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1087070

Concierge Services Market - Forecasts from 2022 to 2027

Published: | Knowledge Sourcing Intelligence | 124 Pages | Delivery time: 1-2 business days

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Concierge Services Market - Forecasts from 2022 to 2027
Published: May 5, 2022
Knowledge Sourcing Intelligence
Content info: 124 Pages
Delivery time: 1-2 business days
  • Description
  • Table of Contents

The concierge services market is evaluated at US$612.512 million for the year 2020 and is projected to grow at a CAGR of 5.02% to reach a market size of US$862.509 million by the year 2027.

A concierge is a person or a company that specializes in personal help or other assistance services such as lifestyle management, household management, making vacation plans, travel, transportation, and so forth, and offers such tailored solutions to its customers (typically high-net-worth individuals) for a variable charge. The intent is to save time for clients by performing routine or specialized chores on their behalf.

Due to the sheer, ever-changing business climate, technological improvements, and industrial professionals' long hours, concierge services are indeed a relatively recent addition to the luxury market. The lives of people have been impeded by these restrictions, which have resulted in a reduction of time. They now wish for additional time or even for someone to complete the assignment for them so that they can focus on more essential things. Concierge services' business strategy capitalizes on this requirement.

The industry for such services is being driven by emerging nations and rising consumer income levels around the world. The booming hospitality industry, which has resulted in increased operational problems in hotels, restaurants, and travel agencies, is likely to drive employee adoption of concierge services. Operators of concierge services save time on paperwork, enabling them to provide better and quicker service to their customers. The service provider in the tourism business keeps track of all passport and visa procedures, baggage, and customs regulations that facilitate travelers. The demand for personalized services in the travel and hospitality industries is expected to rise as a result.

Over the predicted period, advanced technology will promote the utilization of such services. These technologies ensure that human intervention is kept to a bare minimum. Artificial intelligence integration aids in adapting to changing client vacation plans by providing multiple solutions. The Hyatt Hotel chain, for example, uses social media to connect with and understand customer needs.

Based on the type of assistance, the industry for concierge services is divided into transportation and HoReCa & entertainment. Shortly, the transportation assistance industry is anticipated to rise at a considerable CAGR. Customers that travel regularly use concierge services to determine the most efficient path to their destination and to improve their overall experience. Service providers are well-versed in the socio-cultural factors of travel and guarantee that the highest level of service is provided. Over the forecast period, the HoReCa & entertainment segment is expected to increase at a strong rate and hold the largest share. Spa services, transportation, meal reservations, client assistance, and event tickets are all things that concierge services may help with. While traveling, these services have an impact on young people.

The concierge service market is divided into corporate and personal sectors based on end-user. The personal user group is expected to expand rapidly. These concierge services are preferred by single-parent families, managers, and C-suite managers who are moving jobs. Over the projected period, the category is expected to rise due to the younger generation's growing popularity and willingness to pay more for luxury hotels and restaurants. Additionally, the increasing prevalence of event planning and the growing need for holding yearly celebrations and corporate parties are driving market growth in the corporate user category.

Asia-Pacific is predicted to increase at the quickest rate during the projection period. The existence of high-net-worth individuals in nations such as India, China, and Japan is aiding market expansion. China recorded 819 billionaires in 2018, as per CEOWORLD magazine, the most in the world by geographical proportion. Furthermore, transportation support services are likely to boost market expansion.

COVID-19 Impact

The worldwide concierge service market has been heavily affected by the COVID-19 pandemic. Due to lockdown restrictions, the coronavirus has had a negative impact on all travel and transit activities. As a result of the absence of service requests from corporate and personal concierge services, the main participants' net sales have decreased.

Furthermore, amid the epidemic, businesses are focusing on meeting consumer demands remotely or via online services. Domestic flights are becoming more widely available around the world, which is predicted to promote the travel industry's growth. As a result, the concierge services industry is predicted to grow at a steady rate over the projection period.

Recent Development

Lyte, the technology platform rethinking ticketing for artists, fans, and live events, announced its first foreign alliance beyond North America in December 2020, with Ticketspace, New Zealand's event ticketing leader.

Based on the type of assistance, the industry for concierge services is divided into transportation and HoReCa & entertainment. Shortly, the transportation assistance industry is anticipated to rise at a considerable CAGR. Customers that travel regularly use concierge services to determine the most efficient path to their destination and to improve their overall experience. Service providers are well-versed in the socio-cultural factors of travel and guarantee that the highest level of service is provided. Over the forecast period, the HoReCa & entertainment segment is expected to increase at a strong rate and hold the largest share. Spa services, transportation, meal reservations, client assistance, and event tickets are all things that concierge services may help with. While traveling, these services have an impact on young people.

The concierge service market is divided into corporate and personal sectors based on end-user. The personal user group is expected to expand rapidly. These concierge services are preferred by single-parent families, managers, and C-suite managers who are moving jobs. Over the projected period, the category is expected to rise due to the younger generation's growing popularity and willingness to pay more for luxury hotels and restaurants. Additionally, the increasing prevalence of event planning and the growing need for holding yearly celebrations and corporate parties are driving market growth in the corporate user category.

Asia-Pacific is predicted to increase at the quickest rate during the projection period. The existence of high-net-worth individuals in nations such as India, China, and Japan is aiding market expansion. China recorded 819 billionaires in 2018, as per CEOWORLD magazine, the most in the world by geographical proportion. Furthermore, transportation support services are likely to boost market expansion.

Market Segmentation

  • By Type of assistance

Transportation

HoReCa & Entertainment

Others

  • By End-User

Corporate

Personal

  • By Geography

North America

  • USA
  • Canada
  • Mexico

South America

  • Brazil
  • Argentina
  • Others

Europe

  • United Kingdom
  • Germany
  • France
  • Italy
  • Others

Middle East and Africa

  • Saudi Arabia
  • Israel
  • Others

Asia Pacific

  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Thailand
  • Taiwan
  • Others
Product Code: KSI061614183

TABLE OF CONTENTS

1. Introduction

  • 1.1. Market Definition
  • 1.2. Market Segmentation

2. Research Methodology

  • 2.1. Research Data
  • 2.2. Assumptions

3. Executive Summary

  • 3.1. Research Highlights

4. Market Dynamics

  • 4.1. Market Drivers
  • 4.2. Market Restraints
  • 4.3. Porters Five Forces Analysis
    • 4.3.1. Bargaining Power of End-Users
    • 4.3.2. Bargaining Power of Buyers
    • 4.3.3. Threat of New Entrants
    • 4.3.4. Threat of Substitutes
    • 4.3.5. Competitive Rivalry in the Industry
  • 4.4. Industry Value Chain Analysis

5. Concierge Services Market Analysis, by Type of assistance

  • 5.1. Introduction
  • 5.2. Transportation
  • 5.3. HoReCa & Entertainment
  • 5.4. Others

6. Concierge Services Market Analysis, by End-User

  • 6.1. Introduction
  • 6.2. Corporate
  • 6.3. Personal

7. Concierge Services Market Analysis, by Geography

  • 7.1. Introduction
  • 7.2. North America
    • 7.2.1. USA
    • 7.2.2. Canada
    • 7.2.3. Mexico
  • 7.3. South America
    • 7.3.1. Brazil
    • 7.3.2. Argentina
    • 7.3.3. Others
  • 7.4. Europe
    • 7.4.1. United Kingdom
    • 7.4.2. Germany
    • 7.4.3. France
    • 7.4.4. Italy
    • 7.4.5. Others
  • 7.5. The Middle East and Africa
    • 7.5.1. Saudi Arabia
    • 7.5.2. Israel
    • 7.5.3. Others
  • 7.6. Asia Pacific
    • 7.6.1. China
    • 7.6.2. Japan
    • 7.6.3. India
    • 7.6.4. South Korea
    • 7.6.5. Indonesia
    • 7.6.6. Thailand
    • 7.6.7. Taiwan
    • 7.6.8. Others 

8. Competitive Environment and Analysis

  • 8.1. Major Players and Strategy Analysis
  • 8.2. Emerging Players and Market Lucrativeness
  • 8.3. Mergers, Acquisitions, Agreements, and Collaborations
  • 8.4. Vendor Competitiveness Matrix

9. Company Profiles 

  • 9.1. Knightsbridge Circle
  • 9.2. Quintessentially Group
  • 9.3. MyConcierge
  • 9.4. Pure Entertainment Group
  • 9.5. Velocity Black
  • 9.6. The Fixer Lifestyle group
  • 9.7. Sky Premium International
  • 9.8. The Billionaire Concierge
  • 9.9. Bon Vivant