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The online home service market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing the year-over-year growth of 42.92% and a CAGR of 44.36%, which will grow by USD 2.33 trillion during the period 2021 to 2026.
This online home service 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 online home service market segmentations by Service (home care and design and repair and maintenance) and Geography (APAC, North America, Europe, South America, and the Middle East and Africa). The online home service market report also offers information on several market vendors, including Amazon.com Inc., Angi Inc., AskforTask Inc., ByNext Inc., Cleaningly Home Services Pty Ltd., E Home Services, Helpling GmbH and Co. KGA, Home Reno Pte. Ltd., HomeServe Plc, Houzz Inc., MyClean Inc., Oneflare Pty Ltd., Paintzen Inc., Porch.com Inc., Super Home Inc., TaskEasy Inc., The Home Depot Inc., The ServiceMaster Co. LLC, Up Your Home Services Sdn Bhd, and Urban Co. among others.
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The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the online home service market.
Key Online Home Service Market Driver
The increasing influence of digital media is notably driving the online home service market growth. With the proliferation of Internet-enabled smartphones, digital media has emerged as a key communication and marketing channel for vendors operating in the global online home service market. Service visibility is one of the principal factors in the marketing strategy implemented by home service providers. Therefore, several online home service providers are widely adopting digital media marketing strategies to increase service visibility and promote sales. Several innovative features in technologically-advanced smartphones help online on-demand service providers increase their visibility. For instance, push messages and e-mails that contain the details of new service launches and discounts offered are sent to consumers for service promotions. These promotions help increase awareness about the availability of new services among consumers. Vendors use various social media platforms such as YouTube, Facebook, Twitter, Instagram, and Google+ for service promotions and campaigns. These platforms enable consumer engagement with popular brands and help increase consumer awareness about several new services offered by home service brands. The rising popularity of social media is expected to extend rapidly to various emerging markets, which will boost the growth of the global online home service market during the forecast period.
Key Online Home Service Market Trend
The key trend driving the online home service market growth is the online home service market growth. The rise in the number of startups due to increased seed funding in the form of investments is one of the major factors expected to drive the growth of the global online home service market during the forecast period. For instance, in June 2021, Urban Company, a tech-enabled home services marketplace, raised Series F funding of $255 million. Similarly, Housejoy, a Bengaluru-based firm engaged in construction, renovation, interiors, and home maintenance, raised $35 million in 2020 for business growth. Housejoy also raised $30.2 million from investors such as Amazon, Matrix Partners, Growth Story, Vertex Ventures, and Qualcomm. Several startups are introducing attractive offers and interactive platforms to attract consumers. Thus, the increase in the number of startups is expected to drive the growth of the global online home service market during the forecast period.
Key Online Home Service Market Challenge
High competition among vendors is the major challenge impeding the online home service market growth. The global online home service market is dynamic due to the presence of several regional and international players that compete based on parameters such as acquisitions, expansions, and marketing and advertising campaigns. The competition among the existing players in the global online home service market is expected to increase during the forecast period with the entry of new startups. The presence of numerous vendors is increasing competition and an increasing price war among vendors. Such price wars can potentially erode profit margins and lead to smaller businesses exiting the market. The global online home service market is highly fragmented due to the presence of numerous unorganized vendors. Several issues are 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. Moreover, the global online home service market faces tough competition from various offline home service providers. All these factors are expected to hamper the growth of the global online home service market during the forecast period.
This online home service 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 online home service 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 online home service 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 online home service market encompasses successful business strategies deployed by the key vendors. The online home service market is fragmented, and the vendors are deploying organic and inorganic growth strategies 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 online home service 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.
Our report provides extensive information on the value chain analysis for the online home service 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.
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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47% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for the online home service market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growth of the online home service market will facilitate the online home service 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-19 Impact and Recovery Analysis
In 2020, stringent lockdowns and social distancing norms imposed to contain the spread of COVID-19 severely disrupted several end-user industries, such as hospitality, construction, and manufacturing, in APAC. A few of the problems faced by end-user industries included loss of jobs, factory closures, decline in trade, and supply chain bottlenecks. To help industries recover from these problems, governments of various countries in APAC announced relief packages. After the removal of lockdowns in May 2020, several industries, including automotive, electronic, and manufacturing industries, witnessed growth. The online home service industry witnessed an increase in the demand for different home services, including home cleaning, repair, laundry, plumbing, electrical, and fitness consultation. Such factors are expected to drive the growth of the regional online home service market during the forecast period.
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The online home service market share growth in the home care and design segment will be significant during the forecast period. The home care and design segment of the global online home service market is expected to witness significant growth when compared with other segments, including repair and maintenance and health, wellness, and beauty, during the forecast period. This is due to the rising demand for home care and design, which includes interior designing, pest control, deep home cleaning, sofa cleaning, laundry services, glasswork, woodwork, waterproofing, masonry, and carpentry.
This report provides an accurate prediction of the contribution of all the segments to the growth of the online home service market size and actionable market insights on the post-COVID-19 impact on each segment.
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Online Home Service 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 44.36% |
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Market growth 2022-2026 |
$2.33 tn |
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Market structure |
Fragmented |
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YoY growth (%) |
42.92 |
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Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
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Performing market contribution |
APAC at 47% |
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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., ByNext Inc., Cleaningly Home Services Pty Ltd., E Home Services, Helpling GmbH and Co. KGA, Home Reno Pte. Ltd., HomeServe Plc, Houzz Inc., MyClean Inc., Oneflare Pty Ltd., Paintzen Inc., Porch.com Inc., Super Home Inc., TaskEasy Inc., The Home Depot Inc., The ServiceMaster Co. LLC, Up Your Home Services Sdn Bhd, and Urban Co. |
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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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Service
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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