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.
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