eServices

The eServices market in Latvia is projected to reach a revenue of US$117.30m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 8.58%, resulting in a projected market volume of US$177.10m by 2029.
In the 0.0 market, a revenue growth of 0.0 is expected in 2025.0.
The 0.0 market in Latvia has a projected market volume of 0.0 in 2024.
In global comparison, China is expected to generate the highest revenue, 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.
In the 0.0 market, the number of users is expected to reach 0.0 by 2029.
The user penetration in the 0.0 market in Latvia will be at 0.0 in 2024.
In Latvia, the eServices market is booming with a strong focus on software development and IT outsourcing.

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 Latvia has been experiencing significant growth in recent years, driven by changing customer preferences and the increasing availability of digital technology. Customer preferences in Latvia have shifted towards convenience and efficiency, leading to a growing demand for eServices. Consumers are increasingly turning to online platforms and mobile applications to access a wide range of services, including banking, shopping, transportation, and entertainment. This shift is primarily driven by the desire for convenience, as eServices allow customers to access and utilize services from the comfort of their own homes or on-the-go. Additionally, the ability to compare prices and access a wider range of options online has also contributed to the popularity of eServices among Latvian consumers. The trends in the eServices market in Latvia are in line with global trends, as the adoption of digital technology continues to increase worldwide. The proliferation of smartphones and affordable internet access has made it easier for consumers to access eServices, leading to a surge in demand. Furthermore, the COVID-19 pandemic has accelerated the adoption of eServices, as lockdowns and social distancing measures have forced consumers to rely more heavily on digital platforms for their everyday needs. One of the local special circumstances that has contributed to the growth of the eServices market in Latvia is the government's push for digitalization. The Latvian government has been actively promoting the use of eServices as part of its efforts to modernize the country's economy and improve efficiency. Initiatives such as the development of a national eID system and the introduction of digital signatures have made it easier for businesses and individuals to access and utilize eServices. Underlying macroeconomic factors have also played a role in the development of the eServices market in Latvia. The country's strong economic growth and increasing disposable income levels have created a favorable environment for the adoption of eServices. As consumers have more disposable income, they are more likely to spend on convenience and digital services. Additionally, the high internet penetration rate in Latvia has provided a solid foundation for the growth of the eServices market. In conclusion, the eServices market in Latvia is experiencing significant growth due to changing customer preferences, the increasing availability of digital technology, and the government's push for digitalization. These trends are in line with global developments in the eServices market, and are supported by local special circumstances and underlying macroeconomic factors.

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.