On-demand home service refers to the business which has revolutionized consumers’ behavior and is changing the way of getting home services. The on-demand home-service platform is created by tech companies to fulfill users’ demands by providing goods and services in minimal time. The home services industry constitutes of plumbing, HVAC, flooring, landscaping, concrete, moving and storage services, and more.
The global On-demand home service market expected to increase market value by USD 1800.82 billion with exponential CAGR in the forecast period from 2020-2027. The market demand for On-demand home service is rising at an impressive rate because of the changing lifestyle of the people, increasing working culture, and the prevalence of e-commerce platforms is a driving factor for the market.
With the improvement of people’s living standards, rising disposable income, and the availability of cheap internet packages and smartphone adoption has provided individuals the liberty to book various home services through smartphones or smart gadgets.
The on-demand services are becoming habits for consumers as they are getting comfortable with the idea of booking services and thus, driving the market share of the on-demand home service market. It will continue to bolster its market share in the forecast period.
Moreover, emerging technology such as Alexa and google contributes to the on-demand home service market as a customer can ask questions and get the recommendation of the product and, thus, order through apps. Also, the peaky price model is catering to the market value of the on-demand market. This model is based on increasing demand and acting as a middleman, anticipating the customer with the accessible and most available business to take care of one’s needs.
Furthermore, on-demand applications enable people to manage their household chores and tedious tasks, including cleaning, plumbing, painting, moving, and storage. On the other side, it provides a source of high and constant revenue to on-demand home services companies.
The on-demand home service bolsters the opportunity of the consumer to enjoy multiple services on the same platform. Thus, it helps make the customer comfortable and provides convenience and flexibility to book the service using apps on their smartphones. On the other hand, service providers obtain the freedom to choose their working hours and conditions. This way, the On-demand home services platform is designed to benefit both customer and service providers to work according to their timing and flexibility.
The on-demand home service market has changed the traditional way of getting services done owing to the rising technology advancement around the globe. People’s changing lifestyle has led to busy schedules, which reduces their time to avail services by roaming around the market. Besides, with rising pollution levels in the environment, emerging contagious virus diseases have also fueled the market demand for home services on-demand. Moreover, on-demand home services are available at one platform and with skilled staff for each service. Thus, it helps in completing work efficiently and reduce the dependence on conventional marketing method.
Based on the type, the global on-demand home service market is segmented into Home Care & Design, Repair & Maintenance, Health, Wellness & Beauty, Home Tutoring, Others. The health, wellness & beauty segment estimated to dominate the maximum share of the global on-demand home service market. The increasing disposable income of the consumer and busy working schedule of people are contributing to fueling the market share for the on-demand health, wellness & beauty services. In addition, with attractive services and packages, emerging salon apps are influencing the working women to get doorstep salon services, which helps them save time and enhance their comfort zones.
Moreover, the home care & design segment has lucrative growth in the forecast period as this segment generates various services such as deep home cleaning, pest control, interior design, and others contributing to the on-demand home service market.
Based on deployment, the global on-demand home service market classified into Online and Offline. The online segment dominated the largest market share in the global on-demand home service market. Online on-demand home services encircle all digital marketplaces that offer expedient access to a wide range of home services. The online on-demand home services are gaining preference at a global level owing to their convenience and easily approachable, flexibility for service providers in terms of working hours and working conditions, appointment scheduling, and ease of payment. Additionally, business opportunities are expensive, and hence, there is considerable scope for the entry of start-ups. Also, most of the market vendors are providing attractive offers and interactive platforms to attract consumers.
Based on geography, the global on-demand home service market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is the world’s fastest-growing global on-demand home service market, accounting for the largest share. The market demand for on-demand home service in the Asia Pacific is rising due to the increasing influence of online-demand home service trends, rising consumer awareness for on-demand market services, and changing people’s lifestyles. Busy working schedule of the people is driving the market and adopting services through online medium.
Companies such as Handy, Hello Alfred, Helpling, YourMechanic, Zaarly, Airtasker, AskForTask, CLEANLY, Laurel & Wolf, MyClean, Paintzen, SERVIZ, ServiceWhale, Taskbob, TaskEasy, and others are key players in the global on-demand home service market.
On-demand home services fill the gap between offline services and online services to provide efficient services to fulfill users’ demands in minimal time.
Zomato, Swiggy, Uber, Ola, etc., are some examples of on-demand services.
The global On-demand home service market will reach a market value of USD 1800.82 billion by 2027.
The growth rate of the On-demand home service market CAGR of 70% during the forecast period.
Considerable Flexibility, Changing Lifestyle of People are the growth drivers of the On-Demand Services market.