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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