eServices - Bulgaria

Bulgaria

In 2024, it is projected that the eServices market in Bulgaria will generate a revenue of US$328.80m.
This market is expected to have an annual growth rate (CAGR 2024-2029) of 10.24%, leading to a projected market volume of US$535.40m by 2029.
The Online Food Delivery market in Bulgaria is also expected to experience a revenue growth of 14.0% in 2025.
Moving on to the Online Food Delivery market in Bulgaria, it is projected to have a market volume of US$326.00m in 2024.
In comparison to other countries, China is expected to generate the highest revenue in the eServices market, reaching US$495.50bn in 2024.
The average revenue per user (ARPU) in the Online Food Delivery market in Bulgaria is projected to be US$130.50 in 2024.
Shifting focus to the Online Food Delivery market, it is estimated that the number of users will reach 3.4m users by 2029.
Lastly, the user penetration rate in the Online Food Delivery market in Bulgaria is expected to be 37.7% in 2024.
Bulgaria's eServices market is experiencing a surge in demand for online payment platforms, driven by the country's increasing digitalization and convenience-seeking consumers.

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Analyst Opinion

The eServices market in Bulgaria has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Bulgaria have shifted towards digital services, as consumers increasingly seek convenience and efficiency in their daily lives. This has led to a growing demand for eServices, such as online banking, e-commerce, and digital entertainment. With the widespread adoption of smartphones and the increasing availability of high-speed internet, consumers are now able to access these services anytime and anywhere. Trends in the eServices market in Bulgaria reflect global patterns, with the emergence of new technologies and business models. One of the key trends is the rise of mobile applications, which provide users with a seamless and personalized experience. Mobile banking apps, for example, allow customers to manage their finances on the go, while e-commerce apps enable convenient online shopping. Additionally, the market has witnessed the growth of subscription-based services, such as streaming platforms for music and video content, as well as software-as-a-service (SaaS) solutions for businesses. Local special circumstances in Bulgaria have also contributed to the development of the eServices market. The country has a relatively young and tech-savvy population, with a high internet penetration rate. This has created a favorable environment for the adoption of eServices, as consumers are comfortable with using digital platforms and are open to trying new technologies. Furthermore, the government has implemented initiatives to promote digitalization and e-governance, which has further boosted the growth of the eServices market. Underlying macroeconomic factors have played a role in shaping the eServices market in Bulgaria. The country has experienced steady economic growth in recent years, which has increased disposable incomes and consumer spending power. This has allowed more individuals to afford and access eServices. Additionally, the government has invested in improving digital infrastructure, such as expanding broadband coverage and increasing internet speeds, which has facilitated the growth of the eServices market. Overall, the eServices market in Bulgaria is developing rapidly due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As digitalization continues to advance, it is expected that the eServices market will further expand and diversify, offering new opportunities for businesses and consumers alike.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.