eServices

The eServices market in the Caribbean is projected to reach a revenue of US$984.50m in 2024.
It is expected to experience an annual growth rate (CAGR 2024-2029) of 12.81%, resulting in a projected market volume of US$1.80bn by 2029.
The 0.0 market in the Caribbean is also expected to show a revenue growth of 0.0 in 2025.0.
The 0.0 market in the Caribbean has a projected market volume of 0.0 in 2024.
When compared globally, China is expected to generate the highest revenue in this market, reaching US$495.50bn in 2024.
In the 0.0 market in the Caribbean, the average revenue per user (ARPU) is projected to amount to 0.0 in 2024.
Additionally, the number of users in this market is expected to reach 0.0 by 2029.
Lastly, user penetration in the 0.0 market in the Caribbean is expected to be at 0.0 in 2024.
The eServices market in the Caribbean is experiencing a surge in demand for online banking and digital payment solutions.

Definition:

eServices refer to the delivery of services through electronic means, typically via the internet. eServices offer the convenience of conducting transactions and accessing information online and have become increasingly popular in recent years due to the growth of internet accessibility and the increasing use of digital devices. The eServices market continues to expand as consumers seek efficient and convenient ways to access and purchase various services.

The definition of eServices does not include media content acquired online (see: Digital Media) or the online sale of physical goods (see: eCommerce). Furthermore, no business-to-business segments are included, and neither are revenues from software downloads and services, or price/product comparison site commission fees.

Structure:

eServices includes the event ticketing market, which covers the sale of tickets for sporting events, music concerts, and cinema showings. The dating services market includes online dating platforms, matchmaking services, and casual dating sites. The online education market encompasses the provision of university education, online learning platforms, and professional certification programs. Lastly, the online gambling market which covers online sports betting, online casinos, and online lotteries.

Additional Information

Data includes revenue figures in Gross Merchandise Value (GMV), Users, average revenue per user (ARPU), and user penetration rate. User and revenue figures represent B2C services.

Online booked and digitally issued event tickets for sports events, music events, and cinemas such as Ticketmaster, StubHub, or CTS eventim
Online dating services, including matchmaking, online dating, and casual datings such as Tinder, Bumble, or Badoo
Online Education, including universities, platforms and professional certificates such as Udem, Coursera, or EdX

Offline booking by telephone or through agencies
Online ticket reservations without direct checkout process

The eServices market in the Caribbean is experiencing significant growth and development. Customer preferences in the Caribbean are shifting towards digital services, with an increasing demand for online shopping, digital payments, and entertainment streaming. This is driven by the convenience and accessibility of eServices, as well as the growing internet penetration in the region. Trends in the market show a rapid expansion of e-commerce platforms, with both local and international companies establishing their presence in the Caribbean. This has led to a wider range of products and services being available to consumers, as well as increased competition among businesses. Additionally, there is a growing trend of mobile banking and digital payment solutions, as consumers seek convenient and secure ways to manage their finances. Local special circumstances in the Caribbean contribute to the development of the eServices market. The region's tourism industry plays a significant role, as many tourists rely on eServices for booking accommodations, transportation, and activities. This has led to the emergence of online travel agencies and booking platforms catering to the needs of both tourists and locals. Furthermore, the presence of a large diaspora population in the Caribbean has created a demand for eServices that facilitate remittances and communication with family and friends abroad. Underlying macroeconomic factors also contribute to the growth of the eServices market in the Caribbean. The region has experienced steady economic growth in recent years, which has increased disposable income and consumer spending. This, coupled with a young and tech-savvy population, has created a favorable environment for the adoption of eServices. Additionally, government initiatives to promote digital transformation and improve internet infrastructure have further facilitated the growth of the eServices market. In conclusion, the eServices market in the Caribbean is thriving due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As the region continues to embrace digitalization, the eServices market is expected to further expand and evolve, offering new opportunities for businesses and consumers alike.

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.

This report presents a comprehensive analysis and additional information on the Ecommerce market, in a PDF format.