eServices

The eServices market in Puerto Rico is expected to reach a revenue of US$313.80m in 2024.
It is projected to experience a compound annual growth rate (CAGR) of 9.79% from 2024 to 2029, resulting in a market volume of US$500.60m by 2029.
In 2025.0, the 0.0 market is anticipated to exhibit a revenue growth of 0.0.
The 0.0 market in Puerto Rico is projected to have a market volume of 0.0 in 2024.
When compared globally, China is expected to generate the highest revenue in the eServices market, 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.
By 2029, the number of users in the 0.0 market is expected to reach 0.0.
The user penetration in the 0.0 market is estimated to be 0.0 in 2024.
Puerto Rico's eServices market is experiencing rapid growth, driven by the increasing demand for online banking and digital payment solutions.

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

Customer preferences: Puerto Rican customers are increasingly turning to eServices for their convenience and efficiency. With the rise of smartphones and internet connectivity, customers are now able to access a wide range of services from the comfort of their own homes. This includes services such as online shopping, digital banking, and e-learning. The convenience of being able to access these services anytime and anywhere has been a major driver of the eServices market in Puerto Rico.

Trends in the market: One of the key trends in the eServices market in Puerto Rico is the rapid growth of e-commerce. Online shopping has become increasingly popular among Puerto Rican consumers, as it offers a wide range of products and services at competitive prices. The convenience of being able to shop from home, coupled with the availability of secure payment options, has made e-commerce a preferred choice for many consumers in Puerto Rico. Another trend in the eServices market in Puerto Rico is the increasing adoption of digital banking services. With the rise of mobile banking apps and online banking platforms, customers are now able to carry out a wide range of banking transactions without having to visit a physical branch. This has not only made banking more convenient for customers, but has also helped to reduce operational costs for banks.

Local special circumstances: Puerto Rico's geographic location and unique cultural identity have also contributed to the growth of the eServices market. As an island territory, Puerto Rico faces certain logistical challenges when it comes to accessing goods and services. E-commerce has helped to overcome these challenges by providing customers with access to a wide range of products that may not be readily available in local stores. Additionally, the cultural diversity of Puerto Rico has also contributed to the growth of the eServices market, as different communities have different preferences and needs that can be catered to through digital platforms.

Underlying macroeconomic factors: The growth of the eServices market in Puerto Rico is also influenced by underlying macroeconomic factors. Puerto Rico has a relatively high internet penetration rate, which has helped to drive the adoption of eServices. Additionally, the government has also been supportive of the development of the digital economy, with initiatives aimed at promoting e-commerce and digital entrepreneurship. These factors, combined with the increasing affordability of smartphones and internet connectivity, have created a conducive environment for the growth of the eServices market in Puerto Rico. In conclusion, the eServices market in Puerto Rico is experiencing significant growth due to changing customer preferences, the increasing adoption of digital technologies, and the unique circumstances of the local market. The convenience and efficiency of eServices, coupled with the support of the government and underlying macroeconomic factors, have contributed to the growth of this market in Puerto Rico.

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.