Concierge Services Market

Concierge Services Market Revenue Drivers, Growth Opportunities, Value Chain Analysis and Forecast Research Report Till 2025

“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.”

The global Concierge Services Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview: 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.

Key Players:          

Quintessentially Group Knightsbridge Circle John Paul Group Pure Entertainment Group MyConcierge The Fixer Lifestyle Group Velocity Black Sky Premium International Bon Vivant The Billionaire Concierge

Request free sample to get complete analysis of top-performing companies @ https://www.millioninsights.com/industry-reports/global-concierge-services-market/request-sample Growth Drivers: Emerging economies and increasing income levels of consumers across the globe are driving the market for such services. Growing hospitality sector, thereby, rising operation concerns in restaurants, hotels, and travel agencies is expected to propel the adoption of concierge services among their employees.

Concierge service operators reduce the time for documentation which helps in serving the consumer in a better and faster way. In tourism industry, the service provider keeps track of all the passport and visa services, baggage, and custom procedures which provide convenience to the travelers. This is projected to boost the need for concierge services in tourism and hospitality sectors.

Increasing demand for customized services is propelling the demand for this service. Concierge service allows its consumers to pay only to service which they have availed and cuts down the membership cost. Consumers who want to try and experience other models can drop their requirement on their specially designed application called the Bentley Network app. Advanced technologies are boosting the adoption of such services over the forecast period. These technologies ensure minimum human arbitration. Integration of artificial intelligence help in catering to changing consumer travel plans by providing them multiple solutions.

Type of Assistance Outlook:  

Transportation HoReCa & Entertainment

Regional Outlook: Asia Pacific is projected to grow at the highest CAGR over the forecast period. Presence of high net worth individuals across countries such as India, China, and Japan is supporting the market growth.

According to CEOWORLD magazine, China had 819 billionaires in 2018, which is highest in the world by country proportion. Furthermore, transport assistance services are also anticipated to boost the market growth.

North America is expected to continue its dominance in overall the market in terms of market share. As per the study of the U.S. Bureau of Labor Statistics, majority of the American spend an average time of 5.2 hours for sports and leisure activities. Thus, increasing leisure time through outsourcing of tasks is expected to propel the demand for concierge services in the region.

Impact of COVID-19 Insights The COVID-19 pandemic has negatively impacted the global concierge service market. Coronavirus has adversely affected all travel and transportation activities owing to lockdown restrictions. Thus, the key participants have witnessed a decline in their net sales owing to lack of service demand from corporate & personal concierge services. For example, Knightsbride Circle have suffered loss of revenue due to reduction in service demand.

Further, amid the pandemic the companies are focusing on catering consumer demands through remote or virtual service. Domestic flights have opening up across the globe are expected to boost the growth of travel industry. Thus, the market for concierge services is projected to grow at steady rate over the forecast period.

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