eServices - Panama

Panama

The eServices market in Panama is expected to generate a revenue of US$485.60m in 2024.
With an annual growth rate (CAGR 2024-2029) of 19.65%, the market volume is projected to reach US$1,191.00m by 2029.
In the Online Food Delivery market, a revenue growth of 32.7% is anticipated for 2025.
Meanwhile, the Online Food Delivery market in Panama is projected to have a market volume of US$482.20m in 2024.
In comparison to other countries, China is expected to generate the highest revenue in the eServices market, amounting to US$495.50bn in 2024.
The average revenue per user (ARPU) in the Online Food Delivery market is projected to be US$421.20 in 2024.
By 2029, the number of users in the Online Food Delivery market is estimated to reach 1.8m users.
The user penetration in the Online Food Delivery market is projected to be 25.3% in 2024.
Panama's eServices market is booming with a surge in online shopping and digital payment platforms.

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Analyst Opinion

The eServices market in Panama is experiencing significant growth and development.

Customer preferences: Panamanian customers are increasingly embracing eServices due to their convenience and efficiency. With the rapid expansion of internet access and smartphone penetration in the country, more and more people are turning to online platforms for their daily needs. This includes services such as online shopping, food delivery, transportation booking, and financial transactions. Customers appreciate the ease of use and time-saving benefits that eServices provide, making it a preferred choice for many.

Trends in the market: One of the key trends in the eServices market in Panama is the rise of online shopping. With the availability of a wide range of products and competitive pricing, customers are increasingly opting to shop online rather than visiting physical stores. This trend is further fueled by the convenience of doorstep delivery and the ability to compare prices and read customer reviews before making a purchase. As a result, e-commerce platforms are experiencing significant growth in Panama. Another trend in the market is the increasing popularity of food delivery services. Busy lifestyles and the desire for convenience have led to a surge in demand for food delivery platforms. Customers can now order their favorite meals from a variety of restaurants and have them delivered to their doorstep. This trend is particularly prevalent in urban areas where people have limited time for cooking or dining out.

Local special circumstances: Panama's strategic location as a transportation hub has contributed to the growth of eServices in the country. The Panama Canal connects the Atlantic and Pacific Oceans, making it a crucial trade route for goods and services. This has attracted international e-commerce platforms to establish a presence in Panama, further boosting the eServices market. Additionally, Panama's strong financial sector and favorable business environment have attracted foreign investment, leading to the development of innovative eServices solutions.

Underlying macroeconomic factors: The growing middle class and increasing disposable income in Panama have played a significant role in the development of the eServices market. As people's purchasing power increases, they are more likely to spend on eServices that offer convenience and time-saving benefits. Furthermore, the government's efforts to promote digitalization and improve internet infrastructure have created an enabling environment for the growth of eServices. In conclusion, the eServices market in Panama is experiencing significant growth and development due to customer preferences for convenience and efficiency. The rise of online shopping and food delivery services are key trends in the market. Panama's strategic location, strong financial sector, and favorable business environment have also contributed to the growth of eServices. The growing middle class and government support for digitalization are underlying macroeconomic factors driving the development of the eServices market in Panama.

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.