The eServices market in Montenegro has been experiencing significant growth in recent years.
Customer preferences: Customers in Montenegro are increasingly embracing eServices for their convenience and efficiency. The younger generation, in particular, is driving this trend as they are more tech-savvy and comfortable with online platforms. They appreciate the ease of accessing services from the comfort of their homes or on the go, without the need for physical visits or paperwork. Additionally, the COVID-19 pandemic has further accelerated the adoption of eServices, as people have become more cautious about in-person interactions and are seeking contactless alternatives.
Trends in the market: One of the key trends in the eServices market in Montenegro is the rapid growth of e-commerce. Online shopping has become increasingly popular, with consumers enjoying the convenience of browsing and purchasing products from a wide range of local and international retailers. This trend is supported by the improving logistics infrastructure and the increasing availability of online payment options. Furthermore, the government has taken steps to promote e-commerce by implementing favorable regulations and providing support for local businesses to establish their online presence. Another significant trend in the eServices market is the increasing adoption of digital banking and financial services. Montenegrin consumers are embracing digital banking platforms, which offer a wide range of services such as online account management, mobile payments, and digital wallets. This trend is driven by the convenience and accessibility of digital banking, as well as the growing trust in online security measures. Financial institutions are investing in digital transformation to meet the evolving needs of their customers and provide a seamless banking experience.
Local special circumstances: Montenegro's small population and geographical size present unique challenges and opportunities for the eServices market. While the market may not be as large as in some other countries, it offers a close-knit community that can be effectively targeted by eService providers. The relatively small number of competitors in the market also allows for easier market penetration and customer acquisition. Additionally, Montenegro's growing tourism industry presents opportunities for eServices catering to tourists, such as online booking platforms for accommodations, transportation, and activities.
Underlying macroeconomic factors: Montenegro's stable economic growth and increasing disposable income have contributed to the development of the eServices market. As the country continues to attract foreign investment and diversify its economy, more opportunities arise for eService providers to cater to the needs and preferences of consumers. Additionally, Montenegro's membership in the European Union (EU) accession process has led to the alignment of its regulations and standards with those of the EU, creating a favorable business environment for eService providers. In conclusion, the eServices market in Montenegro is experiencing significant growth due to customer preferences for convenience and efficiency, as well as the favorable macroeconomic factors and local special circumstances. The increasing adoption of e-commerce and digital banking, coupled with the government's support for digital transformation, are driving the market forward. As Montenegro continues to develop its infrastructure and attract investment, the eServices market is expected to further expand and evolve to meet the changing needs of consumers.
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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