eServices - Luxembourg

Luxembourg

The eServices market in Luxembourg is expected to achieve a revenue of US$183.20m in 2024.
It is projected to experience an annual growth rate (CAGR 2024-2029) of 5.54%, resulting in a market volume of US$239.90m by 2029.
In 2025, the Online Food Delivery market is anticipated to witness a revenue growth of 3.3%.
Within the eServices market sector, the Online Food Delivery market is predicted to reach a market volume of US$180.70m in 2024.
In a global comparison, China is expected to generate the highest revenue, amounting to US$495.50bn in 2024.
The Online Food Delivery market is projected to have an average revenue per user (ARPU) of US$729.40 in 2024.
On the other hand, the Online Food Delivery market is expected to have a user count of 303.9k users by 2029.
In 2024, the user penetration in the Online Food Delivery market is estimated to be 37.4%.
Luxembourg's eServices market is thriving, with a strong focus on fintech and digital banking solutions.

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Analyst Opinion

The eServices market in Luxembourg is experiencing significant growth and development, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Luxembourg are shifting towards digital solutions and online services. With the increasing penetration of smartphones and internet connectivity, consumers are increasingly relying on eServices for various needs such as shopping, banking, and entertainment. The convenience and ease of use offered by eServices are attracting more customers to adopt these digital platforms. Trends in the market are also contributing to the growth of the eServices sector in Luxembourg. One major trend is the rise of e-commerce, with more consumers opting to shop online rather than in physical stores. This trend is fueled by factors such as a wider range of products and services available online, competitive pricing, and the convenience of doorstep delivery. As a result, e-commerce platforms and online marketplaces are experiencing rapid growth in Luxembourg. Another trend in the eServices market is the increasing demand for digital financial services. Consumers are embracing online banking, mobile payment solutions, and digital wallets for their financial transactions. This trend is driven by factors such as the convenience of managing finances remotely, the availability of secure payment options, and the integration of financial services with other eServices platforms. Local special circumstances in Luxembourg also contribute to the development of the eServices market. As a small country with a high standard of living, Luxembourg has a tech-savvy population that is receptive to digital solutions. The government has also been proactive in promoting digitalization and supporting the growth of the eServices sector. This includes initiatives to improve digital infrastructure, provide incentives for startups, and foster innovation in the digital economy. Underlying macroeconomic factors further support the growth of the eServices market in Luxembourg. The country has a strong economy with a high GDP per capita, which translates into higher disposable incomes and increased spending power. This enables consumers to afford and adopt eServices more readily. Additionally, Luxembourg's strategic location in Europe and its role as a major financial center attract international businesses, which in turn drives the demand for eServices. In conclusion, the eServices market in Luxembourg is experiencing significant growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As consumers increasingly embrace digital solutions and online services, the eServices sector is poised for continued expansion in the coming years.

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.