Report Id: SNS/ICT/2576 | July 2022 | Region: Global | 125 Pages
Report Scope & Overview:
The Concierge Services Market size was valued at USD 628.40 Million in 2021 and is expected to reach USD 894.29 Million by 2028, and grow at a CAGR of 5.17 % over the forecast period 2022-2028.
A concierge is an individual or a company that specializes in personal assistance or other assistance services such as household management, lifestyle management, transportation, travel and vacation planning, and so on, and offers such personalized services to its clients (typically high-net-worth individuals) at a variable price.
A Concierge services industry is a huge service sector that focuses on handling little chores for customers. This service industry is known for being extremely fast and customized for each client. A Concierge services Market includes a variety of modest operations such as holiday planning, travel booking, lifestyle management, professional appointments, and household management.
Many celebrities, top-level managers, VIP clients, and other consumers outsource mundane or specialized chores to concierge or personal assistant services in order to do their work effectively. The consumer does this to save time and get the job done efficiently. The primary consumers for this service market are those who have a lack of work-life balance, less time, and must travel frequently due to busy work schedules. These consumers can easily hand over their small tasks to the concerned person or organization, who will take care of all the services required by the consumer and make their life easier. As a result, the demand for Concierge services is always rising.
Increasing discretionary income and economic growth.
Concierge services are expected to grow in popularity as a result of a lack of work-life balance, hectic work schedules, and time restrictions.
IMPACT OF COVID-19:
The epidemic of Covid-19 has had a severe influence on the Concierge Services Market. With regard to the industries. Major firms have halted operations in numerous places due to the lockdown and social distancing practices. Following the pandemic, the sector anticipates a surge in requirements and demand due to increased urbanization and the growing need for efficient use of available space. Coronavirus Market Situation and Competitors: - Analysts collect current information on COVID-19 in this paper, give crucial insights, and assist the reader in identifying new business prospects associated with the pandemic. Product development pipelines, diagnostic testing methodologies, vaccine development programs, regulatory approvals, and other topics are covered.
Over the anticipated period, transportation assistance is expected to grow at a CAGR. Frequent travelers use concierge services to get the most out of their trip and to locate the most convenient way to move about. These organizations are well-versed in the legal, social, and cultural elements of travel, allowing them to give clients a smooth travel experience. Over the anticipated period, HoReCa and entertainment assistance are expected to continue to have the biggest market share. Concierge services handle meal reservations, spa treatments, transportation, special event tickets, and helping client guests. Millennials love discovering luxurious hotels, restaurants, and activities while traveling, which is expected to increase demand. The expanding importance of culinary arts, along with an increase in luxury hotels and high-end restaurant bookings, is fueling the demand for HoReCa help. Consumer interest in live concerts, operas, and musicals, combined with the difficulties of obtaining VIP credentials, is boosting demand for concierge services that provide entertainment support. Customers use these services to gain entrance to private events, fashion shows, and sold-out sporting events.
The personal category is expected to grow at the quickest rate, with a CAGR of percent during the anticipated period. C-suite executives, single parents, and professionals traveling to new employment locations are willing to use concierge services to delegate their time-consuming and difficult chores. Rising millennial demand is expected to boost category expansion, as they are prepared to spend money on discovering exotic countries, staying in luxury hotels, and organizing gourmet vacations. The corporate category is expected to maintain its market share dominance during the anticipated period. The increased demand for event planning and organizing corporate parties and yearly celebrations is attributable to the rise. Many service providers have fewer corporate clients; yet, frequent requests and high fees are expected to auger well for development. One of the major elements driving market expansion is the provision of concierge services to onsite workers.
KEY MARKET SEGMENTS:
On The Basis of Type of Assistance
HoReCa & Entertainment
On The Basis of End-User
Due to the expanding number of HNWIs in countries like China, Japan, Singapore, and India, Asia Pacific is expected to have the quickest CAGR throughout the projected period. China has thousands of billionaires, more than any other country in the world, increasing demand for concierge services to help them maximize their time. Transport aid is developing at a quicker rate in the Asia Pacific, owing to an increase in overseas visits for holidays and business. Because of the increased adoption of concierge services, North America is expected to retain the greatest market share during the anticipated period. Increased efforts to improve free time by outsourcing time-consuming chores are expected to drive regional growth.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
Quintessentially Group, Knightsbridge Circle, John Paul Group, Pure Entertainment Group, My Concierge, The Fixer Lifestyle group, Velocity Black, Sky Premium Internation, Bon Vivant, and The Billionaire Concierge
|Market Size in 2021||USD 628.40 Million|
|Market Size by 2028||USD 894.29 Million|
|CAGR||CAGR 5.17% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Services (Infrastructure Integration, Application Integration, and Consulting)
• by End-use (IT & Telecom, Defense & Security, BFSI, Oil & Gas, Healthcare, Transportation, Retail, and Others)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, +D11UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Quintessentially Group, Knightsbridge Circle, John Paul Group, Pure Entertainment Group, My Concierge, The Fixer Lifestyle group, Velocity Black, Sky Premium Internation, Bon Vivant, and The Billionaire Concierge|
|Key Drivers||•Increasing discretionary income and economic growth.
•Concierge services are expected to grow in popularity as a result of a lack of work-life balance, hectic work schedules, and time restrictions.
Frequently Asked Questions (FAQ) :
Ans: - The estimated market size for the Concierge Services market for the year 2028 is USD 894.29 Million.
Ans: - Concierge services are expected to grow in popularity as a result of a lack of work-life balance, hectic work schedules, and time restrictions.
Ans: - The segments covered in the Concierge Services Market report for study are on the basis of type of assistance and End-user.
Ans. The primary growth tactics of Concierge Services market participants include merger and acquisition, business expansion, and product launch.
Ans: - Manufacturers, Research Institutes, university libraries, suppliers, and distributors of the product.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of the Ukraine- Russia war
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Concierge Services Market Segmentation, by Type of Assistance
8.2 HoReCa & Entertainment
9. Concierge Services market Segmentation, by End-User
10. Regional Analysis
10.2 North America
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4.2 South Korea
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.3 South Africa
10.6 Latin America
10.6.3 Rest of Latin America
11. Company Profiles
11.1 Quintessentially Group
11.1.2 Products/ Services Offered
11.1.3 SWOT Analysis
11.1.4 The SNS view
11.2 Knightsbridge Circle
11.3 John Paul Group
11.4 Pure Entertainment Group
11.6 The Fixer Lifestyle group
11.7 Velocity Black
11.8 Sky Premium Internation
11.9 Bon Vivant
11.10 The Billionaire Concierge
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of a good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach a stage wherein we can provide our clients best and most accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brainstorming sessions to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research as the name suggests is a research process wherein, we collect data through readily available information. In this process, we use various paid and unpaid databases to which our team has access and gather data through the same. This includes examining listed companies’ annual reports, Journals, SEC filling, etc. Apart from this, our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various universities as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content-specific facts that can be sued to solve specific problems. Since the collected data is fresh and first-hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply sides of the industry to make sure we land an accurate judgment and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses, and observation of on-field participants. The below-mentioned chart should give a better understanding of part 1 of the primary interview.
Part 2: In this part of the primary research the data collected via secondary research and part 1 of the primary research is validated with the interviews with individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence center, our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real-time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but is not limited to getting rid of the many typos, duplication of numbers, or missing any important information. The people involved in this process include technical content writers, research heads, and graphics people. Once this process is completed the title gets uploaded on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.