Industries that hold the Future of On-demand Economy

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Future of On-demand Economy

As days passed by, the On-demand services sector has been growing rapidly, and it has changed the way businesses serve their customers.

After the most significant success of this decade: Uber, consumers’ expectations have now changed, and now they demand instant provisioning of goods & services. Smartphones have been the game-changer in the lives of people because the handiness it brought for people is unbeatable. The number of mobile phone users is vast, and it continues to grow. With the growth in smartphone users, the mobile app development industry has also boomed in the market.

Do You Know? The on-demand economy attracts 22.4 million consumers yearly, and they spend $57.6 billion on them. These on-demand services include transportation, food and grocery delivery, taxi-hailing, healthcare and & homecare, etc. According to the researched report, the on-demand economy will continue to thrill and is anticipated to reach a whopping $335 billion by 2020-2025.

The new On-demand economy

Whether people want to hire a mechanic, plumbers, or beauticians, they can get any services right from their smartphones. And most of the smartphone users use their mobile devices to get those on-demand services. According to the industry experts, it believes that there will be a massive change in the shift the way delivery economy works.

Now, entrepreneurs and businesses are realizing the potential in diverse sectors as consumers are widely espousing the benefits that the on-demand economy brings.
There are many on-demand startups that were struggling to generate profits; their revenue now seems to be increasing.

Top 3 Promising on-demand Industries in 2020

Primarily it offers a wide range of opportunities for entrepreneurs.
Moreover, consumers get their goods and services quickly at less price when compared to the traditional approach. Out of 310 companies whose value is more than $1 billion, 23 belongs to the on-demand industry, reported by Insights.

Despite this, the on-demand economy covers many sectors, but the major players are some.

Now let’s jump to the central point, what are the most significant revolution of 2020 in the on-d0emand industry. Which0 1industries driving the on-demand economy?

Food Delivery On-demand Apps

Undoubtedly, On-demand food delivery app is scaling up in the market and have made their way through the on-demand app services.

Before the inception of on-demand food delivery apps, people used to order food by calling the food chain or restaurant, which sometimes creates confusion regarding a delivery address, quantity, etc. But with on-demand food delivery apps, this problem is solved now, and there is no hassle or confusion between consumers and restaurant owners. Restaurant owners can receive the order with a precise order description of the delivery address, and quantity.

According to the survey, it is expected that the on-demand food delivery sector will reach 200 dollars by 2025. Top competitors of on-demand online food delivery apps are Uber Eats, Swiggy, etc. The tremendous spike in this industry proves that it has a long way to go in terms of technology in the coming years.

Some new business models which can be adopted and embraced in the on-demand food industry are:
• On-demand Grocery Delivery
• Online Restaurant Table Booking System
• Cooked Meal Delivery

Transportation & Travel

Yes! These two sectors, Travel and Transportation, owns most of the on-demand economy. Do you know? The majority of the Venture Capitalists funding goes into these two sectors.

According to the GrandViewResearch, it is expected that the on-demand transportation worldwide market size is expected to touch $304.97 billion by 2025. And, it is anticipated that this on-demand transportation market size is going to expand at CAGR of 19.8% from 2018-2025. Some of the on-demand taxi booking apps that are crafting a new chapter in the on-demand transportation sector are Uber, Ola, Lyft, etc.

If you’re apprehensive about the on-demand taxi app development cost, then we offer custom-made taxi solutions like Uber at an affordable price.

Professional Home Services

The sector, which has undergone massive transmutation due to the on-demand economy, is the Professional Home services. This industry is booming, and we have seen a tremendous rise in the on-demand home services as it offers easy and convenient to the people.

Apparently, this sector has the maximum potential as it covers all the professional services, including electricians, babysitting, plumbing, household work, carpentry, mechanics, and much more. The on-demand Home services offer huge benefits to the end-users.

According to the stats and analytics, the growth of the market of on-demand home services is anticipated to expand at a CAGR of 48.46% by 2021.

With the rise in the number of smartphone users, the demand for on-demand home services apps will also show tremendous rose. Some of the major apps in the list of on-demand home services are- Serviz, Handy, & Venturapact, etc

The ease and convenience that on-demand home services provided to the end-user are probably one of the primary reasons why this sector is growing and gaining massive attention. In the upcoming years, the world is going to see tremendous transformation in online home services.

Final Thoughts

The whole world is evolving with the advancement of technology. So, every industry and sector is. On-demand is a vast industry that comes with new ideas to serve humankind by providing a unique experience of pace.

With the emerging advanced technology, it would be difficult for firms to offer excellent quality services in minimum time.

On-demand apps are the future for traditional industries that they should think.
Do you want to develop an on-demand app? If yes, then you must consult with a reliable mobile app development agency. So that they can help you and offer the best on-demand app solution.

You can also contact us for on-demand app development services and solutions.

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