eServices - Togo

Togo

The eServices market in Togo is expected to reach a revenue of US$6.89m in 2024.
With an annual growth rate (CAGR 2024-2029) of 12.23%, the market volume is projected to reach US$12.27m by 2029.
In terms of specific segments, the Online Food Delivery market is anticipated to experience a revenue growth of 18.6% in 2025.
On the other hand, the Online Food Delivery market is projected to have a market volume of US$5.18m in 2024.
In a global context, China is expected to generate the highest revenue, amounting to US$495.50bn in 2024.
Looking at the Online Food Delivery market, the average revenue per user (ARPU) is projected to be US$13.71 in 2024.
Moreover, the number of users in this market is expected to reach 642.0k users by 2029.
As for user penetration, it is forecasted to be at 4.1% in 2024.
Togo's eServices market is rapidly expanding, with a surge in demand for online payment solutions and digital government services.

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Analyst Opinion

The eServices market in Togo is experiencing significant growth, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Togo are shifting towards digital platforms and online services. With increasing internet penetration and smartphone usage, consumers are seeking convenience and efficiency in their daily lives. They are embracing eServices such as e-commerce, online banking, and digital entertainment. This preference for digital solutions is also influenced by global trends, as consumers worldwide are increasingly relying on technology for their everyday needs. Trends in the eServices market in Togo reflect the broader global trends in the industry. E-commerce is witnessing a surge in popularity, with more consumers opting to shop online for a wide range of products and services. This trend is driven by factors such as convenience, competitive pricing, and a wider selection of goods. Additionally, the rise of mobile payment solutions has made online transactions easier and more accessible to a larger segment of the population. Local special circumstances in Togo contribute to the development of the eServices market. The country's young and tech-savvy population is quick to adopt new technologies and embrace digital platforms. This demographic advantage provides a fertile ground for the growth of eServices. Furthermore, the government of Togo has recognized the potential of the digital economy and has implemented policies to promote digital innovation and entrepreneurship. This supportive environment encourages local startups and attracts foreign investment in the eServices sector. Underlying macroeconomic factors also play a role in the development of the eServices market in Togo. The country's economic growth and stability create a conducive environment for businesses to thrive. Additionally, the government's efforts to improve internet infrastructure and expand access to affordable internet services have contributed to the growth of the eServices market. These factors have increased connectivity and enabled more people to access eServices, driving the demand for digital solutions. In conclusion, the eServices market in Togo is experiencing significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As more consumers embrace digital platforms and online services, the eServices market in Togo is set to continue its upward trajectory.

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.