LONDON–(BUSINESS WIRE)–The funeral homes and funeral services market size is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The growth in the population of aging people and number of deaths is expected to be one of the major factors behind the funeral homes and funeral services market growth. Aged people are the primary target of funeral homes, as their families typically request traditional memorials and burial services, which may require a large staff and thus, are more expensive. As the baby boomer generation ages, the mortality rate is expected to increase steadily, and thus, the overall demand for funeral services is expected to grow significantly during the forecast period. Moreover, the presence of untapped markets such as India will provide numerous growth opportunities for major vendors as well as new startups.
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As per Technavio, the increasing penetration of technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Funeral Homes and Funeral Services Market: Increasing Penetration of Technology
The increasing use of new technologies is identified as one of the major trends in the funeral homes and funeral services market. For instance, the use of blockchain technology is increasing as it significantly improves services such as transportation, arrangement of ceremonies, prayers, burial or cremation, counseling, and more. The Global Funeral Care Foundation offers a decentralized blockchain-based platform which collects and share structured data that delivers transparency of costs, honest opinions of community members, and personal recommendations to increase customer satisfaction as well as to improve the quality of services. Vendors in the market are also focusing on offering digital and online services to cater to the rising millennial population. Most of the vendors offer their services online, and users can book these services directly through their websites or mobile apps.
“The increasing number of startups and third-party service providers, along with strategic partnerships and acquisitions will drive the growth of the funeral homes and funeral services market during the forecast period,” says a senior analyst at Technavio.
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Funeral Homes and Funeral Services Market: Segmentation Analysis
This market research report segments the funeral homes and funeral services market by service (at-need and pre-need) and geography (APAC, Europe, MEA, North America, and South America).
The European region led the funeral homes and funeral services market in 2018, followed by North America, APAC, South America, and MEA respectively. However, the APAC region is expected to witness the highest incremental growth during the forecast period, due to factors such as growing population in China and India, increasing middle and upper-class consumers, and growing disposable incomes in these countries.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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