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Industry Insights, Market Size, CAGR, High-Level Analysis: Concierge Services MarketThe global concierge services market size was valued at USD 537.6 million in 2018 and is expected to register a CAGR of 5.3% from 2019 to 2025. Many top-level managers, VIP customers, celebrities, and such other consumers outsource routine or specialized tasks to concierge services or personal assistance services. to save time. Other factors such as lack of work-life balance, busy work schedule, and time constraint are projected boost the demand for concierge services. Growing disposable income and economies are the major factor driving the growth of concierge services market. Growing network and partnership of concierge service providers with hotels, restaurants, and travel service providers is ensuring smooth operation and execution of the specific tasks assigned by clients. These factors are helping service providers to meet consumers need, deliver services as promised, and gain consumer trust. High Net Worth Individuals (HNWIs) are boosting demand for personalized services to optimize their time. Concierge service providers take care of all the time consuming documentation in professional way to make traveling a stress free experience for the consumers. Service providers take accounts of all visa and passport services, baggage, duty-free items pick-up, and customs procedures making the travel easy and convenient. Growing trend of on-demand customized services is increasing the demand for concierge services. These services allow consumers to pay only for the services they avail and reduce the burden of annual contracts and membership fees. For instance, in 2017 Bentley, German owned British luxury carmaker tested Bentley on Demand luxury concierge experience for consumers in Los Angeles, Dallas, and New York. Consumers who wish to drive Bentley while travelling or wish to have a different Bentley model experience for different occasions can place their need via Bentley Network app. Growing influence of technology is also expected to support the growth in demand for concierge service by minimizing human intervention. Introduction of artificial intelligence provides better suggestions and options to clients as per their changing needs and travel plans. For instance, Wyndhams Wingate hotels and Starwoods Aloft hotels are working with Intelity, a software company to provide transportation, dining, recreation, and shopping information to guest via mobile devices. Hyatt Hotels use social media platforms like Hyatt Concierge to address the consumer needs.
Type of Assistance InsightsTransportation assistance is estimated to expand at a CAGR of 5.0% over the forecasted period. Frequent travelers opt for concierge services to get the best experience of the location and to find hassle free route to commute. These companies are well versed with all the legal, social, and cultural aspects of travelling, thus they provide a seamless travel experience to the clients. HoReCa and entertainment assistance is estimated to continue holding the largest market share over the forecasted period. These concierge services take care of restaurant bookings, arranging spa services, transportation, procuring special event tickets, and assisting client guests. Millennials prefer exploring lavish hotels, restaurants, and events while traveling, which in turn is anticipated to boost the demand. Increasing influence of culinary arts coupled with growing luxury hotels and high-end restaurant reservations is supporting the demand for HoReCa assistance. Consumer interest in live concerts, operas, and shows coupled with difficulty in getting VIP passes is driving demand for concierge services entertainment assistance. Consumers opt for these services to get access to private events, fashion events, or sold out sports events.
End User InsightsPersonal segment is estimated to register the fastest CAGR of 6.1% over the forecasted period. C-suite executives, single parents, and executives relocating to new job locations are willing to opt for concierge services to handover their stressful and time-consuming tasks. Rising demand from millennials is anticipated to further fuel the segment growth as they are willing to spend money on exploring exotic destinations and luxury hotels and planning culinary travels. Corporate segment is estimated to continue its dominance in terms of market share over the forecasted period. The growth is attributed to increasing demand for event planning and organizing corporate parties and annual functions. Many service providers have smaller number of corporate clients, however the frequent requests and high prices are anticipated to bode well for the growth. Provision of concierge services to onsite staff is also one of the prominent factors driving the growth of the market.
Regional Insights of Concierge Services MarketAsia Pacific is estimated to register the fastest CAGR during the forecast period, attributed to growing number of HNWIs in countries such as China, Japan, Singapore, and India. As per CEOWORLD magazine LTD, in 2018 China had total 819 billionaires, which is more than any other country in the world is boosting the demand of concierge services to optimize their time. In Asia Pacific, transport assistance is growing at a faster rate owing to increasing foreign trips for vacation and business purpose. North America is estimated to continue holding the largest market share over the forecasted period owing to higher adoption of concierge services. As per the U.S. Bureau of Labor Statistics, in 2018, average time an American spent on leisure and sports accounted for just 5.27 hours. Rising efforts to increase the leisure time by outsourcing time-consuming tasks is anticipated to propel the regional growth.
Market Share Insights of Concierge Services MarketMajor market players include Quintessentially Group, Knightsbridge Circle, John Paul Group, Pure Entertainment Group, MyConcierge, The Fixer Lifestyle group, Velocity Black, Sky Premium International, Bon Vivant, and The Billionaire Concierge. The market is fragmented owing to presence of regional service providers and local concierges. Growing HNWIs are continuously raising the bar for concierge service providers. The companies provide on-demand services to non-membership consumers to increase consumer reach and adoption. For instance, MeetnGreetMe, Europe-based global platform offers concierge services by local people with a reach across more than 298 cities. Along with the supply and demand principle, the services directly depend on spontaneity of service, consumer expenditure behavior, and trends of exploring luxury in terms of travel and accommodation. Companies take additional efforts to meet unique consumer demands to gain trust and popularity. For instance, Quintessentially Group, closed the Sydney Harbor Bridge to allow a member to propose to his fiancee or arranged dinner on an iceberg.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Concierge Services Market Research ReportThis report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global concierge services market report on the basis of type of assistance, end user, and region:
Type of Assistance Outlook (Revenue, USD Million, 2019 - 2030)
- HoReCa & Entertainment
End User Outlook (Revenue, USD Million, 2019 - 2030)
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database 1.3.2. GVR’s Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization | read more...