Global Market Research Reports : Ken Research: UAE Home Services Industry Report

Showing posts with label UAE Home Services Industry Report. Show all posts

Monday, June 27, 2022

UAE On-Demand Home Services Industry is expected to grow at a CAGR of ~9.7% in between 2022-2026: Ken Research

Digital is the Future:

Companies will continue to invest in digital marketing strategies to improve their service visibility and promoting sales. Advertisements on social media platforms such as YouTube, Instagram and Facebook will enable companies to enhance brand awareness and attract potential customers. Internet penetration is high in UAE, almost 99% of the population use internet. Around 51% individuals purchased a product or service online via a smartphone which indicates the customers’ continued reliance to procure products or services online due to increasing convenience and accessibility.

Ease of Market Entry:

In 2021, the regulations of provision for establishing a new company allows any individual of any origin to hold 100% ownership of the business. It does not require to partner with an Emirati to register the company. Companies now have reduced entry barrier to enter the industry, which is still at a nascent stage and is expected to grow.

UAE Home Cleaning Services Market Offer:

Increase in vertical expansion of service offerings such as introducing cooks and chefs who specialize in particular cuisine; baking at home services, providing tuitions, etc. could be booked online on-demand. Merging with food delivery and grocery marketplaces to expand its services offerings will give a new meaning to on-demand home services. Marketplaces will aim to increase the number of bookings of beauty services, as the average ticket size for these services is higher than cleaning services. Promotional offers and discounts would be offered to attract new customers.

Increase in development of residential real estate market:

It is forecasted that the residential real estate market in UAE would increase ~10% in the next 5 years. Also, it is predicted that the real estate prices will reduce in the region. This will led to shift to households from 1bhk to 2 bhk apartments, leading to an increase in the demand for on-demand home services. Government incentives such as special investor and retirement visas, golden long-term visas, as well as the reduction of the loan-to-value (LTV) for first time homebuyers to 20% by the UAE Central Bank, low interest rates and competitive mortgage products will give a boost to the industry.

The publication titled “UAE On-Demand Home Services Industry: Driven by changing consumer lifestyle and increasing adoption of digitally enabled services” provides a comprehensive analysis of the on-demand home services industry by analyzing historical statistics and corresponding developments in the on-demand home services market. The market growth spiked during COVID as people were reluctant to step out of their houses. People preferred booking home services online directly from these marketplaces or service providers. Given the fragmented completion structure in the on-demand home services industry, analysts have elaborated on competitive landscape of major marketplaces and service providers on the basis of services offered and operational parameters. The report also covers a snapshot on marketplace and service providers business model, value chain analysis, growth drivers, Porters 5 forces analysis, impact of COVID-19 and factors governing the future outlook of industry. The report also provides comprehensive insight on the market size and segmentation of the industry. The report highlights the pain points of the on-demand home services industry along with detailed company profiles of major service providers and marketplaces. The report concludes with projections for future industry market size, market segmentations and analyst take on future market scenario.

Key Segments Covered in UAE On-Demand Home Services Industry

· By Type of Services

· Cleaning

· Repair and Maintenance

· Beauty

· Others

· By Geography

· Dubai

· Abu Dhabi

· Others

· By Deployment

· Online

· Offline

𝗧𝗼 𝗚𝗲𝘁 𝗙𝗿𝗲𝗲 𝗦𝗮𝗺𝗽𝗹𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 𝗼𝗳 @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTI0MDUx

Time Period Captured in the Report:

· Historical Period: 2017-2021

· Forecast Period: 2022F-2026F

UAE On-Demand Home Services Players

· Marketplaces

· Justlife

· Urban Company

· ServiceMarket

· Rizek

· Usta

· Service Providers

· Hitches and Glitches

· MPlus

· Elite Maids

· Helpsters Cleaning Services

Key Topics Covered in the Report

· Socio-economic Landscape of UAE

· Evolution of UAE On-Demand Home Service Industry

· Ecosystem of UAE On-Demand Home Service Industry

· Future Outlook of On-Demand Home Services Industry

· UAE On-Demand Home Service major entities Business Model

· Market Size of On-Demand Home Services Industry by Revenue

· Demand Drivers and Trends in On-Demand Home Services Industry

· Impact of COVID on demand and user preferences in the On-Demand Home Services Industry

· Trends and Developments in On-Demand Home Services Industry

· Challenges faced in the On-Demand Home Services Industry

· Government Rules and Regulations in the On-Demand Home Services Industry

· Impact of COVID-19 on the On-Demand Home Services Industry

· Comparison of Pre and Post COVID scenarios

· Competitive Scenario of the On-Demand Home Services Industry

· Competition in On-Demand Home Services Marketplace

· Competition among On-Demand Home Services Providers

· Case Study on Urban Company Business Model

· Future Trends and Market Size of On-Demand Home Services Industry by Revenue

· Future Market Segmentation of On-Demand Home Services Industry by type of services, geography, deployment

· Industry speaks

· Analyst Recommendations

Indonesia On-Demand Services Market Outlook to 2021 - Increasing Internet and Smartphone Penetration and the Advent of Superior Technology to Foster Future Growth

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

support@kenresearch.com

+91-9015378249

Tuesday, June 14, 2022

UAE On-Demand Home Services Market Size and Research 2022, CAGR Status, Growth Analysis, Key Manufacturers, Latest Trends, and Forecast Research Report 2026: Ken Research

UAE’s On-Demand Home Services Industry was valued at AED ~XX million in 2021, growing at a CAGR of XX% in between 2017 and 2021. With the increasing influence of digital media, increasing smartphone penetration and greater convenience and accessibility, people have started taking these on-demand home services, especially people in the age group of 25-55 years. XX% of population purchased a product or service online via a smartphone as of 2021. The industry grew at a CAGR of XX% from 2020-2021 during the COVID-19 outbreak. The market growth spiked during COVID as people were reluctant to step out of their houses. People preferred booking home services online directly from these marketplaces or service providers. Services such as sanitation, disinfection and other deep cleaning services along with PCR testing services increased during this period.

The consumer spending has increased from XX bn to XX bn from 2019-2021. This reflects a shift to a better standard of living. People prefer to get the home services done by professionals rather than doing it themselves. Due to the busy schedule of the working women, they are unable to take care of their home, leading to an increase in the demand for home services. The UAE has the highest percentage of total female labor participation in the GCC (including expatriate women). The female labor force participation rate in the UAE is XX% in 2020.

UAE On-Demand Home Cleaning Services Market

The Government of the United Arab Emirates announced by decree on November 2020, that foreign investors can fully own local companies without the need for an Emirati sponsor. Earlier, foreign shareholders could own up to 49% of a locally registered company, with a local partner holding the 51%. UAE introduced a federal corporate tax of 9% on business earnings to be effective from June 1, 2023. Business profits of up to roughly USD 102,000 will not be taxed, in order to support small businesses and startups.

Currently, XX% of the industry is untapped as majority of these households have full time maids/contacts with other service workers from the unorganized sector; hence they do not prefer booking on-demand home services from marketplaces or service providers.

UAE On-Demand Home Services Market Segmentation, 2021

By Type of Services:

Cleaning services accounts for ~XX% of on-demand home services, in terms of number of bookings. Beauty services account for ~XX% of on-demand home services. There has been an increasing trend in the number of people (especially women) taking up these services, as there might not be a good salon in their locality. Majority of residential apartments, societies and complexes in UAE have contracts with repair and maintenance service providers, hence, people are not allowed to avail these on-demand repair and maintenance services.

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By Deployment:

Only XX% of the on-demand home services are booked and availed online. People prefer bespoke services, which are not easily available online, hence the offline model is still in demand in UAE. People are reluctant to try new service providers or marketplaces that provide online on-demand services. They would not want to shift from their old trusted service provider that still provide the traditional way of booking services.

By Geography:

Around XX% of on-demand services are availed by Dubai. Dubai residents have tapped the maximum market. Dubai has maximum of working population, as a result of which on-demand home services are in high demand. Abu Dhabi account for XX% of the market. Abu Dhabi constitutes of high income class population. People live in big bungalows or villas, hence, hire full time helpers or maids. Usually, these households get maids from their own countries.

Competitive Landscape in On-Demand Home Services Industry, 2021

UAE’s On-Demand Home Services Industry is highly fragmented with presence of large number of service providers and marketplaces. Each service provider or marketplace has its own business USP, hence, it restricts the dominance of single player in the market. A notable shift in consumer preferences post COVID-19 has contributed in the emergence of on-demand home services industry. Marketplaces have rebranded itself to reflect their position as a top online marketplace and justify its service offerings. These services providers are marketplaces compete amongst each other on the basis of service offerings, price ranges, promotional discounts, service quality, geographical presence and brand value. The report provides comprehensive detail on the cross comparison of players in the on-demand home services ecosystem based on variety of parameters.

Future Outlook of On-Demand Home Services Industry, 2021-2026:

The market size of the on-demand home services industry is expected to grow at a five-year CAGR of XX% increasing from AED XX million in 2021 to AED XX million in 2026. It is anticipated that the penetration of the market will be fueled by increasing consumer spending and smartphone penetration, shift in consumer preference towards availing on-demand home services post COVID-19.