eServices

The eServices market in Iceland is projected to reach a revenue of US$127.80m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 3.86%, resulting in a projected market volume of US$154.50m by 2029.
In the 0.0 market, a revenue growth of 0.0 is expected in 2025.0.
The 0.0 market in Iceland has a projected market volume of 0.0 in 2024.
In global comparison, China is expected to generate the most revenue in the eServices market, with US$495.50bn in 2024.
The average revenue per user (ARPU) in the 0.0 market is projected to amount to 0.0 in 2024.
By 2029, the number of users in the 0.0 market in Iceland is expected to reach 0.0.
The user penetration in the 0.0 market will be at 0.0 in 2024.
Iceland's eServices market is thriving, with a strong emphasis on digital government services and online banking.

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 Iceland has been experiencing significant growth in recent years, driven by changing customer preferences and the increasing availability and adoption of digital technologies.

Customer preferences: Icelandic customers have shown a strong preference for convenience and efficiency when it comes to accessing services. The rise of eServices has provided them with the ability to access a wide range of services from the comfort of their own homes or on the go. This convenience factor has been a major driver of the growth in the eServices market in Iceland.

Trends in the market: One of the key trends in the eServices market in Iceland is the increasing popularity of online shopping. Icelandic consumers are increasingly turning to online platforms to purchase goods and services, driven by the convenience and wider range of options available. This trend is expected to continue as more businesses in Iceland establish an online presence and offer e-commerce capabilities. Another trend in the eServices market in Iceland is the growing demand for digital banking services. Icelandic consumers are increasingly using online and mobile banking platforms to manage their finances, make payments, and access other banking services. This trend is driven by the convenience and accessibility of digital banking, as well as the increasing trust in online security measures.

Local special circumstances: Iceland's small population and remote location present unique challenges and opportunities for the eServices market. On one hand, the small population size limits the potential customer base for eServices providers. However, the high internet penetration rate in Iceland, combined with the tech-savvy nature of the population, creates a favorable environment for the growth of the eServices market.

Underlying macroeconomic factors: The strong and stable economy of Iceland has played a significant role in the development of the eServices market. The country has experienced steady economic growth in recent years, which has led to increased disposable income and consumer spending. This has created a favorable environment for the growth of the eServices market, as consumers have more resources to spend on online services. In conclusion, the eServices market in Iceland is experiencing significant growth driven by changing customer preferences, the increasing popularity of online shopping, and the growing demand for digital banking services. The small population size and remote location of Iceland present unique challenges and opportunities for the eServices market. The strong and stable economy of Iceland has also contributed to the growth of the eServices 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.

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