The eServices market in EAEU is experiencing significant growth and development.
Customer preferences: Customers in the EAEU region are increasingly turning to eServices for their convenience and efficiency. The rise of smartphones and internet connectivity has made it easier for people to access and use eServices. Furthermore, the COVID-19 pandemic has accelerated the adoption of eServices as people seek contactless alternatives to traditional services.
Trends in the market: One of the key trends in the eServices market in EAEU is the increasing popularity of e-commerce. Online shopping has become a preferred method for consumers to purchase goods and services, with a wide range of platforms and marketplaces available. This trend is driven by the convenience of shopping from home, the availability of a wide range of products, and the ability to compare prices and read reviews before making a purchase. Another trend in the eServices market is the growth of online banking and digital payment services. Consumers are increasingly using online banking platforms to manage their finances, make payments, and transfer money. This trend is driven by the convenience and accessibility of online banking, as well as the security measures implemented by banks to protect customer information.
Local special circumstances: The eServices market in EAEU is influenced by local special circumstances. For example, the region has a large and growing population of internet users, which provides a significant customer base for eService providers. Additionally, the EAEU countries have implemented various initiatives to promote the development of eServices, such as providing incentives for businesses to adopt digital technologies and improving internet infrastructure.
Underlying macroeconomic factors: The growth of the eServices market in EAEU is supported by several underlying macroeconomic factors. The region has experienced stable economic growth in recent years, which has increased disposable income and consumer spending. This has led to an increase in demand for eServices, as consumers have more money to spend on online shopping, digital entertainment, and other eServices. Furthermore, the EAEU countries have made efforts to improve their business environments and attract foreign investment. This has resulted in the establishment of a favorable regulatory framework for eServices, which has encouraged both domestic and international companies to enter the market. The presence of multinational eService providers has further fueled the growth of the market, as they bring their expertise and resources to the region. In conclusion, the eServices market in EAEU is experiencing significant growth and development, driven by customer preferences for convenience and efficiency, as well as the influence of local special circumstances and underlying macroeconomic factors. The increasing popularity of e-commerce and online banking, coupled with the region's growing population of internet users and favorable business environment, are contributing to the expansion of the market.
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.
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