Global Home Services Market Analysis
According to Verified Market Research, the Global Home Services Market was valued at USD 281.65 Billion in 2018 and is expected to witness a growth of 18.91% from 2019-2026 and reach USD 1,133.40 Billion by 2026.
What is Home Services Market?
Home services is a term that is used encompasses various intangible assets that are provided by businesses for residential homes. There are several businesses that are provided by home services that span across various sectors of business such as repairs and maintenance, installations, home improvement and others. As the number of services that can be provided by the home service market increases, the scope, and therefore the industry of home services is growing. With the increase in the adoption of technology comes the increase in the online as well as mobile booking services. Home services are essentially a more modern and simplified way to buy as well as schedule professional services.
Applications of home services include services such as construction, interior design, electricity, plumbing, non-HVAC home applications, gas and more. From the consumer’s point of view, home services is an attractive service model as it is timesaving for the consumer. The “Global Home Services Market” is split into four segments, i.e. on the basis of repairs & maintenance, installations, by segment and by geography. These segments give an overview about the market and offers a qualitative and quantitative market study of the product/service.
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Global Home Services Market Outlook
Smartphones are witnessing a substantial growth, their increasing adoption has led to the increase in the bulk manufacturing of the product. This growth in the demand for smartphones has led to the lessening of their cost overall. It is factors like these that have led to the increasing adoption of smartphones worldwide.
Global Home Service Market CAGRAs it can be seen from above, the number of smartphones that are sold to end users worldwide are increasing. This increase in the smartphone adoption has allowed for the rise of the home service market through its positive influence on the online on-demand services market.
With the increasing convenience that home services are providing, the demand for online home services are increasing. Especially in consideration to the present generation, as they are the largest consumers of internet services, the on demand devices are quite popular. With this increased demand comes the widening scope of the home services business. In home service, there are various applications that are now being carried out through home services such as beauty, home cleaning, electrical, repair, carpentry, plumbing and more.
One of the biggest challenges that is facing the home service market is the lack of a pricing model. Due to the relatively new nature of online home services, there is now standard that has been set for the services that are to be provided. In order to understand what goes behind understanding the prevailing trends and fixing a price for a particular home service. When considering what is going on in terms of various matured industries such as food, cab ordering, and e-commerce, it is apparent that these industries have moved past the point where a standardization of their pricing module is required. Due to these already established pricing models, companies in this industry can focus on other aspects such as customer acquisition and retention.
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Global Home Services Market Segmentation
The Global Home Services Market is classified on the basis of Deployment, Repairs & Maintenance, Home Improvement and Region. The gist of breaking down the market into various segments is to gather the information about various aspects of the market.
On the basis of Deployment, the market is bifurcated on the basis of Online and Offline. The market for online home services held the largest share in the global market owing to the fact that the scope and customer reach of this segment is large and flexible.
On the basis of Repairs & Maintenance, Global Home Services Market has been segmented into Electricity, Plumbing, Gas, Heating, Ventilation and Air Conditioning, Non-HVAC Home Appliances, Handyman and Others. The market for plumbing in the home services market is expected to be the largest, while HVAC sub-segment was expected to be the fastest growing over the forecast period.
Global Home Services Market Competitive Landscape
The “Global Home Services Market” study report offers a valuable insight with an emphasis on global market including some of the major players such as Angie’s List, Amazon Home Service, Home Depot and Myhammer. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above mentioned players globally.
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