Concierge Services Market to Register a CAGR of 5.3% By 2025 – Global Industry Outlook, Growth Opportunities, Trends And Forecast With Top Players Analysis | Million Insights
The global Concierge Services Market size is estimated to reach USD 773.3 million, by 2025, and is anticipated to grow at a CAGR of 5.3% from 2019 to 2025, according to the new report by Million Insights. Developing economic conditions and increasing income of middle age group is expected to propel the demand for concierge services. Moreover, high net worth individuals (HNWI) are mainly driving the growth of such services. Newly advanced technologies are supporting to provide the best service quality and high-end consumer experience. For example, Wyndham’s Wingate and Starwood’s hotels have collaborated with a company called Intelity to offer better dining management and shopping information which can be accessed via smartphones.
In addition, increasing demand for customized services is propelling the demand for this service. For example, in May 2017, Bentley has tested the on-demand luxury service for its consumers in New York, Los Angeles, and Dallas. MeetnGreetMe, a European company also offers these services with its presence across 298 cities.
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People who travel frequently use the concierge services for finding best route to their commutation and for getting better experience. HoReCa & entertainment segment is expected to hold the largest share in the overall market. Growing travel industry and growing customer inclination towards exploring new restaurants and hotels is expected to proliferate the market growth. The consumers are preferring concierge services for hosting fashion events, private events owing to their greater access to the service.
Youngsters and adults get influenced by these services while traveling and is expected to foster the market demand. Single parents, executives, and C-suite executives who are changing their job positions due to stress and other problems, prefer the concierge services. Corporate segment is anticipated to hold largest share in the forecast period, due rising demand for managing functions, social gatherings, corporate events, and parties.
In 2018, Asia Pacific held the largest concierge service market share in the overall market. Presence of large number of high net worth individuals (HNWI) across countries such as India, China, and Japan is mainly contributing to the market growth.
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Further key findings from the report suggest:
• Based on type of assistance, transportation segment is projected to grow at the significant CAGR of 5.0% from 2019 to 2025.
• Personal user segment is anticipated to register the fastest growth with a CAGR of 6.1% from 2019 to 2025.
• Major players in the market are Knightsbridge Circle, Quintessentially Group, MyConcierge, Velocity Black, The Fixer Lifestyle group, Sky Premium International, and The Billionaire Concierge.
Million Insights has segmented the global concierge service market based on type of assistance, end user, and region:
Concierge Service Type of Assistance Outlook (Revenue, USD Million, 2015 – 2025)
• HoReCa & Entertainment
Concierge Service End User Outlook (Revenue, USD Million, 2015 – 2025)
Concierge Service Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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