NEW YORK, Feb. 4, 2025 /PRNewswire/ -- Report on how AI is driving market transformation - The global home services market size is estimated to grow by USD 1.03 trillion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of  10.5%  during the forecast period. Increasing urbanization is driving market growth, with a trend towards introduction of new services. However, regulatory and compliance issues  poses a challenge. Key market players include Amazon.com Inc., American Home Shield Corp., Angi Inc., AskforTask Inc., Gapoon Online Consumer Services Pvt. Ltd., Helpling GmbH and Co. KGA, Home Depot Inc., Home Reno Pte Ltd., Johns Lyng Group Ltd., MyClean Inc., Oneflare Pty Ltd., Paintzen Inc., Porch.com Inc., SC Pointer Systems Srl, Super Home Inc., TaskEasy Inc., Taskrabbit Inc., The ServiceMaster Co. LLC, and Urbanclap Technologies India Pvt. Ltd..

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Market Driver

The Home Services Market is experiencing significant trends with the rise of digitalization and e-commerce platforms. Companies like Ginger and One Medical lead the way in the healthcare sector, offering virtual and physical entity services through smartphones. In the non-cellular segment, players like Zimmber and Timesaverz focus on home cleaning, maintenance, repair, and improvement activities for homeowners, renters, and property managers. Trends in home services also include aging housing stock, DIY trends, and changing lives, presenting opportunities for plumbing services, electrical repairs, HVAC maintenance, appliance repairs, home improvement, renovations and remodeling, carpentry and woodworking, and cleaning services. However, regulatory difficulties, labor shortages, and technological disruptions pose challenges. Environmental considerations and price wars add to the complexities of this market. Seasonal variations remain a factor, especially for services like gutter cleaning. Overall, the home services market continues to evolve, offering solutions for safety, comfort, aesthetic appeal, and more. 

The home services market is experiencing a notable trend with businesses introducing new offerings to expand their reach. On March 1, 2023, Blinkit, a quick commerce platform owned by Zomato, announced plans to launch a new vertical for home services, including plumbing, electrical work, beautician services, and electronics repair. This move aims to broaden Blinkit's revenue streams and position it as a competitor to established providers like Urban Company. In another development, The Home Depot introduced a New Homeowners Hub on August 23, 2023, to cater to homeowners' needs and strengthen its presence in the home services sector. These strategic initiatives reflect the market's growth and competition. 

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 Market Challenges

• The Home Services Market encompasses various sectors including home cleaning, maintenance, repair, improvement activities, and healthcare. Key players like Ginger and One Medical focus on health and welfare, while Zimmber and Timesaverz dominate the mobile segment. The market faces challenges such as regulatory difficulties, labour shortages, and technological disruptions. Non-cellular users and property managers also rely on digitalization through e-commerce platforms and cloud-based solutions. Services offered range from plumbing and electrical work to landscaping and remodeling. Homeowners, renters, and property managers seek safety, comfort, and aesthetic appeal. Ageing housing stock and DIY trends call for innovative solutions. Price wars and seasonal variations impact the market. Technological advancements bring virtual versions of physical entities, enabling smartphone users to access plumbing services, electrical repairs, HVAC maintenance, appliance repairs, home improvement, renovations, and cleaning services through m-commerce platforms. Microsoft Azure and other cloud solutions facilitate efficient operations. Environmental considerations are increasingly important, driving the adoption of eco-friendly practices.
• In the home services market, adhering to regulatory and compliance requirements is a crucial aspect for businesses. Compliance issues encompass various regulations, including licensing, insurance, safety standards, and environmental practices. For instance, in sectors like plumbing, electrical work, and HVAC, obtaining specific licenses and certifications is mandatory for legal operation. In the United States, plumbers and electricians must meet state or local requirements to secure their licenses. Failure to comply with these regulations can result in legal penalties, reputational damage, and loss of consumer trust. Ensuring regulatory compliance is essential for maintaining a reputable business in the home services industry.

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Segment Overview 

This home services market report extensively covers market segmentation by  

• Type
• Home Care And Design
• Repair And Maintenance
• HWB
• Others
• Deployment
• Offline
• Online
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

1.1 Home care and design-  The home care and design segment of the global home services market consists of various services such as interior designing, pest control, cleaning, laundry services, deep cleaning, sofa masonry, woodwork, waterproofing, glasswork, and carpentry. This segment exhibits a high level of fragmentation, with numerous small and large players providing a wide selection of services to cater to homeowners' diverse needs. Both local and international service providers are present in this market. For instance, TaskRabbit Inc. From the US offers house cleaning and furniture assembly, while Helpling GmbH and Co. KG from Germany provides cleaning and furniture assembly services in multiple cities worldwide. Companies like Serviz.com Inc. Offer a comprehensive range of cleaning services, including air duct and dryer vent cleaning, carpet cleaning, drain cleaning, tile and grout cleaning, and window cleaning. The entry of multinational corporations like Amazon.com Inc. Into the market intensifies competition, bringing additional resources and technological advancements to enhance service quality and customer satisfaction. The home care and design segment continues to expand due to increasing consumer demand for professional and reliable home maintenance services, ensuring homeowners have access to tailored solutions for various maintenance and cleaning tasks.

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Research Analysis

The Home Services Market is experiencing significant growth in the digital age, with the rise of online platforms and cloud-based solutions revolutionizing the way homeowners manage maintenance, repair, and improvement activities. The mobile segment, fueled by smartphones and m-commerce platforms, is a key driver of this trend. Home cleaning, landscaping, plumbing, electrical work, and remodeling are just a few of the many home services that are now easily accessible through digital channels. Non-cellular devices and the Internet have made healthcare services at home more convenient than ever before. Health and welfare services are also leveraging digitalization, with e-commerce platforms and virtual versions offering a wide range of services from physical entities. Microsoft Azure and cloud-based solutions enable these services to operate efficiently and securely, while digital tools help streamline processes and improve customer experience. Overall, the Home Services Market is undergoing a digital transformation, making it more accessible and convenient for consumers.

Market Research Overview

The Home Services Market is experiencing significant growth in the digital age, with the rise of mobile and m-commerce platforms transforming the industry. Services like home cleaning, landscaping, plumbing, electrical work, and remodeling are now accessible at the tap of a smartphone. Digitalization has brought about cloud-based solutions and virtual versions of traditional physical entities, catering to homeowners, renters, and property managers alike. Non-cellular internet and healthcare are also intersecting in this space, with companies offering health and welfare services alongside home services. Ageing housing stock and DIY trends are driving demand for maintenance, repair, and improvement activities. However, regulatory difficulties, labour shortages, and technological disruptions pose challenges. Environmental considerations and price wars add to the complexities of this dynamic market. Seasonal variations continue to impact certain services, such as plumbing and HVAC maintenance, while e-commerce platforms like Ginger, One Medical, Zimmber, Timesaverz, and Microsoft Azure enable seamless booking and management of services. The market is constantly evolving, offering opportunities for innovation and disruption in areas like appliance repairs, home improvement, renovations and remodeling, carpentry and woodworking, and cleaning services.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Home Care And Design
• Repair And Maintenance
• HWB
• Others
• Deployment
• Offline
• Online
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio