Business Concierge Services in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: January 2024
NAICS OD5367Revenue
$3.5bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
113k
Businesses
109k
Wages
$XXX.Xm
Business Concierge Services in the US industry analysis
Operators in the Business Concierge Services industry handle everything from appointment management to running errands, making travel reservations and even providing transportation. Once exclusively the domain of celebrities and affluent professionals, business concierge service companies have increasingly targeted private households and corporate employees to fulfill a variety of their household management tasks. This expansion in clientele has helped the industry gain prominence. As a result, industry revenue has been increasing at an annualized 8.6% over the past five years, and is expected to total $3.5 billion going into 2023. This includes an increase of 2.6% in 2023 alone.Industry revenue was marginally helped by a decade-long decline in the amount of leisure time for the average American. Due to this increase in household working hours, employers began contracting industry operators to provide concierge services as a benefit or perk for their employees. The industry is able to record a high profit margin mainly due to the relatively low operating expenses required for providing concierge services.Entering 2028, industry revenue is forecast to increase at an annualized 1.9%, reaching an estimated $3.9 billion. The Business Concierge Services industry will benefit from improving per capita disposable income, particularly among households that earn more than $100,000, which is one of the industry's primary markets. Furthermore, corporate profit is expected to increase an annualized 10.3% during the outlook period. Additionally, concierge services targeting seniors will likely be another key area of growth for the industry. These senior care services generally encompass administrative assistance, errand and courier services, mail delivery and other household management service offerings. Demand for these services is expected to grow due to the gradual aging of the US population.
Trends and Insights
- Business concierges serve both corporate and residential clients, offering online and in-person services like restaurant suggestions, appointment management and event planning. Travel reservations are one of the most popular services that concierge companies give to their customers, according to industry insiders.
- An industry built on services is the Business Concierge Services industry. Industry players thrive on the breadth of services they provide, even though goods may include monthly or annual subscriptions, mobile apps and web memberships. The size, position and cost of the concierge company all influence the range of services offered.
- IBISWorld estimates that the Southeast, West and Mid-Atlantic are the top three areas in terms of establishment concentration for the industry, based on data from the Bureau of Labor Statistics. Generally speaking, industry action follows population densities.
- The primary types of competition that exist in the industry are price, online visibility, workforce capacity, accessibility and quality of customer service. The nature of internal competition differs based on the size of the enterprise and the range of services provided.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 8.6 % over the past five years, to reach an estimated $3.5bn in 2024.
Trends and Insights
Busy lifestyles yield gains for the industry
- The industry has seen consistent growth in recent years, and this pattern is anticipated to continue in the years to come. A growing number of households, particularly wealthy households of small business owners, require concierge services for tasks like travel arrangements and courier services due to a lack of free time.
- Additional trends and insights available with purchase
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
There is a sense of growing industry participation
- It is anticipated that there will be more business operators during the outlook period. The industry will probably stay fragmented, with a sizable portion of businesses operating as nonemployers. Low entry barriers make it very simple for businesses without employees to join the market when demand is rising.
Biggest companies in the Business Concierge Services in the US
| Company | Market Share (%)
2023 | Revenue ($short_0)
2023 | Profit ($short_0)
2023 | Profit Margin (%)
2023 |
|---|
There are no companies that hold a large enough market share in the Business Concierge Services in the US industry for IBISWorld to include in this product.
Products & Services Segmentation
Business Concierge Services in the US
Products & Services
Industry revenue is measured across several distinct product and services lines, including Other tasks, Shopping and Entertainment and dining arrangements. Other tasks is the largest segment of the Business Concierge Services in the US.
Trends and Insights
Entertainment and dining arrangements are used by more corporate clients
- The buying of tickets, making dining reservations, researching entertainment venues and buying live entertainment, like a magician for a child's birthday or a live band for a wedding, are all included in the entertainment and dining arrangements segment.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Travel Agencies in the US
- Maids, Nannies & Gardeners in the US
Complementors
- Trade Show and Conference Planning in the US
- Dry Cleaners in the US
- Concert & Event Promotion in the US
International industries
- Convention & Visitor Bureaus in Canada
Table of Contents
About this industry
Industry definition
This industry comprises establishments that provide concierge services for business executives, employees and individuals. Concierges provide a variety of services, including running errands, grocery and personal shopping, making travel and restaurant reservations, and home management. Services may be provided in-person, by telephone or online. Companies that function like brokers to match client requests with available freelance concierges are excluded from this industry.
What's included in this industry?
Arranging travelShoppingProviding courier functionsProviding small event and party planningArranging dining and entertainmentFulfilling other tasks associated with a business tripCompanies
Purchase this report to view all major companies in this industry.
Related Terms
CONCIERGESMARTPHONEINTERNATIONAL CONCIERGE AND LIFESTYLE MANAGEMENTIndustry Code
NAICS 81299 - Business Concierge Services in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Business concierges serve both corporate and residential clients, offering online and in-person services like restaurant suggestions, appointment management and event planning...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
An industry built on services is the Business Concierge Services industry. Industry players thrive on the breadth of services they provide, even though goods may include mont...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
IBISWorld estimates that the Southeast, West and Mid-Atlantic are the top three areas in terms of establishment concentration for the industry, based on data from the Bureau o...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
The primary types of competition that exist in the industry are price, online visibility, workforce capacity, accessibility and quality of customer service. The nature of int...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
A variety of services are offered to companies by the United States' comparatively small and highly fragmented Business Concierge Services industry. These services frequently...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
Detailed analysis
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
There is no particular government or organizational oversight of the business concierge services industry's ongoing operations. Instead, the industry is governed by the usual...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
The expenses associated with the Business Concierge Services industry differ from one operator to another, as they are dependent on factors such as the size of the operator, t...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Business Concierge Services in the US industry in United States in 2024?
The market size of the Business Concierge Services in the US industry in United States is $3.5bn in 2024.
How many businesses are there in the Business Concierge Services in the US industry in 2024?
There are 109k businesses in the Business Concierge Services in the US industry in United States, which has grown at a CAGR of 5.5 % between 2019 and 2024.
Has the Business Concierge Services in the US industry in United States grown or declined over the past 5 years?
The market size of the Business Concierge Services in the US industry in United States has been growing at a CAGR of 8.6 % between 2019 and 2024.
What is the forecast growth of the Business Concierge Services in the US industry in United States over the next 5 years?
Over the next five years, the Business Concierge Services in the US industry in United States is expected to grow.
What does the Business Concierge Services in the US in United States include?
Arranging travel and Shopping are part of the Business Concierge Services in the US industry.
How competitive is the Business Concierge Services in the US industry in United States?
The level of competition is high and steady in the Business Concierge Services in the US industry in United States.
