The global concierge services market size is expected to reach USD 773.3 million by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 5.3% during the forecast period. Economic development coupled with increasing disposable income is driving the demand of concierge service. High Net Worth Individuals (HNWI’s) are the major shareholders in the market as they choose concierge services to optimize their time and to outsource time consuming tasks. Growing influence of technology and social media is also enhancing the turnaround time of the services. For instance, Wyndham’s Wingate hotels and Starwood’s Aloft hotels are working with Intelity, a software company to provide transportation, dinning, recreation, and shopping information to its guest via mobile devices.
On-demand concierge services is gaining traction among consumers as they allow them to pay for only what they are seeking and reduce the burden of annual contracts, fees, and membership. 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 can place their need via Bentley Network app. Also, MeetnGreetMe, a Europe-based global platform offers concierge services by locals with reach in more than 298 cities.
Frequent travelers are opting for transportation assistance to for the best traveling experience and finding hassle-free route to commute. HoReCa and entertainment assistance held the largest market share in 2018. Consumer inclination to explore new places, services, lavish hotels, and restaurants is anticipated to propel the growth. Consumer prefer concierge services to get to private events, fashion events, and sold out sports events owing to the assurance of getting the access.
Millennials are willing to spend money on exploring exotic destinations, luxury hotels, and planning culinary travel, which in turn is projected to fuel the demand for concierge service in personal segment. C-suite executives, single parents, and executives relocating to new job locations opt for concierge services for their mundane, stressful, and time-consuming tasks. Corporate holds the largest share of the market owing to increasing demand for event planning, organizing corporate parties, and annual functional gathering in the industry.
Asia Pacific is estimated to be the fastest growing market for concierge service in 2018 owing growing number of HNWI’s in countries such as China, Japan, Singapore, and India. North America, on the other hand, held the largest market share in 2018 and is estimated to continue leading over the forecasted period owing to high adoption of the services.
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Further key findings from the report suggest:
· Transportation assistance is estimated to register a CAGR of 5.0% over the forecast period owing to strong growth of the tourism market
· Personal segment is estimated to expand at the fastest CAGR of 6.1% over the forecasted period
· Some of the key players operating in the global concierge service market include Quintessentially Group, Knightsbridge Circle, John Paul Group, Pure Entertainment Group, and MyConcierge
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Grand View Research has segmented the global concierge service market on the basis of type of assistance, end user, and region
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