eServices

The eServices market in Jamaica is projected to reach a revenue of US$137.50m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 15.79%, resulting in a projected market volume of US$286.20m by 2029.
In the same year, the 0.0 market is anticipated to experience a revenue growth of 0.0.
Moving on to the 0.0 market, it is projected to have a market volume of 0.0 in 2024.
When comparing it globally, China is expected to generate the highest revenue, amounting to US$495.50bn in 2024.
The average revenue per user (ARPU) in the 0.0 market is projected to be 0.0 in 2024.
Additionally, the number of users in the 0.0 market is expected to reach 0.0 by 2029.
As for user penetration in the 0.0 market, it will be at 0.0 in 2024.
Jamaica's eServices market is thriving with a surge in online payment platforms and digital service providers.

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 Jamaica has been experiencing significant growth in recent years. Customer preferences are shifting towards online platforms and digital solutions, which has led to an increased demand for eServices. This trend is driven by several factors, including the convenience and efficiency of online services, as well as the growing digital literacy among the Jamaican population.

Customer preferences: Jamaican customers are increasingly embracing eServices due to their convenience and efficiency. Online platforms allow customers to access a wide range of services from the comfort of their homes or offices, eliminating the need for physical visits to service providers. This is particularly attractive for busy individuals who value their time and prefer to complete tasks quickly and efficiently. Additionally, the younger generation, which is more tech-savvy, is driving the adoption of eServices as they are more comfortable with digital solutions.

Trends in the market: One of the key trends in the eServices market in Jamaica is the growth of online shopping. With the rise of e-commerce platforms, Jamaican consumers now have access to a wide range of products and services from both local and international vendors. This has significantly expanded consumer choices and has led to increased competition among retailers. As a result, businesses are investing in online platforms and digital marketing strategies to reach a larger customer base. Another trend in the eServices market is the increasing use of mobile applications. Mobile apps provide a convenient way for customers to access services on the go, and many businesses have developed their own apps to cater to this demand. From food delivery to transportation services, mobile apps are becoming an integral part of the Jamaican eServices landscape.

Local special circumstances: Jamaica has a relatively high internet penetration rate, which has contributed to the growth of the eServices market. The government has also been proactive in promoting digital literacy and improving internet infrastructure, further facilitating the adoption of eServices. Additionally, the tourism industry plays a significant role in driving the demand for eServices, as tourists often prefer to book accommodations, tours, and transportation services online.

Underlying macroeconomic factors: The Jamaican economy has been experiencing steady growth in recent years, which has contributed to increased consumer spending power. This has allowed more Jamaicans to afford smartphones, computers, and internet access, enabling them to engage with eServices. Furthermore, the COVID-19 pandemic has accelerated the adoption of eServices as people have turned to online platforms for essential goods and services during lockdowns and social distancing measures. In conclusion, the eServices market in Jamaica is growing rapidly due to changing customer preferences, including the desire for convenience and efficiency. The adoption of eServices is driven by factors such as the convenience of online shopping, the increasing use of mobile applications, and the government's efforts to promote digital literacy. Additionally, the underlying macroeconomic factors, including steady economic growth and the impact of the COVID-19 pandemic, have further fueled the growth of the eServices market in Jamaica.

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.