Ride Sharing Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, Germany, UK - Size and Forecast 2023-2027

Published: Dec 2022

Pages: 159

SKU: IRTNTR71101

Snapshot

Ride Sharing Market Forecast 2023-2027

The Global Ride Sharing Market size is projected to reach a value of USD 86.33 billion, with a CAGR of 17.45% during the forecast period. The growth of the market depends on several factors, including the increase in vehicle ownership cost, increasing traffic congestion, and advances in navigation technologies. Ride-sharing platforms provide various services, including carpooling, shared rides, standard private rides, and premium services. Users can choose the type of vehicle and level of service that best suits their preferences and needs. This market analysis and report includes an in-depth analysis of drivers, trends, and challenges.

What will be the Size of the Market During the Forecast Period?

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Market Segmentation

This market research report extensively covers market segmentation by end-user (individual and business), type (car and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

By End-User

The market share growth by the individual segment will be significant during the forecast period. The individual segment accounted for the highest share of the global market in 2020, owing to the working model of ride-sharing.

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The individual segment was valued at USD 38.47 billion in 2017. The impact of technology on ride-sharing significantly shapes its dynamics. Unlike on-demand cab services like Ola, ride-sharing entails a pre-planned approach. Partnering with ride-sharing companies, private car owners provide rides to commuters seeking a more cost-effective travel option. Ride-sharing involves drivers picking up passengers and navigating towards their destination. If another rider requests a ride along the driver's route, they can accommodate the additional passenger, dropping them off en route. This efficient model benefits both riders and drivers, making travel more economical and streamlined. Such technological advancements are poised to fuel growth in this segment throughout the forecast period.

By Region

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APAC is estimated to contribute 45% to the growth of the market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

APAC captured the highest share of the global market in 2020. The increasing number of cities and population growth in developed and developing economies have created a demand for deploying a smart transportation network system. The growing middle-class population, growth in urbanization, and growing consumer emphasis on health and fitness have been further contributing toward the growth of the market in the region. The growth in urbanization has led to a more working population that needs a medium to commute for their transport. Thus, the market is expected to grow during the forecast period.

Market Dynamics

The market is experiencing significant growth, driven by factors like the millennial generation's preference for cost-effective and time-saving transportation. With the rise of autonomous vehicles and the increasing popularity of e-hailing services, more people are opting for shared rides over traditional car ownership. This shift is also influenced by concerns about traffic and the environment. The convenience of cab booking services, easily accessible through smartphones and digital networks, has further fueled the adoption of ridesharing. Additionally, big data analytics, IoT, and AI play key roles in optimizing these services for both riders and drivers.

Key Market Drivers

The increasing traffic congestion is notably driving the market. The factors responsible for a global rise in traffic congestion are a rapidly growing population, increasing GDP per capita, a surge in the working women population, and exponential growth in urbanization. This trend is further exacerbated by issues such as car ownership, traffic, environmental concerns, the adoption of ridesharing services, reliance on digital networks and smartphones, and inadequate public transportation systems.

The escalation in global traffic congestion is attributed to several factors, including a burgeoning population, rising GDP per capita, an increasing demographic of working women, rapid urbanization, and the cost of owning a car, financing, gasoline, upkeep, registration/taxes, and maintenance & repair. Moreover, the surge in affordable entry-level cars, motor/electric bikes, and accessible loans offered by financial institutions adds to this congestion. The inclination toward such sharing services is anticipated to rise significantly in the forthcoming years, thereby stimulating market within the micro-mobility services and carpooling market during the forecast period. Furthermore, other factors include the increase in the number of affordable entry-level cars and motor/electric bikes, coupled with low-interest loans by financial institutions.

Major Market Trends

The rising adoption of dockless bike-sharing services is an emerging trend in the ride-hailing services market. In recent years there has been a rise in the number of dockless bikes. Dockless bikes can be picked up and dropped off anywhere without the need for parking or dock stations. As these bikes come with GPS sensors there are fewer chances of them being stolen or damaged. These sensors can be easily tracked, and the location of a bike can be found without any difficulty. Thus, the rising adoption of dockless bike-sharing services is expected to be a crucial driver for the market during the forecast period.

Significant Market Challenges

Risks of theft and the need for frequent maintenance are major challenges impeding the market. Various companies are facing challenges irrespective of installing sophisticated security mechanisms in bikes, which are expected to impede the growth of the market during the market forecast period.

The widespread theft issues are resulting in a scarcity of bicycles, which customers have started complaining about on social media. A deficit in the number of bicycles available over the actual count shown in the app is leaving customers dissatisfied. Furthermore, companies send bicycles for maintenance more frequently due to careless and improper riding practices, frequent falls, and numerous other reasons. Hence, the aforementioned factors are expected to hinder the global market during the forecast period.

Who are the Major Ride Sharing Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Uber and Lyft market share held a significant position in the global ride-sharing industry. Both companies were actively broadening their services, entering new markets, and consistently innovating to secure a larger segment of the ride-sharing industry. Ongoing advancements in app development, encompassing upgrades to user interfaces, bolstered safety features, and investments in autonomous driving technology, were instrumental in influencing their market standings and the growth of Uber and Lyft market share

Quickride.in -The company provides a range of transportation options including carpooling, bikepooling, and taxi services. Notably, within these offerings, the carpooling service stands out as the dominant force in the carpooling market.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

Segment Overview

This market growth and trends report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.

End-user Outlook
- Individual
- Business
Type Outlook
- Car
- Others
Region Outlook
- North America
  - The U.S.
  - Canada
- Europe
  - The U.K.
  - Germany
  - France
  - Rest of Europe
- APAC
  - China
  - India
- Middle East & Africa
  - Saudi Arabia
  - South Africa
  - Rest of the Middle East & Africa
- South America
  - Chile
  - Brazil
  - Argentina

Market Analyst Overview

The market is experiencing rapid growth, driven by factors such as affordable mobility solutions, environmental reasons prompting the shift towards electric vehicles and low-emission options, and the convenience of smartphone apps for booking rides. Millennials and the increasing smartphone-owning urban population are key demographics fueling this trend. Ride-sharing services offer a cost-effective alternative to owning personal cars, addressing concerns about carbon emissions and pollution levels. Corporate ridesharing and B2B services cater to businesses, while B2C platforms serve individual customers. However, challenges like complex transportation rules and trust in ride-hailing services remain, highlighting the need for continued innovation in the industry.

The market has transformed urban transportation, offering convenient, app-based solutions that address challenges like bad public transportation systems and high depreciation costs of personal vehicles. These services, including car sharing and carpooling, promote cost-effective transportation and help reduce greenhouse gas emissions by encouraging the use of low-emission vehicles like scooters and mopeds. Mobility as a Service (MaaS) platforms integrates various transportation options, from premium cars to longboards, providing users with flexible, station-based mobility solutions. However, issues like customers' trust in these services and traffic rules require continual attention to ensure the industry's sustainable growth.

Market Scope
Report Coverage	Details
Page number	159
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 17.45%
Market growth 2023-2027	USD 86.33 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	17.15
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 45%
Key countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading Companys, Market Positioning of Companys, Competitive Strategies, and Industry Risks
Key companies profiled	ANI Technologies Pvt. Ltd., Avis Budget Group Inc, Bolt Technology OU, Cabify Espana SL, Comuto SA, Curb Mobility LLC, DENSO Corp., Enterprise Holdings Inc., Grab Holdings Ltd., GT Gettaxi UK Ltd., Hertz Global Holdings Inc., Ibibo Group Pvt. Ltd., iDisha Info Labs Pvt. Ltd., Lyft Inc, My Taxi Indi, PT GoTo Gojek Tokopedia Tbk, Share Now GmbH, Uber Technologies Inc, Via Transportation Inc., and TomTom International BV
Market dynamics	Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our market 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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What are the Key Data Covered in this Market Research Report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
Precise estimation of the size of the market size and its contribution to the parent market
Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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Table of Contents

1 Executive Summary

1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis
- Exhibit 13: Market segments

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027
- Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
- Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
- Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
- Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global ride sharing market 2017 - 2021
- Exhibit 18: Historic Market Size – Data Table on Global ride sharing market 2017 - 2021 ($ billion)

4.2 End-user Segment Analysis 2017 - 2021
- Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 ($ billion)

4.3 Type Segment Analysis 2017 - 2021
- Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

4.4 Geography Segment Analysis 2017 - 2021
- Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

4.5 Country Segment Analysis 2017 - 2021
- Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

5.1 Five forces summary
- Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

5.2 Bargaining power of buyers
- Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

5.3 Bargaining power of suppliers
- Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

5.4 Threat of new entrants
- Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

5.5 Threat of substitutes
- Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

5.6 Threat of rivalry
- Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

5.7 Market condition
- Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

6.1 Market segments
- Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
- Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)

6.2 Comparison by End-user
- Exhibit 32: Chart on Comparison by End-user
- Exhibit 33: Data Table on Comparison by End-user

6.3 Individual - Market size and forecast 2022-2027
- Exhibit 34: Chart on Individual - Market size and forecast 2022-2027 ($ billion)
- Exhibit 35: Data Table on Individual - Market size and forecast 2022-2027 ($ billion)
- Exhibit 36: Chart on Individual - Year-over-year growth 2022-2027 (%)
- Exhibit 37: Data Table on Individual - Year-over-year growth 2022-2027 (%)

6.4 Business - Market size and forecast 2022-2027
- Exhibit 38: Chart on Business - Market size and forecast 2022-2027 ($ billion)
- Exhibit 39: Data Table on Business - Market size and forecast 2022-2027 ($ billion)
- Exhibit 40: Chart on Business - Year-over-year growth 2022-2027 (%)
- Exhibit 41: Data Table on Business - Year-over-year growth 2022-2027 (%)

6.5 Market opportunity by End-user
- Exhibit 42: Market opportunity by End-user ($ billion)

7 Market Segmentation by Type

7.1 Market segments
- Exhibit 43: Chart on Type - Market share 2022-2027 (%)
- Exhibit 44: Data Table on Type - Market share 2022-2027 (%)

7.2 Comparison by Type
- Exhibit 45: Chart on Comparison by Type
- Exhibit 46: Data Table on Comparison by Type

7.3 Car - Market size and forecast 2022-2027
- Exhibit 47: Chart on Car - Market size and forecast 2022-2027 ($ billion)
- Exhibit 48: Data Table on Car - Market size and forecast 2022-2027 ($ billion)
- Exhibit 49: Chart on Car - Year-over-year growth 2022-2027 (%)
- Exhibit 50: Data Table on Car - Year-over-year growth 2022-2027 (%)

7.4 Others - Market size and forecast 2022-2027
- Exhibit 51: Chart on Others - Market size and forecast 2022-2027 ($ billion)
- Exhibit 52: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
- Exhibit 53: Chart on Others - Year-over-year growth 2022-2027 (%)
- Exhibit 54: Data Table on Others - Year-over-year growth 2022-2027 (%)

7.5 Market opportunity by Type
- Exhibit 55: Market opportunity by Type ($ billion)

8 Customer Landscape

8.1 Customer landscape overview
- Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation
- Exhibit 57: Chart on Market share by geography 2022-2027 (%)
- Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

9.2 Geographic comparison
- Exhibit 59: Chart on Geographic comparison
- Exhibit 60: Data Table on Geographic comparison

9.3 APAC - Market size and forecast 2022-2027
- Exhibit 61: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
- Exhibit 62: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
- Exhibit 63: Chart on APAC - Year-over-year growth 2022-2027 (%)
- Exhibit 64: Data Table on APAC - Year-over-year growth 2022-2027 (%)

9.4 Europe - Market size and forecast 2022-2027
- Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
- Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
- Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)
- Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)

9.5 North America - Market size and forecast 2022-2027
- Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
- Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)

9.6 South America - Market size and forecast 2022-2027
- Exhibit 73: Chart on South America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 74: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
- Exhibit 75: Chart on South America - Year-over-year growth 2022-2027 (%)
- Exhibit 76: Data Table on South America - Year-over-year growth 2022-2027 (%)

9.7 Middle East and Africa - Market size and forecast 2022-2027
- Exhibit 77: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
- Exhibit 78: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
- Exhibit 79: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- Exhibit 80: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

9.8 China - Market size and forecast 2022-2027
- Exhibit 81: Chart on China - Market size and forecast 2022-2027 ($ billion)
- Exhibit 82: Data Table on China - Market size and forecast 2022-2027 ($ billion)
- Exhibit 83: Chart on China - Year-over-year growth 2022-2027 (%)
- Exhibit 84: Data Table on China - Year-over-year growth 2022-2027 (%)

9.9 US - Market size and forecast 2022-2027
- Exhibit 85: Chart on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 86: Data Table on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 87: Chart on US - Year-over-year growth 2022-2027 (%)
- Exhibit 88: Data Table on US - Year-over-year growth 2022-2027 (%)

9.10 Germany - Market size and forecast 2022-2027
- Exhibit 89: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
- Exhibit 90: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
- Exhibit 91: Chart on Germany - Year-over-year growth 2022-2027 (%)
- Exhibit 92: Data Table on Germany - Year-over-year growth 2022-2027 (%)

9.11 UK - Market size and forecast 2022-2027
- Exhibit 93: Chart on UK - Market size and forecast 2022-2027 ($ billion)
- Exhibit 94: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
- Exhibit 95: Chart on UK - Year-over-year growth 2022-2027 (%)
- Exhibit 96: Data Table on UK - Year-over-year growth 2022-2027 (%)

9.12 Japan - Market size and forecast 2022-2027
- Exhibit 97: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
- Exhibit 98: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
- Exhibit 99: Chart on Japan - Year-over-year growth 2022-2027 (%)
- Exhibit 100: Data Table on Japan - Year-over-year growth 2022-2027 (%)

9.13 Market opportunity by geography
- Exhibit 101: Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges
- Exhibit 102: Impact of drivers and challenges in 2022 and 2027

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape
- Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption
- Exhibit 104: Overview on factors of disruption

11.4 Industry risks
- Exhibit 105: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered
- Exhibit 106: Vendors covered

12.2 Market positioning of vendors
- Exhibit 107: Matrix on vendor position and classification

12.3 ANI Technologies Pvt. Ltd.
- Exhibit 108: ANI Technologies Pvt. Ltd. - Overview
- Exhibit 109: ANI Technologies Pvt. Ltd. - Product / Service
- Exhibit 110: ANI Technologies Pvt. Ltd. - Key offerings

12.4 Avis Budget Group Inc
- Exhibit 111: Avis Budget Group Inc - Overview
- Exhibit 112: Avis Budget Group Inc - Business segments
- Exhibit 113: Avis Budget Group Inc - Key offerings
- Exhibit 114: Avis Budget Group Inc - Segment focus

12.5 Bolt Technology OU
- Exhibit 115: Bolt Technology OU - Overview
- Exhibit 116: Bolt Technology OU - Product / Service
- Exhibit 117: Bolt Technology OU - Key offerings

12.6 Cabify Espana SL
- Exhibit 118: Cabify Espana SL - Overview
- Exhibit 119: Cabify Espana SL - Product / Service
- Exhibit 120: Cabify Espana SL - Key offerings

12.7 Comuto SA
- Exhibit 121: Comuto SA - Overview
- Exhibit 122: Comuto SA - Product / Service
- Exhibit 123: Comuto SA - Key offerings

12.8 Curb Mobility LLC
- Exhibit 124: Curb Mobility LLC - Overview
- Exhibit 125: Curb Mobility LLC - Product / Service
- Exhibit 126: Curb Mobility LLC - Key offerings

12.9 DENSO Corp.
- Exhibit 127: DENSO Corp. - Overview
- Exhibit 128: DENSO Corp. - Business segments
- Exhibit 129: DENSO Corp. - Key news
- Exhibit 130: DENSO Corp. - Key offerings
- Exhibit 131: DENSO Corp. - Segment focus

12.10 Enterprise Holdings Inc.
- Exhibit 132: Enterprise Holdings Inc. - Overview
- Exhibit 133: Enterprise Holdings Inc. - Product / Service
- Exhibit 134: Enterprise Holdings Inc. - Key news
- Exhibit 135: Enterprise Holdings Inc. - Key offerings

12.11 Grab Holdings Ltd.
- Exhibit 136: Grab Holdings Ltd. - Overview
- Exhibit 137: Grab Holdings Ltd. - Product / Service
- Exhibit 138: Grab Holdings Ltd. - Key offerings

12.12 GT Gettaxi UK Ltd.
- Exhibit 139: GT Gettaxi UK Ltd. - Overview
- Exhibit 140: GT Gettaxi UK Ltd. - Product / Service
- Exhibit 141: GT Gettaxi UK Ltd. - Key offerings

12.13 Hertz Global Holdings Inc.
- Exhibit 142: Hertz Global Holdings Inc. - Overview
- Exhibit 143: Hertz Global Holdings Inc. - Business segments
- Exhibit 144: Hertz Global Holdings Inc. - Key offerings
- Exhibit 145: Hertz Global Holdings Inc. - Segment focus

12.14 iDisha Info Labs Pvt. Ltd.
- Exhibit 146: iDisha Info Labs Pvt. Ltd. - Overview
- Exhibit 147: iDisha Info Labs Pvt. Ltd. - Product / Service
- Exhibit 148: iDisha Info Labs Pvt. Ltd. - Key offerings

12.15 Lyft Inc
- Exhibit 149: Lyft Inc - Overview
- Exhibit 150: Lyft Inc - Product / Service
- Exhibit 151: Lyft Inc - Key offerings

12.16 Share Now GmbH
- Exhibit 152: Share Now GmbH - Overview
- Exhibit 153: Share Now GmbH - Product / Service
- Exhibit 154: Share Now GmbH - Key offerings

12.17 Uber Technologies Inc
- Exhibit 155: Uber Technologies Inc - Overview
- Exhibit 156: Uber Technologies Inc - Business segments
- Exhibit 157: Uber Technologies Inc - Key offerings
- Exhibit 158: Uber Technologies Inc - Segment focus

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist
- Exhibit 159: Inclusions checklist
- Exhibit 160: Exclusions checklist

13.3 Currency conversion rates for US$
- Exhibit 161: Currency conversion rates for US$

13.4 Research methodology
- Exhibit 162: Research methodology
- Exhibit 163: Validation techniques employed for market sizing
- Exhibit 164: Information sources

13.5 List of abbreviations
- Exhibit 165: List of abbreviations

adoption of multichannel marketing strategies: The key vendors in the market are striving to expand their target customer base by investing in marketing and promotional activities. Large specialized consumer service providers aim at strengthening their presence by investing in brand visibility activities, celebrity endorsements, and marketing through channels such as television, radio, the Internet, print media, posters, and direct mails. The competitors also use a targeted advertising approach and launch advertisements that are designed and crafted to promote the services and communicate the brand positioning.

attrition and training: Professional, skilled, and unskilled workforce is required to provide specialized consumer services. However, there is a shortage of skilled and professional workforce to meet the demand. For instance, in security services, a skilled workforce is required when new monitoring devices and security gadgets are developed and adopted. Several vendors provide rigorous training to their employees about the handling of critical tasks while serving specialized consumer services. However, the retention of such a workforce is a major challenge.

Methodology

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

Manufacturers and suppliers
Channel partners
Industry experts
Strategic decision makers

Secondary sources

Industry journals and periodicals
Government data
Financial reports of key industry players
Historical data
Press releases

DATA ANALYSIS

Data Synthesis

Collation of data
Estimation of key figures
Analysis of derived insights

Data Validation

Triangulation with data models
Reference against proprietary databases
Corroboration with industry experts

REPORT WRITING

Qualitative

Market drivers
Market challenges
Market trends
Five forces analysis

Quantitative

Market size and forecast
Market segmentation
Geographical insights
Competitive landscape

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Key Questions Answered

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What are the latest trends influencing the growth of this market?
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What are the factors influencing the growth of the parent market?

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