Online on-demand home service companies are providing home services using innovative ways. Many investors have also started investing in on-demand companies, and this is driving the online on-demand home services market. Improved mobile technologies and advances in connectivity have given rise to on-demand services such as home tuition, packing and moving and spa and beauty services to attract new customers and acquire more market space. Such innovation in services will drive the global online on-demand home services market during our forecast period. The online on-demand home services market grew at a CAGR of close to 52% during the forecast period.
Amid the COVID-19 crisis, the global market for Online On-Demand Home Services estimated at US$281.9 Billion in the year 2020, is projected to reach a revised size of US$4.1 Trillion by 2027, growing at a CAGR of 46.7% over the analysis period 2020-2027. Home Care & Design, one of the segments analyzed in the report, is projected to record a 48.1% CAGR and reach US$1.8 Trillion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Repair & Maintenance segment is readjusted to a revised 49.3% CAGR for the next 7-year period.
The Online On-Demand Home Services market in the U. S. is estimated at US$85.7 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$643.7 Billion by the year 2027 trailing a CAGR of 44% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 42.5% and 39.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 31.7% CAGR.
In the global Health, Wellness, & Beauty segment, USA, Canada, Japan, China and Europe will drive the 39% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$39 Billion in the year 2020 will reach a projected size of US$392.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$508 Billion by the year 2027.
What is On-Demand Service?
The change in customer requirements created a need for a change in the mode of providing services. Earlier, the prevalent model used to be scheduled services, for example, public transports and cable television. But as the customer needs began changing and technology started advancing, on-demand app development came into being.
How on-demand services are different from scheduled services is that it allows customers to fulfill their needs immediately, as and when they experience it.
The key is the immediacy of need fulfillment. On-demand services eliminate the gap between demand and supply. A person experiencing a need for something can use on-demand services to immediately fulfill that need, regardless of location or time constraints. Let us look at a little example to clear any confusion. Ten years ago, a person wanting to watch a movie would either have to wait until it releases in a theatre near them, buy a CD when it is out, or wait until it airs on television. Today, if a person wants to watch a movie, they can find it at their fingertips through OTT platforms such as Netflix, Amazon Prime, or Hotstar. This is the difference between scheduled services and on-demand services. On-demand services help you meet your needs immediately, anywhere, and anytime.
This content will throw light on the importance of service on demand app and will make the readers understand about the perk of getting this app.
What’s your next move when you get ‘stuck’ with a ‘million-dollar app idea’?
With brimming excitement and sparkle in your eyes, you want to kickstart your journey. You start sharing the app idea with everyone possible, since you felt, “I have hit the jackpot!”
So, you reach the next step, get the app development on the floor and wait to count on revenues.
But wait…Where’s your audience? No user seems to check past the app! No Downloads at all. What went wrong? Why your app flunked?
V3Cube Technolabs LLP , based out of India, has recently revamped the design of their Service Provider app and added a bunch of new features.
They unveiled their new SP app and Website to showcase the updates.
