NEW YORK, Dec. 15, 2024 /PRNewswire/ -- The global home services market size is estimated to grow by USD 6.54 trillion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 40.34% during the forecast period. The report provides a comprehensive forecast of key segments below-
Segmentation Overview
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Type
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1.1 Home care and design
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1.2 Repair and maintenance
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1.3 HWB
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1.4 Others
Geography
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2.1 APAC
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2.2 North America
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2.3 Europe
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2.4 South America
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2.5 Middle East and Africa
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1.1 Fastest growing segment:
The home care and design segment generates revenue through services including interior designing, pest control, deep cleaning, sofa cleaning, laundry services, glasswork, woodwork, waterproofing, masonry, and carpentry. This market is fragmented with numerous small and large players offering various home care and design services. For instance, TaskRabbit Inc. Provides house cleaning and furniture assembly, Helpling offers cleaning and furniture assembly in multiple cities, Cleanly specializes in laundry and dry-cleaning, and Serviz offers a wide range of cleaning services. Amazon also entered the market with offerings in deep cleaning, carpet cleaning, tile cleaning, grout cleaning, and gutter cleaning. The market's growth is driven by an increasing number of vendors and their business expansions in the segment.
Analyst Review
The Home Services Market is experiencing significant growth in the digital age, with the rise of online platforms and cloud-based solutions transforming the industry. Services such as home cleaning, landscaping, maintenance, repair, and improvement activities are now easily accessible through non-cellular and m-commerce platforms. The Internet and digitalization have made it possible for consumers to book appointments, track progress, and manage their homes more efficiently. Homeowners can now avail of services like plumbing, electrical work, and remodeling through e-commerce platforms, offering convenience and transparency. Companies have embraced cloud-based solutions like Microsoft Azure to offer virtual versions of their services, allowing for remote consultations and virtual assessments. The physical entity of home services is being complemented by these digital offerings, providing a more comprehensive and convenient experience for consumers. Services like Ginger, One Medical, and Zimmber, among others, are leading the charge in this digital transformation. They cater to various needs, from health and welfare to home cleaning and maintenance. Timesaverz and similar platforms are making it easier for homeowners to manage their homes and schedules, while healthcare providers are leveraging technology to offer telemedicine and remote consultations. The future of home services is a blend of physical and digital offerings, providing consumers with greater convenience, accessibility, and value.