Insights: The weight loss and weight control market in Russia amounted to 14,486.6 million rubles in 2018. The market is expected to reach annual revenue of 17,253.03 million rubles by 2023, that translates to an average 3.56% annual growth rate.
About this report: From our market research of the healthcare and weight loss management market analysis in the Russian sector, you will be able to understand the current market value or size of the weight loss industry, it’s annual growth trend and projected value.
Russia weight loss market research requirements
To provide a market research with the following scope:
Market size including growth and projected figure of the health care and weight loss industry in Russia.
Provide any other relevant statistics and data related to the industry.
Reports will come with graphs and charts as necessary and detailed findings of any estimation and calculation made.
Russia’s healthcare and weight loss management market overview
The healthcare market’s turnover in Russia amounted to 3,053.30 billion rubles in 2018 and this market is expected to grow annually by 13.88% based on healthcare consumer spending projected until 2030. The main factor in revenue growth is the increase in prices for medical or health care services and there will also be increased number of appointments in the coming years.
We’ve summarized our findings in the graphs below and the detailed calculations, assumptions, and estimations of how these figures were derived are found in the “findings” section.
Health care annual market size in Russia (2017 to 2030)Russia’s healthcare turnover market share by segment in 2018: Mandatory healthcare insurance, budget-insurance model, cash payments, shadow segment, and VHI account
The country’s weight loss industry will also see more than 3% annual growth rate led by the dietary products segment. In 2018, this market amounted to 14,486.6 million rubles. According to reports, the increasing number of reported overweight adults in the country will drive the market growth.
Weight loss market size in Russia, in million rubles
Fig 1: Weight loss channel market share, in-store purchases versus out-of-store purchase; Fig. 2: Weight loss segment market share, dietary products versus slimming teas and weight loss supplements
FINDINGS
Russia’s healthcare market size and projected growth
Russia’s healthcare services market size based on turnover amounted to 3,063.3 billion rubles in 2018, an 11.6% increase from 2017 turnover. Accordingly, the main factor in revenue growth is the increase in prices for medical or health care services and the increasing pattern will see a continued trend in the coming years as Russia’s GDP sees continued growth.
By segment, according to BusinesStat–the prominent and the largest developer of ready-made reviews of industrial and consumer markets in Russia and the CIS countries–the mandatory or compulsary health care insurance sector revenue will account for 56.8% of the market. The Budget-Insurance Model of Financing Healthcare in Russia and and Cash Payments comes in next at 15.8% revenue share for each, followed by shadow segment (6.7%), and Voluntary Health Insurance or VHI account (4.9%).
By values (in rubles), we calculated the segments as below based on 2018 revenues:
Mandatory health care insurance segment = 3,063.3 billion rubles * 56.8% = 1,739.95 billion rubles
Weight loss industry market size and projected growth in Russia
The weight loss and weight control market in Russia amounted to 14,486.6 million rubles in 2018. This figure was based on the completed study of the weight loss industry in the country released by the Discovery Research Group. The market is expected to reach annual revenue of 17,253.03 million rubles by 2023, that translates to an average 3.56% annual growth rate. That growth rate was also confirmed by another weight loss market study in Russia released by Triton Market research which found out that between 2019 and 2025, the growth rate of the weight loss management market in Russia will be 3.16% annually.
Dietary products get the largest market share in terms of revenue which is said to be about 9,232 million rubles in 2018, 63.7% market share. The dietary products will record the highest growth rate while the slimming teas and weight loss supplement segments will record a decrease in sales. In Russia, reports confirmed that the obesity rate has almost doubled its numbers in the past few years. For example, while 856.5 out of 100,000 people were considered obese in 2011, that figure stood at 1,245.6 per 100,000 five years later, according to the report. In the latest survey conducted by OECD, about 19.6% of the population aged 15 years and over in the country are considered over weight or obese.
In terms of sales channel, the out-of- store retail accounts for 74.7% of the market while in-store channel will be about 25.3% share.
[Weight loss market size year-by-year calculation, in ruble ₽ ]
At Mhojhos Research, we deliver outstanding market report results across many industries. Market research is key to a new business becoming a profitable entity. It anticipates and minimizes risk, identifies potential customers and helps ensure success.
What TAM stands for? How can I know the total addressable market (TAM) for my company? How is TAM different with serviceable available market (SAM) and serviceable obtainable market (SOM)? How to calculate TAM SAM SOM and your market? What is the TAM SAMSOMformula for a startup? How is TAM related to the potential market? What is market size or sizing? Is there a template for TAM? Do I need TAM for my pitch deck?
The above are frequent questions that you may also have encountered that brings you here. Let’s expand on them in detail in layman’s terms, with illustrations and actual sample calculations.
We’ve helped hundreds of our clients calculate and analyzed their TAM for their business, product, and services. It helps them understand how big their market is, or is there a potential market share waiting for them in their industry line. Most often, if you’re a startup and presenting a pitch deck to potential investors, the TAM is one of the essential keys the investor would be looking to understand the revenue opportunity and to help them decide whether to invest or not to invest.
TAM SAM SOM acronyms and definition
TAM, SAM, and SOM are acronyms that represents different subsets of a market.
TAM or Total Addressable Market is the total market demand for a product or service.
SAM or Serviceable Available Market is the segment of the TAM targeted by your products and services which is within your geographical reach.
SOM or Serviceable Obtainable Market is the portion of SAM that you can capture.
TAM SAM SOM: Do they matter for a startup?
You are a startup. You are starting your business. You need funding. You want your company to grow. Put yourself in an investor’s shoes. You need to deliver a target return to your own investors which implies both de-risking the investment early (i.e. figuring with the minimum possible of capital if the start-up has a market) and investing in opportunities which offer substantial upside potential (i.e. huge market size).
The SOM and SAM help de-risking the investment while the TAM enables to assess the upside potential. The Serviceable Obtainable Market (SOM) is your short term target and therefore the one that matters the most: if you cannot succeed on a fraction of the local market chances are that you will never capture a large part of the global market.
As an investor, I expect you to have a realistic objective and I will judge you on your ability to deliver that objective.
To be realistic your SOM needs to factor in:
your product: people will want to buy your goods
your marketing plan and the identified distribution channels: you have a clear plan to reach a large portion of your target customers
your SAM and the strength of your competition: chances are that you are not going to take 50% market share within 6 months. Therefore your SOM needs to be a reasonable fraction of your Serviceable Available Market.
For the investor the ability to reach your SOM means that he will not lose his shirt. In that context SAM acts as a good sanity check to assess the likelihood of achieving the market share implied by the Serviceable Obtainable Market and as a proxy for the short term upside potential of your business.
If you can deliver SOM in time then you are capable and credible, and you might be able to increase the market share and reach a more important penetration of the SAM which would deliver a good return on investment.
Let’s dive into more details with actual examples of what the above are and how it applies to a product, service, or business.
So how to calculate TAM SAM SOM to size the market?
Total Addressable Market (TAM)
Total addressable market (TAM), also referred to as total available market, is a form of determining the potential size of a market that enables a business to define the holistic revenue opportunity offered from its product or service. It is an exercise that will shed light towards the level of effort and funding to be put into a new business line, because it provides guidelines about the munificence of its economic potential. Nowadays, a TAM has become an important metric and a more creative process of calculating it has emerged due to the increased speed in which new markets are evolving.
How can I know the total addressable market (TAM) of my product or services? Is there a formula?(TAM SAM SOM)
There is no standard formula for calculating the TAM. It differs from every product, services, and business.
1. Understand your target audience (TAM SAM SOM)
Who are your buyers? Who will use your services? What are their demographics? Who are they? Where are they?
Of course, your target audience are companion animal pet owners who are living in the United States. They either owned a cat or dog pets since your product targets companion animals. So, we have defined your overall target audience–companion animal pet owners living in the United States.
2. Analyze the current statistics of your target market (TAM SAM
Where should I get figures and data? What’s the total number of my target audience? Where are they located? See example below.
Total companion animal (dog or cat) pet owners: 67% of U.S. households, or about 85 million families own a pet, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA). Of these, 63.4 million owns a dog and 42.7 million have a cat in their household, however, it is possible that these dog owners also own a cat. Here, we will assume the bigger number, thus, your total target audience is 63.4 million companion animal pet parents.
3. Incorporate your business pricing model (TAM SAM SOM)
Assuming that your MSRP (including landed cost) is $458 per product. Then your TAM value would look like below.
Total Addressable Market (TAM) Value
= Total number of companion animal pet owners in the US * MSRP (including landed cost)
= 63.4 million * $458
= $29 billion
Thus, your TAM value is $29 billion assuming a 100% penetration of your target audience. That is the total revenue or potential market value you are looking for if you owned 100% of the market share.
Serviceable Available Market (SAM)
Serviceable Available Market is the segment of the TAM targeted by your products and services which is within your geographical reach. It is the segment of your TAM which you can reach or achieve.
Let’s go back to our pet food products. The product marketed here is for high-end or premium pet food products. Thus, we will narrow down the number of the target audience and determine what number or percentage of the total pet owners have a household income of $100,000. They are likely the pet owners that would easily purchase premium products. See below statistics.
In the past 10 years, the share of pet owners with a household income of $100,000 and above ranges from 31% to 40% or an average of 35.5%. We will multiply this percentage to the total number of companion animal pet owners. [Calculation: 63.4 million * 35.5% = 22.50 million]
Serviceable Available Market (SAM) Value
= Total number of companion animal pet owners with HHI of $100,000 in the US * MSRP (including landed cost)
= 22.50 million * $458
= $10 billion
Serviceable Obtainable Market (SOM)
Serviceable Obtainable Market is the subset of your SAM that you will realistically get to use your product. This is effectively your target market that you will initially try to sell to. It should give a more realistic value.
In our example, we already determined the TAM and SAM. However, from market research analysis, it was revealed that those who likely purchase premium products are the Young Boomers, GenX, and Millennials. From analysis and survey, it was calculated that 94% of the total pet owners belong to these generations which translates to a total SOM target audience of 21.10 million.
Serviceable Obtainable Market (SOM) Value
= Total number of Young Boomers, GenX, and Millennials companion animal pet owners with HHI of $100,000 in the US * MSRP (including landed cost)
= 21.1 million * $458
= $9 billion
Are you a startup or a business owner, entrepreneur, or founder looking for investors? Presenting a pitch deck to seek funding from investors for your startup is a BIG STEP.
I am here to help you with that. Besides, I’ve been doing market research analysis for hundreds of business owners, I’ve developed and created a template that will surely catches attention of investors. You can message me so I could provide you a link for my reviews on other sites.
The template is provided in Microsoft Presentation (pptx) format and is already designed on what you should put on your pitch deck presentation. I have provided those topics that you should include and are already arranged accordingly. You just need to adjust according to your actual business information.
Upon purchase (via Etsy), you will be able to download 2 kinds of files:
A designed pitch deck presentation template that is blank with instructions. You can change the background, text format, etc according to your preference.
An actual sample pitch deck presentation for your reference.
GO GET THAT TEMPLATE AND START ATTRACTING INVESTORS!
What is the actual market size? (TAM SAM SOM)
Market size is the total sales or revenue value generated by existing businesses operating in a specific industry. For example, the pet food production industry in the United States generated a total revenue of $26 billion from more than 1,000 existing companies in 2019.
Do you want more realistic examples? Learn from below actual market sizing and TAM analysis.
At Mhojhos Research, we deliver outstanding market report results across many industries. Market research is key to a new business becoming a profitable entity. It anticipates and minimizes risk, identifies potential customers and helps ensure success.
You are a small business owner. You are just starting your business. You need a website designer. You need an accountant. You need a software engineer. You need a virtual assistant. You have a low startup cost. You need people so that your business will grow.
The current global market size of the affiliate marketing amounted to over $17 billion, from $13 billion in 2016. The calculated total addressable market (TAM) for an affiliate marketing company targeting the United States alone is $5.74 billion.
About this report: From our market research of the affiliate marketing industry, you will be able to understand the current market value or size and it’s annual growth trend. You will also be able to understand its total potential market and the top 25 affiliate marketing companies.
Affiliate Marketing Industry Market Research Requirements
To provide the market size of affiliate marketing, eg. Big Fan Pro market, it’s current and annual growth in the affiliate marketing industry.
Scope is global and the United States.
What is affiliate marketing?
Affiliate marketing is the process by which an affiliate earns a commission for marketing another person’s or company’s products.
Quote:
When you sell anything for anyone else and you receive a commission for it, you’re marketing as an affiliate. You’re not just a salesperson working for that company. You’re independent and on your own. There are no thresholds that need to be met. But the more you sell, the more you earn.
The beauty of affiliate marketing is that there are no limitations and you can effectively earn money by marketing for many companies at one time. This offers a low-friction-to-market opportunity because you don’t need to create your own products or services to earn money selling anything in this format.
– The Definitive Guide To Affiliate Marketing, Forbes article
Affiliate Marketing Trends Overview
The current global market size of the affiliate marketing–where Big Fan Pro was categorized–amounted to over $17 billion, from $13 billion in 2016. This market has now reached over $6 billion in the United States and will be a $7 billion market by 2020.
Assuming that Big Fan Pro will get at least 1% of the total target audience in the US alone, it’s revenue size will amount to more than $50 million.
We have summarized the figures in the charts below and details of our findings, calculations, and estimations is found in the “Findings” section.
Annual market size of the affiliate marketing sector globally (Fig. 1) and in the United States (Fig. 2)
FINDINGS
Big Fan Pro affiliate market overview:
Accordingly, the company is an affiliate network serving as a connection between companies and affiliate fans who promotes the product they love. It provides its clients with the necessary accessible tools such as affiliate link, landing page, Facebook/Instagram ads, email copy, banners, and video testimonials for effective promotion of a product. The company operates as subscription-based or member-based platform.
Some notable and key global companies operating as affiliate networks are AWIN, ShareASale, MaxBounty, Tradedoubler, CJ Affiliate, Flexoffers, VigLink, JVZoo, Rakuten LinkShare, ClickBank, among others. While affiliate networks that operates similar as Big Fan Pro in a subscription-based model are SEMRush, URL Profiler, BlueHost, and Sendible.
Affiliate marketing global market size
According to a comprehensive report which analyses the global affiliate marketing industry, the global size of this market in FY2016 was at $13 billion and is forecast to grow annually by 10%.
[Year-by-year affiliate marketing size globally]
2016: $13 billion
2017: $13 billion * 1.10 = $14.3 billion
2018: $14.3 billion * 1.10 = $15.73 billion
2019: $15.73 billion * 1.10 = $17.30 billion
2020: $17.30 billion * 1.10 = $19.03 billion
Affiliate marketing market size in the United States
In the United States, according to a 2016 report by market research firm Forrester, the country’s affiliate industry is set to grow by around 10.1% on average per year and assessed the current state of the affiliate industry in the US in 2016 and found that advertisers were spending around $5 billion on affiliate partnerships which would posed to be responsible for almost $7 billion ($6.815 billion) in fees and publisher commissions by 2020.
Accordingly, more than 80% of advertisers and 84% of publishers revealed they either run an affiliate program or use it regularly to monetize their content.
[Year-by-year affiliate marketing size in the United States]
2016: $4.779 billion
2017: $5.370 billion
2018: $5.943 billion
2019: $6.397 billion
2020: $6.815 billion
Possible market size or the total addressable market for Big Fan Pro in the affiliate marketing industry
We take into consideration the figures from SEMrush as a comparable metrics since this company also operates in a subscription-based model affiliate marketing. The company currently has an estimated revenue of $80 million and with over 4 million registered users. The company currently offers 97 affiliates programs in their platform.
Average revenue per registered user (assuming these users have all signed up for subscription)
= $80 million / 4 million
= $20
In the US alone, the number of internet users currently stands at more than 287 million. Assuming that Big Fan Pro will target a 1% of the total potential audience (about 2.87 million), then that would create a revenue of $57.40 million.
Target audience = 1% * 287 million = 2.87 million
Possible revenue from the 2.87 million users = $20 * 2.87 million = $57.40 million
The total addressable market (TAM) assuming 100% penetration and 100% market share of the target audience is $5.74 billion.
Total addressable market (TAM) = 287 million * $20 = $5.74 billion
Are you a startup or a business owner, entrepreneur, or founder looking for investors? Presenting a pitch deck to seek funding from investors for your startup is a BIG STEP.
I am here to help you with that. Besides, I’ve been doing market research analysis for hundreds of business owners, I’ve developed and created a template that will surely catches attention of investors. You can message me so I could provide you a link for my reviews on other sites.
The template is provided in Microsoft Presentation (pptx) format and is already designed on what you should put on your pitch deck presentation. I have provided those topics that you should include and are already arranged accordingly. You just need to adjust according to your actual business information.
Upon purchase (via Etsy), you will be able to download 2 kinds of files:
A designed pitch deck presentation template that is blank with instructions. You can change the background, text format, etc according to your preference.
An actual sample pitch deck presentation for your reference.
GO GET THAT TEMPLATE AND START ATTRACTING INVESTORS!
At Mhojhos Research, we deliver outstanding market report results across many industries. Market research is key to a new business becoming a profitable entity. It anticipates and minimizes risk, identifies potential customers and helps ensure success.
Top Affiliate Marketing Companies
Below are affiliate companies that offer top paying affiliate programs and best affiliate programs for beginners.
1. eBay Partner Network
The eBay Partner Network has been around for a long time. And the commission rates are up to 70% of the auction fees. But the auction template itself might turn small businesses people away.
2. Jet
This affiliate marketing program sells everything including groceries. And the commission rate is 2.5%. Jet offers free returns and free shipments over $35. So it may serve smaller food retailers well.
3. Amazon Associates
Amazon Associates offers an overwhelming number of products. The fixed standard program fee stands at 10% for women’s fashions. And that rate represents the highest. The program makes over 1 million products available. So this make the Amazon affiliate program a possibble choice for lots of small businesses.
4. Gearbest
Gearbest offers Chinese electronics in its store. And joining their affiliate program costs nothing.
5. GoDaddy
Web marketers looking to make extra should pay attention here. Because GoDaddy offers a 40% commission. And the service remains popular with Web designers.
6. HostGator
HostGator offers big time web hosting with a large affiliate opportunity. And you can earn $125 per signup.
7. ShareASale
You’ll find over 1000 exclusive merchants on ShareASale. The company also enjoys a good reputation for paying commissions on a regular basis.
8. ClickBank
These folks specialize in delivering lifestyle products worldwide with a team of digital marketing associates. And the program effectively teams the best products with digital marketers reaching their target audience.
9. Rakuten
Rakuten offers another opportunity for businesses seeking to drive customers their way. Because the company offers commissions in the form of cash back to customers who buy from you.
10. CJ Affiliate
CJ Affiliate maintains 15 offices worldwide. And the company enjoys relationships with some major brands. Partner with big names like GoPro to earn commissions for your small marketing business in the digital space.
11. Wide Markets
If you’re an online business looking to get involved with an ecommerce specific affiliate marketing program. Wide Markets is the one for you. As a publisher, you can get access to budgets from 11 thousand advertisers.
12. CPAmatica
CPAmatica is an affiliate network based in the Ukraine. They offer a variety of payment methods that includes Paxum and Payoneer.
13. Commission Factory
Commission Factory boasts “little to no barrier to entry.” And the company offers an ever expanding user base. Their software works in real time to show you your stats.
14. Skimlinks
Skimlinks has a great selection of retail merchants and offers a 25% commission percentage. The platform offers ease of use and regular payments. But some judge its dashboard mediocre.
15. Avangate
This cloud based affiliate network services over 180 countries. Avangate was built to tackle items like subscription billing and global payments.
16. FlexOffers
FlexOffers provides 20 million products that cover both digital and physical goods. Commission rates vary by the vendor but there are some big brands. There’s an easy to understand contract.
17. MoreNiche
If having lots of skin in the affiliate marketing game is what you’re looking for, MoreNiche has been in the business since 1999. Bi weekly payments and live earning stats are available.
18. MunchEye
You can use MunchEye to advertise and/or promote launches. Featured launches costs $200 per.
19. Tradedoubler
If volume in active publishers ( the small business that actually place affiliate links on their websites) is what you ‘re looking for consider this. Tradedoubler has 180,000 active publishers and 20 years of experience.
20. JVZoo
This is an award winning affiliate marketing company. The JVZoo website says they’ve been recognized by Inc.5000 as one of the fastest growing companies in America. Small business can boost their traffic by advertising here too.
21. REI
REI offers a wide variety of trusted gear in the outdoor space. You’ll get access to a loyal customer base here of over 5 million .
22. BodyBuilding.com
There’s a lot to choose from in the Health and Fitness vertical. BodyBuilding.com pays 5% for returning customers and 15% for new ones. They’re also a trusted source in the industry.
23. iAffiliates
iAffiliates is a casino affiliate program, good for small businesses that want to do business with the likes of Casino.com. Their affiliate deals are customized with bi-monthly payments.
24. VetShop
This site offers animal supplements. VetShop offers customer service seven days a week and their commissions are 10 %.
25. CornerStorkBabyGifts
Baby gifts for sale at CornerStorkBabyGifts so you cant go wrong signing up to be an affiliate. Good commissions at 12% is another incentive.
At Mhojhos Research, we deliver outstanding market report results across many industries. Market research is key to a new business becoming a profitable entity. It anticipates and minimizes risk, identifies potential customers and helps ensure success.
The global software development market was worth $472 billion in 2019 while the bespoke or also called the custom software or tailor-made software development segment is estimated to have generated a revenue of $ billion globally.
About this report: From our market research of the bespoke (custom software) development globally and in the UK, you will be able to understand the current size, growth and expected revenue value of this industry. You will also be able to know your total addressable market (TAM), serviceable available market (SAM), and serviceable obtainable market (SOM) in the United Kingdom.
WHAT IS BESPOKE SOFTWARE?
Bespoke software is also called “custom software or tailored software”. It is a software solution created for a specific user. Much like a bespoke suit, these software solutions are made and tailored entirely to exact specifications.
A bespoke software solution is designed to users’ precise needs and as such will meet all of their business requirements.These bespoke solutions are even be developed to fit into your current ways of working, so you needn’t change how you work in order to employ the system.
OVERVIEW OF THE CUSTOM SOFTWARE DEVELOPMENT MARKET
The global software development market was worth $472 billion in 2019 while the bespoke or the custom software development segment is estimated to have generated a revenue of $xxx billion globally. The bespoke software is expected to grow x.x% year-over-year.
In the UK, bespoke software development amounted to approximately $ billion in 2019. Bespoke software products are increasing in popularity in the UK. Accordingly, more UK-based companies are beginning to hire companies for proper enterprise software development services and creating products that are designed exclusively for their in-house needs and requirements. Some key companies in the bespoke industry in the UK are DCSL Software, AppDrawn Software Development, Black Pepper Software, and GoodCore Software.
We have summarised our findings in the graphs and charts below. Details of our calculation, estimation, assumptions, statistics used to derive the figures, TAM analysis, and other industry trends can be found in the “Findings” section.
FINDINGS
Global Software development market size, growth and projected trend
The global market size of the software development amounted to $456.06 billion in 2018 and expected to reach $507.23 billion by 2021, an average 3.61% CAGR. The United States accounts for 43.23% of the total market with a revenue of $197.20 billion in 2018.
Global Bespoke (custom software or tailored software) development market size, growth and projected trend
(Calculations and statistic sources are provided in the report)
Estimated global custom (bespoke) software development market size in 2019
(Calculations and statistic sources are provided in the report)
According to the Technavio market report, the custom software development market by itself will grow annually by 6.79% until 2024.
[Bespoke software development global market size]
2019: $ billion
2020: $ billion
2021: $ billion
2022: $ billion
2023: $ billion
2024: $ billion
Scope of these services largely include software development from scratch, integration with currently running projects, shift from a legacy system toward a new platform, providing of maintenance services, designing of IT infrastructure, and running of different tests to ensure product quality.
Key players operating in the global custom software development services market are Fingent Corporation, Elinext Group, Flatworld Solutions Pvt. Ltd., Kanda Software, DEVTECHNOSYS, NIX Solutions Ltd., SPEC INDIA, TatvaSoft, Trigent Software, Inc., and Oxagile.
Bespoke Software Development Market in the United Kingdom
According to reports, Bespoke software products are increasing in popularity in the UK. Accordingly, “Off-the-shelf software products have been around for quite some time, and a wide range of organisations are currently resorting to them on a regular basis. However, thanks to the advancements that have been made in this tech sector over the years, custom options are now more accessible. Bespoke software tools have become the preferred choice here. Considering each company has its own particularities and specific processes, having their demands fully covered by a generally designed software product isn’t always possible, so an investment in custom services can be a wise choice to make.”
Additionally, more UK-based companies are beginning to hire companies for proper enterprise software development services and creating products that are designed exclusively for their in-house needs and requirements. Below are strong advantages that are determining organisations to choose the tailored-made alternative instead of the standard off the shelf option.
Features and characteristics – custom software can contain solely the characteristics a said company demands, nothing more and nothing less. This will not only ensure proper optimisation and simple integration but a reduced learning time and usability efficiency.
Control – changes can be implemented over time. When business demands increase or change, bespoke software can be further customised to suit new in-house needs. Companies have a better control of their technology this way.
Costs are kept to minimum – organisations aren’t obligated to pay for features that they don’t need. A bespoke software product can often be the more affordable alternative. Costs of repetitive tasks can be minimised as well through efficient automation
Minimised disruptions – errors are less likely to occur when customisation is ensured. Software developers work on creating an appropriate format, one that minimises downtime and service interruptions.
Embracing brand identity – through bespoke options, enterprises can embrace brand identity and white labelling opportunities.
Estimated market size in the United Kingdom
To analyze the current figures of bespoke software development in the UK, we looked at the top software development companies operating in the country and determined their market shares related to custom or bespoke software. We took the average and applied it to the UK’s overall figure.
Below are the top 20 companies and the percentage denotes the revenue or service share of the custom software development generated by the company.
(Calculations and statistic sources are provided in the report)
Estimated market size of the bespoke software development in the UK
(Calculations and statistic sources are provided in the report)
Average cost of a custom software development in the UK
(Calculations and statistic sources are provided in the report)
If the industry is growing at x.x% year-over-year, then its projected market size in the country is as per below.
[Year-over-year projected market size in the UK]
2019: $ billion
2020: $ billion
2021: $ billion
2022: $ billion
2023: $ billion
2024: $ billion
Bespoke Software Development Total Addressable Market (TAM)
Custom software development is usually performed by in-house development teams or outsourced to a third-party. The same processes and methodologies apply to custom software development as other types of software development. A custom project would move through the familiar steps of requirements gathering, code construction, testing and deployment and apply the same methodologies, like Agile, DevOps or Rapid Application Development, as any other software project.
To determine the total addressable market of the bespoke software, we have to define who the possible target audience that could utilize these software.
As of 2019, there are a total of X.X million businesses in the United Kingdom–X.XX million businesses were small (0 to 49 employees), XXK businesses were medium-sized (50 to 249 employees), and XK businesses were large (250 or more employees).
Number of businesses that have employees
(Calculations and statistic sources are provided in the report)
According to the latest survey published by UK’s Office of the National Statistics (ONS), of businesses with 10 employees or more, 82% had a website, almost double the proportion of businesses with fewer than 10 employees, at 42%.
Number of businesses (10+ employees) with online presence
(Calculations and statistic sources are provided in the report)
Number of businesses (<10 employees) with online presence
(Calculations and statistic sources are provided in the report)
Total number of businesses with online presence
(Calculations and statistic sources are provided in the report)
While we have determined the possible number of companies that could utilize bespoke software, the value of the TAM depends fully on the software company’s business model and pricing. Here’s how an expert explained the variable factors of determining the cost. Below is the exact quote from the article of what impacts the cost of custom software
1. Software Size: The more screens/pages you have, the more work that needs to be done to build your application, and the more expensive it will be to deliver. Small applications range from 10-25 screens, medium size is in the realm of 25-40 and a large size is anything more than 40.
2. Software Complexity: Complicated logic means more time coding and testing. If your custom software application performs a lot of heavy analysis, scoring or number crunching, or if your “secret code” has a lot of nuances and permutations, your application probably has some complexity to it that warrants special attention.
3. Creative Design: Creative design in custom software development is where you get to choose different fonts and color palettes among others. Much like when you are designing and decorating a house, the more extravagant your design needs and wants, the more expensive your costs tend to be.
4. Integration With Other Systems: Integrating with external software introduces a lot of unknown variables into the equation. Sometimes the integrations are effortless and sometimes they are extremely difficult. Typical integrations like payment providers such as PayPal or Authorize.Net are extremely easy to integrate with. The same goes for credit check services from Equifax or Experian.
5. Migration of Existing Data: If you have data in an existing system that needs to go into your new application, assuming it is more than you can feasibly type in by hand, then you will need migration. Migration is nothing more than custom scripts that take data out of your old system, dust it off and reshape it so it can fit into your new system.
(Calculations and statistic sources are provided in the report)
To roughly estimate the TAM value of the bespoke software development in the UK, we will integrate the above average cost and assume that this cost is applicable per target audience.
Estimated TAM value in the UK assuming 100% penetration of the target audience
(Calculations and statistic sources are provided in the report)
Serviceable Available Market (SAM)
According to a survey conducted among decision-makers from various industries, more and more companies are deciding to invest in custom software applications. Below are several industries, which show a bigger interest in implementing such software, as they find the solution indispensable.
Industries and number of companies that are readily available market for bespoke software development in the UK:
1. Recruitment: Nowadays, most recruitment companies rely on digital tools, which allows them to achieve a wider reach of audience and improve communication with candidates. Automating their administrative tasks helps them to improve their hire quality and reduce the amount of time it takes to identify and hire the perfect employee. There are currently XX thousand recruitment agencies registered as trading in the UK.
2. Hospitality: Bespoke software is especially popular in the hospitality industry. Running a hotel or an estate agency without a software solution which automates and thus supports most business processes is extremely difficult, if not impossible. Most of the interactions with customers take place online, which is why having a web-based platform is a necessity. Currently, there are XXX thousand businesses operating in the industry in the UK, according to the latest statistic from ONS.
3. Manufacturing
No matter the product, manufacturing it on a large scale means there is a need to implement bespoke software. With globalisation, businesses need to reduce the time it takes to ship orders, generate and prioritise jobs, and manage their production in order to improve the customer experience and thus gain the competitive advantage. According to ONS data, there are about XXX thousand companies of all sizes operating in this industry.
4. Healthcare
Working in the healthcare industry goes far beyond treating patients and writing prescriptions. For a medical centre to prosper, a software solution enabling them to control their finances and provide an excellent customer experience is inevitable. Currently there are XXX thousand companies registered under the healthcare sector in the UK.
Estimated SAM value in the UK assuming 100% penetration of the target audience
(Calculations and statistic sources are provided in the report)
Serviceable Obtainable Market (SOM)
(Calculations and statistic sources are provided in the report)
Total companies ready to innovate
(Calculations and statistic sources are provided in the report)
Estimated SOM value in the UK assuming 100% penetration of the target audience
(Calculations and statistic sources are provided in the report)
The obtained values for TAM, SAM, and SOM could turn into revenues assuming a company has fully penetrated the possible target audience.
TOP BESPOKE SOFTWARE DEVELOPMENT COMPANY IN THE UK
1. DCSL Software
Founded: 1994
Headquarters: 50-58 Victoria Rd., Farnborough, Hampshire, GU14 7PG, United Kingdom
Company size: 50 – 249 employees
Turnover: Estimated revenue between $12 to $35 million)
Services: Custom Software Development (50%), Web Development (30%), Mobile App Development (10%), and Enterprise App Modernization (10%)
Client focus: 60% on Midmarket ($10M – $1B), 25% on Enterprise (>$1B), and 15% on Small business (<$10M)
2. AppDrawn Software Development
Founded: 1999
Headquarters: 69-71 Clarendon Rd., Watford, Hertfordshire, WD17 1DS, United Kingdom
Services: Custom Software Development (50%), Mobile App Development (30%), Web Development (20%)
Client focus: 60% on Small business (<$10M) and 40% on Midmarket ($10M – $1B)
(Additional 7 companies–top 3 to 10–are provided in the report)
SOURCES AND REFERENCES
(All source and references are included in the report)
Scope included in the report:
WHAT IS BESPOKE SOFTWARE?
OVERVIEW OF THE CUSTOM SOFTWARE DEVELOPMENT MARKET
Global Bespoke (custom software or tailored software) development market size, growth and projected trend
Estimated global custom (bespoke) software development market size in 2019
Bespoke Software Development Market in the United Kingdom
Estimated market size in the United Kingdom
The average cost of a custom software development in the UK
Bespoke Software Total Addressable Market (TAM) in the United Kingdom
Bespoke Software Serviceable Addressable Market (SAM) in the United Kingdom
Bespoke Software Serviceable Obtainable Market (SOM) in the United Kingdom
TOP BESPOKE SOFTWARE DEVELOPMENT COMPANY IN THE UK
To get a copy of the full report, order below.
Bespoke Software Development Market Analysis in the United Kingdom (UK)
Scope included in the report:
– WHAT IS BESPOKE SOFTWARE?
– OVERVIEW OF THE CUSTOM SOFTWARE DEVELOPMENT MARKET
– Global Bespoke (custom software or tailored software) development market size, growth and projected trend
– Estimated global custom (bespoke) software development market size in 2019
– Bespoke Software Development Market in the United Kingdom
– Estimated market size in the United Kingdom
– The average cost of a custom software development in the UK
– Bespoke Software Total Addressable Market (TAM) in the United Kingdom
– Bespoke Software Serviceable Addressable Market (SAM) in the United Kingdom
– Bespoke Software Serviceable Obtainable Market (SOM) in the United Kingdom
– TOP BESPOKE SOFTWARE DEVELOPMENT COMPANY IN THE UK
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The global coin collecting (numismatics) market amounted to approximately $17.59 billion in revenue annually and this industry is also growing in Europe. The total addressable market (TAM), or the total number of coin collectors globally and in Europe are provided in the report.
About this report: From our market research of the rare coin collecting market, or numismatic, you will be able to understand the current size, the total addressable market, the estimated number of collectors or coin collection hobbyists in Europe and also global, the demographics of the collectors, and other trends. We’ve also listed the top coin collection apps available in the market.
What is rare coin collecting?
Coin collecting, also called numismatics, the systematic accumulation and study of coins, tokens, paper money, and objects of similar form and purpose.
A coin collector can be called a numismatic or numismatist. The word numismatic means the study or collection of currency.
The word “numismatics” itself comes from the Greek word “nomisma”, which means “coin”, its first known use was back in 1790. The “nom” part you may also recognise from our own word “denomination”. The numismatic art itself refers simply to the study of coins and historic money, but nowadays numismatists are also interested in medals, online currency and paper currency too. Numismatics also concerns items that are similar to coins but don’t necessarily have any economic function: things like tokens, religious items or badges.
Market size and growth of the rare coins “numismatics” industry: How much it worth?
The global coin collecting market amounted to approximately $17.59 billion in revenue annually while Europe gets xx% market share, about $x billion in revenue value. Coin collecting is anticipated to grow in the next decade, according to market research conducted. In the US alone, the number of collectors has grown 1.89% annually since early 2000. The revenue value has increased by 11% from 2017 to 2018 and the rare coins in the UK increased its value by 11% annually between 2002 and 2012 record.
[All values are provided in the report.]
All calculations, estimations, and statistics are provided in the report.
Factors affecting the growth of the rare coin collection industry
Increase in disposable income, coin events, coin shows, and numismatics educational institutes have further attracted more consumers. Improvement in the laws for coin trading are expected to create new opportunities.
Registry sets which are responsible for checking the authenticity of the coins and to provide grading services state that coin collection has become a competitive activity with an increase in the number of traders.
Coin collection for business purposes involves coins of rare metals. Coin hoarders collect such coins in abundance and hold them until the demand is high.
Demographics of coin collectors
Demographics of coin collectors. The demographics analysis is included in the report.
Numismatic: Total Addressable Market (TAM)
How many coin collectors or hobbyist globally and in Europe?
Estimated number of people that currently collect coins worldwide and in Europe
Calculations and statistics used are provided in the report.
Lists of coin collecting apps available in the market
1. Coin Hunt by The Royal Mint
The total number of users was not made available, however, this app has already gained 10,000+ installs in Android phones and assuming the number resembles downloads for iPhone users, then we roughly estimated 20,000+ users.
2. PCGS CoinFacts Coin Collecting by PCGS
The total number of users was not made available, however, this app has already gained 100k+ installs in Android phones and assuming the number resembles downloads for iPhone users, then we roughly estimated 200,000+ users. In January 2020 alone, this app recorded 6,000 downloads.
3. NGC by Numismatic Guaranty Corporation
The total number of users was not made available, however, this app has already gained 10,000+ installs in Android phones and assuming the number resembles downloads for iPhone users, then we roughly estimated 20,000+ users.
A total of 11 coin collecting apps and their details are included in the report.
SCOPE INCLUDED IN THE REPORT:
Estimated market size and regional segments
Market trends
Total Addressable Market (TAM)
Demographics
Potential audience: general total addressable market globally and in Europe
Estimated number of people that currently collect coins worldwide and in Europe
List of coin collecting apps available in the market
All references and source links were provided.
SOURCES: All included in the report.
To get a copy of the full report, order below.
Coin collection apps_total addressable market (Global and Europe)
Scope included in this report:
– Estimated market size and regional segments
– Market trends
– Total Addressable Market (TAM)
– Demographics
– Potential audience: general total addressable market globally and in Europe
– Estimated number of people that currently collect coins worldwide and in Europe
– List of coin collecting apps available in the market
– All references and source links were provided.
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The budget travel average daily rate in major cities in the world greatly differs for each city. For example, the average cost of overnight accommodation in New York was $154 while in Los Angeles was $182.25, in San Francisco is around $276.43, and about $121 in London.
1. Budget Travel – Average Daily Rate – New York
In 2018, the average cost of New York hotel accommodation per day was $281. This average was calculated up to and including the preliminary figure of October. The previous year’s ADR was $279, demonstrating an increase of the ADR through 2018. The NYC Hotel Market Analysis provides ADR figures for various areas of New York including Queens. Below we focus on the New York hotel industries ADR, but have included other interesting insights around the hotel industry.
The NYC Hotel Market Analysis
“The NYC Hotel Market Analysis” of 2017 provides the average daily rates of various areas of New York for the years 2011 to 2016. For instance, the average daily rate of Queens in 2016 was $150.09.
The average daily rate by Month in 2018 for hotels in New York.
The daily ADR for upper upscale class hotels is $479.78.
The daily ADR for upscale class hotels is $479.78.
The daily ADR for upper midscale class hotels is $209.51.
The daily ADR for midscale class hotels is $210.94.
The daily ADR for Economy class hotels is $206.51.
Other Interesting Insights for the New York Hotel Industry
During January 2019, the average cost of overnight accommodation in New York was $154.
From 2011 until 2017, the average daily rate increased generally in areas outside of Manhattan. Queens had increased by 18%, 14% in Staten Island, 12% in Brooklyn and the Bronx.
The ADR growth rate in Manhattan is 3.3% for the first half of 2018.
In 2016, New York was considered as the costliest city for hotel business travel costs.
New York was the seventh most expensive cities for hotel room service in the world in 2016.
New York is considered the second most costly city for hotel room service in the United States.
In 2017, Smith Travel Research revealed there are about 115,530 hotel rooms in over 630 hotel properties in the five boroughs of New York City. Around 80% of these hotels are figures are from Manhattan itself.
The hotel market New York city is growing annually at an estimated rate of 42%.
2. Budget Travel – Average Daily Rate – Los Angeles
The average daily rate for hotels in the City of Los Angeles in 2017 was $182.25. The average daily rate for a budget hotel room per person is $40, $110 for mid-range and $329 for luxury (high-end) hotel room.
To provide the average daily rate of hotels in Los Angeles, we searched through government websites Los Angeles Department of Convention and Tourism. These sources are known for providing information on the average daily rates of hotels in LA. We also looked into trade media sources such as Commercial Observer among others and found a forecast report from CBRE’s Hotels’ America Research Group. This report listed the 2018 and 2019 average daily rate of LA’s hotel.
Our research continued by looking to see what rates were available by various categories, including star rating, and price points. We searched through trade industry sources such as Budget your trip, Price of Travel, among others. We found the breakdown of the average daily rate by accommodation through this search. However, some triangulation was required to determine the average daily rate of hotels in LA by star levels since the information provided was given in price range.
Average Daily Rate of Hotels in Los Angeles
According to the Los Angeles Department of Convention and Tourism annual report, the average daily rate for hotels in the city of Los Angeles is $182.25. It is important to note that forecast from CBRE’s Hotels’ America Research Group reported that the average daily rate at hotels in Greater Los Angeles in 2018 was $187 and $186.54 in 2019.
An average daily rate for prices hotel per person is $40.
Mid-Range accommodation:
The average price of a hotel for a couple in the mid-range is $220.
The Average daily rate for mid-range prices hotel per person is $110.
Luxury (high-end) accommodation:
The average price of a hotel for a couple in luxury (high-end) is $659.
Average daily rate for luxury (high-end) prices per person is $329.
By star rating:
The average daily rate by star section is the result of taking the highest and lowest numbers from the given range and averaging them together. We got the sum of the two prices divided by 2 to provide the average daily rate by rating.
1 star hotel price range is $46-$100= (46+100)/2 is $73
2 star hotel price range is $55-$242= (55+242)/2 is $148.5
3 star hotel price range is $80-$275= (80+275)/2 is $205
4 star hotel price range is $175-$347= (175+347)/2 is $261
5 star hotel price range is $450-$555= (450+555)/2 is $502.50
Average Daily Rate:
1-star estimated daily average = $73
2-star estimated daily average = $148.5
3-star estimated daily average = $205
4-star estimated daily average = $261
5-star estimated daily average = $502.50
3. Budget Travel – Average Daily Rate – San Francisco
According to the San Francisco Center for Economic Development, the average ADR of a hotel in San Francisco is around $276.43 USD as of 2017. This figure goes as high as $300 for hotels with between 250-400 rooms and as low as $252.05 for hotels with between 150-250 rooms, and is higher in downtown San Francisco than it is in other areas of the Bay Area. Below, you will find a deep dive of our findings and methodology.
AVERAGE DAILY RATE FOR HOTELS IN SAN FRANCISCO
Our findings suggest that the ADR for hotels in San Francisco falls in the ballpark of $200-$300 dollars, as shown by the data below:
The San Francisco Center for Economic Development in 2017, S.F. hotels had an ADR of $276.43 USD.
According to Statista, the ADR of hotels in S.F. was $338.00 USD in the first quarter of 2017.
The ADR of a standard double room in S.F. was around $196.00 USD in January 2019.
BREAKDOWN OF SAN FRANCISCO ADR BY NEIGHBORHOOD
Research shows that the ADR of hotels in S.F. varies based on that neighborhood the hotel is located in. According to the SFCED, hotels in the Fisherman’s Wharf and Telegraph Hill neighborhoods have an ADR of $235.13 USD, while hotels in the surrounding neighborhoods (Financial District, Jackson Square, Nob Hill, China town, Union Square, Tenderloin, Western Addition, Civic Center and Hayes Valley) have an ADR of $288.17 USD.
BREAKDOWN OF SAN FRANCISCO HOTEL ADR BY HOTEL SIZE
The ADR of hotels in S.F. varies based on the number of rooms the hotel has, as shown by the data set below, which was published by the SFCED in 2017:
Hotels with 400+ rooms have an ADR around $272.58.
Hotels with 250-400 rooms have an ADR around $300.24.
Hotels with 150-250 rooms have an ADR around $252.05.
Hotels with under 150 rooms have an ADR around $276.43.
BREAKDOWN OF SAN FRANCISCO HOTEL ADR BY PRICE POINT
The ADR of hotels in S.F. also varies based on the hotel’s room rate, as shown by the data set below, which was published by the SFCED in 2017:
Hotels with rooms that cost over $200 have an ADR of $309.82.
Hotels with rooms that cost between $150 and $200 have an ADR of $242.63.
Hotels with rooms that cost under $150 have an ADR of $164.24.
BREAKDOWN OF S.F BAY AREA HOTEL ADR
Research shows that the ADR of hotels varies throughout the Bay Area based on the specific region surrounding San Francisco. Hotels in the North Bay area have an ADR falling in the range of $170.00 (near San Rafael and Novato) and $265.00 (near Napa and Vallejo). Meanwhile, hotels in the East Bay area have an ADR around $150.00; around $207.00 in South Bay, and $199.00 in the Peninsula.
4. Budget Travel – Average Daily Rate – London
The average per person daily price for accommodations is £92 ($121) per night in London. For a couple, the average price of a hotel is £183 ($242). In London, the per person price for budget hotels rated typically one to three-star accommodations range from $39 to $217, mid range hotels rated three and four stars range from $59 to $263, and luxury hotels rated four and five stars range from $101 to $410.
To provide an average daily rate of hotels in London, we searched through travel websites such as in Booking.com, Kayak.com, Hotels.com, and Budget Your Trip.com and looked for information on the daily rate prices of accommodations in London. We found information on the average daily rate for hotels in London. In our research, we have also provided the average daily rate of hotels as per the different price points/star rating and provided a star level price range. Then we categorized the star level rating based on the price range in travel style accommodation in London such as mid-range and luxury prices in London.
AVERAGE DAILY PRICE in London
Based on the data obtained from Budget Your Trip, the average daily price for per person accommodation in London is £92 ($121 per night). And, the average price of a hotel for a couple is £183 ($242).
BUDGET prices
The average per person daily price for budget accommodations is £33 or $44 per night in London. And, for a couple, the average price of a hotel is £67 ($88). Budget hotels range from $39 to $217 per person. These are typically one to three-star accommodations.
MID RANGE prices
The average daily price for mid-range accommodations in London is £92 ($121) per person per night. For a couple, the average price of a hotel is £183 ($242). Mid-range hotels range from $59 to $263 which are typically three and four-star hotels.
LUXURY/HIGH-END prices
The average per person daily price for Luxury accommodations in London is £270 ($356) per night. For a couple, the average price of a hotel is £540 ($713). The average price for luxury accommodations in London ranges from $101 to $410. Luxury hotels are typically rated four and five stars.
5. Budget Travel – Average Daily Rate – Paris
The average daily room rate is $36.59 for hostels, $51.45 for 1-star hotels, $58.80 for 2-star hotels, and $84.92 for 3-star hotels in Paris.
We searched travel-related websites for information on the average daily rates for budget hotels in Paris and found the following statistics:
The average daily rate of a double room is €130-250.
The average daily rate of a double room at a historic luxury hotel is upwards of €250.
As none of the websites we browsed provided the average daily rate based on the star rating of the hotel, we used a sample of cheap/budget hotels daily rates to arrive at the average daily rate for each rating. Trip Savvy recommends the following cheap budget chains in Paris: Formule 1, B&B Hotels, Ibis, Fast Hotels, and Premiere Hotels. We found that these hotel chains largely comprise 1-star, 2-star, and 3-star hotels.
A sample of 1-star, 2-star, and 3-star hotels was gathered from the search directories of Ibis (Accor Hotels), Fast Hotels, and Premiere Hotels as well as travel sites like Trivago and Hotels.com. Unrated hotels were not included in the sample. In total, daily rates of 35 1-star, 32 2-star, and 46 3-star hotels were obtained. As the sample size is limited in numbers, care was taken to avoid extreme outliers (like a 1-star hotel selling at €162).
The hotel rates differ based on the seasonality and the time the bookings are made. The best time to visit Paris is from April to October and the cheapest time is between November and February. It was found that the ideal time to book a hotel is one month before the travel date (in terms of price). Given this information, we searched for room rates on March 1st 2019 (30 days from today– 30th Jan 2019). March is neither the best time nor the worst time to travel in Paris, therefore, the room rates in March are more likely to be around the annual average daily room rates.
The hotels and their room rates have been collated (Sample tab) and analyzed (Analysis tab) in the attached spreadsheet. Our estimates for daily room rates are as follows:
1-star hotels: €45
2-star hotels: €51.43
3-star hotels: €74.26
We also observed that the 3-star hotels have a large standard deviation. This means they have a much larger price range and that they can be discounted to 1-star and 2-star prices.
Finally, we have the average daily rates of four categories of hotels:
Hostels: €32 or $36.59
1-star hotels: €45 or $51.45
2-star hotels: €51.43 or $58.80
3-star hotels: €74.26 or $84.92
All EUR to USD conversions have been done using the factor 1 EUR = 1.14353 USD.
6. Budget Travel – Average Daily Rate – Tokyo
In this study, we found that the average daily rate for hotels in Tokyo is $198 or ¥21,654.86. Below is a detailed explanation of our methodology and findings.
We initially started the research by searching for publicly available information regarding the average daily rate for hotels in Tokyo from credible online sources such as momondo, STA Travel, Price of Travel, WorldAtlas, and many more. The research proved to be quite tricky since most of these sources provided the occupation rate for Tokyo hotels, while other sources provided the prices of hotels in Japan as a whole.
However, after a careful, exhaustive search on some possible lists of sources regarding the rates of Tokyo hotels, we were able to find relevant information that we included in our list of sources. We also found the prices of 1- to 5-star hotels in Tokyo that we used to triangulate the average price per day/night for hotels in Tokyo. The same approach was applied for the accommodation types in Tokyo such as hostels, capsule hotels, standard hotels, business hotels, luxury hotels, and many more, including their rates that we also used to triangulate the average price. The triangulation, which involved the use of average formula, was further explained in the Key Findings section below.
BUSINESS/LEISURE HOTELS IN TOKYO
There are 103 top hotels for business and leisure, and 24 popular neighborhood hotels in Tokyo. The average price per night/day of hotels in Tokyo is from $144 to $284 or an average of $214. The average price per day for 4-star hotels and above segmented by number one most popular, and number two most popular and best value in Tokyo is [(279+141+84)/3] = $168. Also, the average price per day for the 3-star hotels segmented by number one most popular, and number two most popular and best value in Tokyo is [(113+143+53)/3] $103. Lastly, the average price per day for the 2-star hotels and below segmented by number one most popular, and number two most popular and best value in Tokyo is [(54+105+18)/3] $59.
AVERAGE PRICES IN HOTELS PER DAY/NIGHT BY RATING
1-star hotel rating: $19.22 to $43.93 or an average of [(19.22+43.93)/2] $31.58
2-star hotel rating: $23.8 to $116.2 or an average of [(23.8+116.2)/2] $70
3-star hotel rating: $29.44 to $201.04 or an average of [(29.44+201.04)/2] $115.24
4-star hotel rating: $64.16 to $286.91 or an average of [(64.16+286.91)/2] $175.54
5-star hotel rating: $256.83 to $489.74 or an average of [(256.83+489.74)/2] $373.29
Very common among budget backpackers, a hostel is similar to youth hostel globally. It is a dormitory type where travelers share the same room space, bathroom or shower, and living room area. The total costs amount to around $20 to $50 dollars per night/person or $35 on average. The total cost for a capsule hotel is $30 to $50 per night/ person or $40 on average. For a budget hotel, the total costs amount from $60 to $100 per night/person or $80 on average. A standard hotel, which is most likely 50% of the size of a room at Holiday Inn in the U.S., amounts from $120 to $280 per night per room or $200 on average. Lastly, a luxury hotel, which is similar to Tokyo Park Hyatt Bill Murray, amounts from $400 to $700 per night or $550 on average.
Japan has a different range of accommodation costs to select from including traditional rooms and Western style hotels with an average cost per night amounting to ¥2,000 or about $17. Tokyo is one of the world’s most expensive cities amount tourists, but it might not necessarily be a bad reputation that anyone might see. The price of hostels in Tokyo ranges from $21.97 to $30.2. For travel budgets for going to Tokyo, the average accommodation price for hotel or hostel for one person amounts to $62.
7. Budget Travel – Average Daily Rate – Kyoto
Hotels in Kyoto are ranked by budget, mid-range, and high-end. The average daily price for accommodations is $54 per person, per night. The range of average prices across the different price points is $23 to $229 per person.
Average daily prices across price points were quoted per person and double occupancy. However, the breakdown by type of hotel was quoted only in per person pricing. Therefore, we have included both when available. Price points quoted in Yen were converted to USD using a currency calculator.
Average Daily Price
The average daily price for accommodations in Kyoto for a couple is Y11,787 or $108 USD. The price per person is Y5498 or $54 per night.
Budget
The average daily price for budget accommodations in Kyoto is Y5,070 or $46 USD. The price per person is Y2535 or $23 per night.
Budget accommodations include guest houses, budget ryokans, and budget hotels.
Guest houses range from Y2,000-Y5,000 per night, per person or $18-46 USD. These typically include 1-2 stars accommodations.
Budget Ryokans range from Y3,500-Y7,000 per night, per person or $32-$64 USD. These are typically 2-3 stars accommodations.
Budget Hotels range from Y4,000-Y8,000 per person, per night or $37-$73 USD. These are also typically 2-3 stars accommodations.
Mid Range
The average daily price for mid-range accommodations in Kyoto is Y11,787 per couple or $108 USD. The price per person is Y5894 or $54 per night.
Mid-range accommodations include mid-range hotels and ryokans.
Mid-range hotels range from Y10,000-Y20,000 per room, per night or $91-$183 USD. These are typically 2-4 stars hotels.
Mid-range ryokans range from Y8,000-Y15,000 per person, per night or $73-$137. These ryokans fall into the 3-4 stars category.
High End/Luxury
The average daily price of high end accommodations in Kyoto is Y23,791 per couple or $217 USD. The price per person is Y11896 or $109 per night.
High End accommodations can be luxury hotels, boutique hotels, and luxury ryokans.
Luxury hotels and boutique hotels average about Y20,000 per room, per night or $183 USD. Luxury hotels are typically rated 4-5 stars.
Luxury ryokan accommodations average about Y25,000 per person, per night, with two meals, or $229 USD. Luxury ryokans are usually ranked at 3-5 stars.
At Mhojhos Research, we deliver outstanding market report results across many industries. Market research is key to a new business becoming a profitable entity. It anticipates and minimizes risk, identifies potential customers and helps ensure success.
About this report: From our market research of the global virtual events industry, you will be able to understand the current market size, its growth and projected values. We’ve also included the Unified Communications and Collaboration (UC&C) and live video streaming market trends. In this report, you will be able to know the total addressable market (TAM) including the serviceable available market (SAM) of the industry.
Overview of the virtual events market
The virtual events market is growing annually by 22% and amounted to $58.11 billion in 2019. Regionally, the United States accounts for 47% of the total revenue. The Unified Communications and Collaboration (UC&C) and video conferencing makes up the largest market share of this industry (about 70%).
Live video streaming market also concurrently growing at more than 20% annually. This trend will continue on until 2027. Globally, more than 8 billion events and meetings are held annually and more than 5 billion of these events have eventually utilized virtual event technologies.
We have summarized our findings in the charts below and the detailed calculations, estimations, assumptions, and statistics used to derive these figures can be found in the “Findings” section of this report.
FINDINGS
Global virtual events market size, growth and trends
The global virtual event market is growing annually by 22%. This market amounted to $32 billion in 2016 and expected to be about $86.37 billion by 2021. The United States accounts for about 47% of the total market.
[Year-by-year calculation of the global virtual events market size]
2016 = $32 billion
2017 = $32 billion * 1.22 = $39.04 billion
2018 = $39.04 billion * 1.22 = $47.63 billion
2019 = $47.63 billion * 1.22 = $58.11 billion
2020 = $58.11 billion * 1.22 = $70.89 billion
2021 = $70.89 billion * 1.22 = $86.49 billion
The Unified Communications and Collaboration (UC&C) and video conferencing is expected to grow fast by 22% annually and account for the major revenue shares (about 69% of the total market in 2018) and dominate this market. This combined market was valued at $33.11 billion in 2018–$31.82 billion for UC&C and $1.285 billion for video conferencing. The rise in adoption of video conferencing solutions by small- and mid-sized businesses and the growing popularity of UC&C among enterprises as it allows different teams to work together in real-time, will drive the growth of this market segment.
The increased use of social networking sites will also help the global virtual event market to reach $70 billion market size by 2020. It is also estimated that the cost associated with virtual events is 30% to 85% less as compared with physical events.
Furthermore, market report analysis stated that “the rise in convergence of information as one of the primary factors for the growth of the virtual events market size. With the rising trend of globalization, several enterprises have started expanding their footprint to several countries across the globe. This increases the demand for international communication facilities to enhance business opportunities and will in turn, create the demand for virtual events since they allow data sharing in real-time and also enable end-users to significantly reduce their communication costs.”
Global UC&C market trends
Since this market segment accounts for the largest share of the virtual event market, we will check the current trends of this segment.
Accordingly, this segment will grow annually by 8% from 2020 to 2026. The on-premise segment accounts for almost 55% of the UCC market, while cloud accounts for 25% and hybrid at about 20%. The cloud premise is expected to record the highest growing rate owing to the increasing proliferation of cloud networks among startups and SMEs.
Using the above figures, below is the estimated year-by-year market size of this segment.
[UCC & video conferencing segment estimated annual size]
2016 = $32 billion * 69% = $22.08 billion
2017 = $39.04 billion * 69% = $26.94 billion
2018 = $47.63 billion * 69% = $32.86 billion
2019 = $58.11 billion * 69% = $40.10 billion
2020 = $70.89 billion * 69% = $48.91 billion
2021 = $86.49 billion * 69% = $59.68 billion
Live video streaming market size
The global video streaming market size was pegged at $42.6 billion in 2019 and is expected to register a CAGR of 20.4% from 2020 to 2027. Assuming that the global trend likely resembles regional shares, the live video streaming accounts for about 60% of the market while non-linear video streaming is about 40% of the market.
[Calculated year-by-year revenue of live video streaming globally]
2019 = $42.6 billion * 60% = $25.56 billion
2020 = $25.56 billion * 1.204 = $30.77 billion
2021 = $30.77 billion * 1.204 = $37.05 billion
2022 = $37.05 billion * 1.204 = $44.61 billion
2023 = $44.61 billion * 1.204 = $53.71 billion
2024 = $53.71 billion * 1.204 = $64.67 billion
2025 = $64.67 billion * 1.204 = $77.86 billion
2026 = $77.86 billion * 1.204 = $93.74 billion
2027 = $93.74 billion * 1.204 = $112.87 billion
The top industries that will be utilizing live video streaming are:
Broadcasters, operators and media (30% of the market)
Banking, Finance, Security and Insurance (BFSI) (25% of the market)
Education sector (20% of the market)
All other industries (25% of the market)
Virtual Events Total Addressable Market (TAM)
To determine the total addressable market (TAM) of the live video streaming for virtual events, we look at the target audience that could possibly will utilize these services. The scope will be global.
The global events industry size was valued at $1,100 billion in 2018, and is expected to grow at a CAGR of 10.3% to reach $2,330 billion by 2026. In the US, the event industry size is about $325 billion from about 2.6 billion events and meetings annually.
Average revenue per event or meeting
= $325 billion / 2.6 billion
= $125
Thus, using the above average to estimate for the global market;
Estimated total events and meetings held globally per year
= $1,100 billion / $125
= 8.8 billion
Of the above estimated figures, reports stated that about 25% of these events or meetings accounts for internal team meetings, including employee training. Other segments include leadership, senior or Board meeting (17%), conference and tradeshow (13%), client/customer advisory board (16%), product launch (14%), and incentives (15%).
Depending on what events the company is most interested with, for example, if a startup company will be most interested on live video streaming for trades and conferences, then its serviceable available market (SAM) is as per below.
Potential SAM (for trade and conference events target events)
= 8.8 billion * 13%
= 1.14 billion events
On average, 59.9% of global companies are using virtual events’ technology in their meetings–43% in North America, 49% in Europe, 76% in Central and South America, and 70% in Asia Pacific.
Estimated number of events that has utilised virtual event technology, i.e. live video
= 8.8 billion * 59.5%
= 5.24 billion
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Tags: virtual events market share by application, virtual events market size, What’s the market size of virtual events, Global Virtual Events Market 2017-2021, Virtual Events Market Trends & Growth Opportunities, virtual events total addressable market, global live video streaming market size, Global UC&C market trends
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You are a small business owner. You are just starting your business. You need a website. You need an accountant. You need a software engineer. You need a virtual assistant. You have a low startup cost. You need people so that your business will grow.
Professional Lending Services Market Size For Loans: The estimated amount of loans given to the professional business services industry in Australia is AUD 3.82 billion (about $2.60 billion).
TOTAL LOANS TO BUSINESSES IN AUSTRALIA
The total lending value to businesses (seasonally adjusted) in Australia is AUD 31,833 million.
The commercial finance value of the total lending to business value in Australia is AUD 31,261 million. Similarly, the total value in the lease finance category is AUD 572 million.
Based on the calculations, the estimated amount of loans given to the professional business services industry in Australia is AUD 3.82 billion. The amount is equivalent to $2.6 billion.
HELPFUL FINDINGS AND STATISTICS
There are 2.31 million businesses in Australia, and about 98% (2.3 million) of those businesses are small to medium businesses (SMEs).
The industry with the largest number of businesses in Australia is construction (17%), followed by professional, scientific, and technical services (12%) and rental, hiring, and real estate services (11%).
On average, 22.25% of all businesses in Australia (from small to large) sought business financing in between FY 2017 to 2018. Among those businesses, 34% had 200+ employees, 23% had 20-199 employees, 20% had 5-19 employees, and 12% had 0-4 employees.
90.5% of the total businesses that applied for loans or sought business financing received debt financing in Australia. 95% of the businesses with 200+ employees, 94% of the businesses with 20-199 employees, 87% of the businesses with 5-19 employees, and 86% of the businesses with 0-4 employees received debt finance.
New credit cards, new bank overdrafts, new mortgage loans, and new capital/finance lease or hire-purchase agreements are the most common types of financing sought by businesses in Australia.
CALCULATIONS
Total number of businesses in Australia = 2.31 million
Number of businesses that got loan approval = 513,975 * 90.50% = 465,148
Average loan amount per company = AUD 31,833 million/465,148 = AUD 68,436
Number of professional services companies = 2.31 million * 12% = 277,200
Number of professional services that have applied for loans = 277,200 * 22.25% = 61,677
Number of professional services that got loan approval = 61,677 * 90.50% = 55,818
Therefore, the estimated loan amount for professional services is equal to the product of the number of professional services companies that got loan approval and the average loan amount per company.
Total loan amount for professional services = 55,818 * AUD 68,436 = AUD 3.82 billion.
Using the conversion factor (AUD 1 = $0.68), the total amount of loans can be converted to $2.6 billion.
Australian Professional Services Lending Market Size: Bank Deposits
As of June 2019, the total deposits reported in the Australian financial system were $2,015.0 billion, decreasing from $2,039.8 billion reported in March 2019. The average deposits have been $1,886.8 billion from September 2004 to June 2019, reaching an all-time high of $2,212.793 billion in March 2013 and a record low of $645.5 billion in September 2004. Below are our helpful findings, as well as our research strategy, to explain why the requested information could not be obtained.
THE AUSTRALIAN BANKING SYSTEM
As per a report from IBIS World, the National and Regional Commercial/Business banking industry in Australia has witnessed an overall decline in industry revenues over the past five years with the same expected to decline at an annual rate of 0.3% over the five years through 2018-19, to reach $152.8 billion by the end of 2019.
The decline has been due to low-interest rates making the cash rate to fall to a record low since August 2016 and remaining stagnant. This situation has forced Australian banks to increasingly rely on funding from retail deposits.
The four largest banks that are designated as ‘major banks’ in Australia include Australia and New Zealand Banking Group Limited (ANZ), the Commonwealth Bank of Australia (CMB), the National Australia Bank Limited (NAB), and Westpac Banking Corporation (WBC).
These four major banks hold close to 75% of total assets held by ADIs in Australia, in spite of making up only 2.7% of the total number of ADIs in Australia.
As of the September quarter 2017, deposits made up around 64% of liabilities held by Australian ADIs. On-call/demand deposits (such as transaction accounts) made up one-third of total liabilities, and term deposits and certificates of deposit made up a further 28%.
The total deposits reported in the Australian financial system were $2,015.0 billion as of June 2019 decreasing from the last reported number of $2,039.8 billion in March 2019. The average deposits have been $1,886.8 billion from September 2004 to June 2019, reaching an all-time high of $2,212.793 billion in March 2013 and a record low of $645.5 billion in Sep 2004.
The Commonwealth Bank of Australia, which is among the four major banks in Australia, held A$635,300 million in deposits as of June 2019. The various types of deposits taken by the bank from customers included certificates of deposit, term deposits, savings deposits, and other demand deposits and debentures.
As per a report from KPMG, owing to the increase in short term wholesale funding costs, Australian banks have been increasingly relying upon the customer deposits as a preferred source of funding, and have take steps to actively replace short-term wholesale funding with lower-cost long term wholesale funding.
The above is corroborated by the fact that the proportion of deposits as a percentage of total gross loans has been on an uptick for all the major banks. For example for NAB, the same has grown from 64% in FY15 to 70% in FY18 while for WBC, the same has grown from 68% in FY15 to 73% in FY18.
Tags:Bank deposit lending market size in Australia, business loans in Australia, lending services market size in Australia, professional lending services in Australia, total lending to businesses in Australia
At Mhojhos Research, we deliver outstanding market report results across many industries. Market research is key to a new business becoming a profitable entity. It anticipates and minimizes risk, identifies potential customers and helps ensure success.
Insights: There are 8,065 general practitioner clinics in Australia. Every year, 87.8% of the Australian population visits a general practitioner clinic. Of the 35,934 general practitioners in Australia, 90.1% work in accredited clinics.
In 2017, the reported number of accredited general practice clinics in Australia was 6,368. Clinics are not required to receive accreditation, however it is recommended. Accreditation is awarded by the Royal Australian College of General Practitioners. The following calculation has been used to determine the percentage of GP clinics in Australia that are accredited;
RACGP represents more than 39,000 GPs including rural and urban general practitioners.
The organization’s mission is to improve the wellbeing and health of all Australian people by supporting general practitioners and helping them with the issues affecting their professional practice and developing standards for general practices to ensure high-quality healthcare.
GENERAL PRACTICE TEAMS
General practice teams provide services to match a wide range of patient needs. In addition to GPs, general practices often employ allied health professionals, nurses, and administrative staff.
A well-resourced GP team facilitates the collaborative care of patients. Since the number of non-GP professionals increases, GPs are consulting with others about the patients’ management.
About 40% of GP teams have 6-10 individual GPs working in a full-time capacity at your practice, and 30% of GP teams have 2-5 individual GPs working in a full-time capacity at your practice. While 25% of GP teams have more than 11 individual GPs working in a full-time capacity at your practice, 5% have a general practitioner only.
GENERAL PRACTITIONER CLINICS
According to the MedicineInsight Report published in 2017, there are 8,065 general practitioner clinics in Australia. 34,8% of these general practitioner clinics are in New South Wales, 24,7% are in Victoria, and 19,9% are in Queensland. Western Australia has 696 clinics, Tasmania has 171 clinics, South Australia has 570 clinics, Northern Territory has 127 clinics, and Australian Capital Territory has 98 clinics.
General practice teams employ allied health professionals, nurses, and administrative staff in order to provide a wide range of their patient needs.
Percentage of the Market
The market shares of Primary Healthcare, Myhealth, Medical One, and Modern Medical based on revenues are 1.32%, 0.008%, 0.12%, and 0.008% respectively. Most of these companies are privately-held, except Primary Healthcare (a public listed company). Thus, their annual reports were largely unavailable in the public domain. For us to calculate their revenue market share, we utilized the estimated revenues provided by market databases such as Owler. Additionally, we also calculated these four companies’ market share in terms of their number of General Practitioners (GPs) as compared to Australia’s total GPs. From our calculation, their percentage of the market based on total number of GPs are 3.51% (Primary Healthcare), 1.66% (Myhealth), 0.53% (Medical One), and 0.05% (Modern Medical). We’ve presented our findings, calculations, and assumptions below.
MARKET SHARE BASED ON REVENUE
The General Practice market in Australia was worth $13 billion revenue in 2018. According to IBISWorld, this sector is fragmented or there are no notable companies with a dominant market share in this industry in the country.
Primary Healthcare = 1.32%
[Calculation: From the company’s 2018 annual report, Primary Healthcare’s revenue specific for its General Practitioners (GPs) section was $171.5 million. To calculate its market share in terms of revenue, we divide the company’s GP revenue by Australia’s total GP market size; ($171.5 million/$13 billion)*100 = 1.32%]
Myhealth = 0.008%, or less than 1%
[Calculation: Myhealth Medical Centre is a privately-held company and the company has not published its revenue in the public domain. From Owler estimate, the company generates less than $1 million annual revenue. To calculate its market share in terms of revenue, we divide the company’s estimated revenue by Australia’s total GP market size; ($1 million/$13 billion)*100 = 0.008%, or less than 1%]
Medical One = 0.12%, or less than 1%
[Calculation: Medical One is also a privately-held company and the company has not published its revenue in the public domain. From Owler estimate, the company generates about $15.6 million annual revenue. To calculate its market share in terms of revenue, we divide the company’s estimated revenue by Australia’s total GP market size; ($15.6 million/$13 billion)*100 = 0.12% or less than 1%]
Modern Medical = 0.008%, or less than 1%
[Calculation: Modern Medical is also a privately-held company and the company has not published its revenue in the public domain. From Owler estimate, the company generates less than $1 million annual revenue. To calculate its market share in terms of revenue, we divide the company’s estimated revenue by Australia’s total GP market size; ($1 million/$13 billion)*100 = 0.008%, or less than 1%]
MARKET SHARE BASED ON THE NUMBER OF GENERAL PRACTITIONERS
According to the published report of the government website of Health Workforce Data that was last updated in 2018, there were 28,352 clinical GPs in Australia as of 2016 (the latest data) as compared to 27,519 in 2015. This translates to an annual increase of 3.03% [(28,352/27,519)-1)*100]. Assuming this carries a similar trend until 2018, then we have estimated that in 2018, there were about 30,096 GPs in Australia.
[Calculation: Primary Healthcare has 1,056 GPs practicing in its centers as of 2018. To calculate its market share in terms of the number of GPs, we divide the company’s total GPs by Australia’s total GPs; (1,056/30,096)*100 = 3.51%]
Myhealth = 1.66%
[Calculation: Myhealth has about 499 GPs, according to their website. To calculate its market share in terms of the number of GPs, we divide the company’s total GPs by Australia’s total General Practitioners; (499/30,096)*100 = 1.66%]
Medical One = 0.53%
[Calculation: Medical One has about 159 GPs, according to their website. To calculate its market share in terms of the number of GPs, we divide the company’s total GPs by Australia’s total General Practitioners; (159/30,096)*100 = 0.53%]
Modern Medical = 0.05%
The Sonic Healthcare/IPN
The Sonic Healthcare/IPN includes 236 primary care clinics across Australia that provide administrative services and facilities to more than 2,200 General Practitioners. Tristar Medical Group has approximately 65 GPs clinics and 300 physicians and providers.
Triangulation and assumption
First, we started with Sonic Healthcare/IPN which has more than 2,200 General Practitioners. With this information, we could proceed to calculate the percentage of the GPs since we already have the total number of General Practitioners in Australia.
Next, we calculated the Tristar Medical Group’s percentage. Since this company had more than 300 physicians who worked in different medical centers, we were able to estimate the percentage of GPs:
(300/34,000)*100 = 0.88%
For Programmed Health Professionals and Smart Clinic upon performing a deep search on the companies’ profiles. We could not find a mention of the number of GPs. For that reason, we made an assumption that the percentage of the Australian General Practitioner clinic market to be less than 1% since they featured a close number of medical centers like for the Tristar Medical Group.
PERCENTAGE OF AUSTRALIAN GENERAL PRACTITIONER CLINIC MARKET FOR SONIC HEALTHCARE/IPN
The Sonic Healthcare/IPN includes 236 primary care clinics across Australia that provide administrative services and facilities to more than 2,200 General Practitioners. Sonic Healthcare/IPN are business partners to more than 1,900 GPs located in 170 locations across Australia.
The percentage of Australians who “live within 10 kilometers of an IPN/Sonic HealthPlus clinic” is 70%.
To calculate the percentage of GPs: (2,200/34,000)*100 = 6.47%. The percentage the Australian General Practitioner clinic market that Sonic Healthcare/IPN holds is 6.47%.
PERCENTAGE OF AUSTRALIAN GENERAL PRACTITIONER CLINIC MARKET FOR TRISTAR MEDICAL GROUP
We calculate the percentage of GPs based on the total number of GPs in Australia. That is (300/34,000)*100 = 0.88%.
The percentage the Australian General Practitioner clinic market that Tristar Medical Group holds is 6.47%.
PERCENTAGE OF AUSTRALIAN GENERAL PRACTITIONER CLINIC MARKET FOR SMARTCLINIC
SmartClinic has 30 medical centers across QLD. It has extended to North Queensland. SmartClinic’s clinics are now active in Cairns and Townsville.
PERCENTAGE OF AUSTRALIAN GENERAL PRACTITIONER CLINIC MARKET FOR PROGRAMMED HEALTH PROFESSIONALS
With more than 100 branches, Programmed Health Professionals recruits more than 20, 000 people to deliver services to more than 10, 000 customers.
While SmartClinic has 30 medical centers across QLD, Programmed Health Professionals has more than 100 branches.
Tags: general practice clinics in Australia, general practice clinics market size, general practitioner clinics in Australia, top general practice clinics in Australia
At Mhojhos Research, we deliver outstanding market report results across many industries. Market research is key to a new business becoming a profitable entity. It anticipates and minimizes risk, identifies potential customers and helps ensure success.
The luxury cruise industry is projected to rapidly expand within the next decade. However, the industry as a whole is sensitive to bad publicity. In 2017, the estimated market size of the luxury cruise industry was $25.8 million. Below, we discussed our SWOT analysis of the luxury cruise industry in more detail.
Luxury Cruise Line SWOT
Strengths
The luxury cruise industry is a rapidly expanding segment of the cruise industry. Between 2018 and 2027, the luxury cruise industry is expected to double in size from 544,900 guests in 2018 to about 1,095,286 guests in 2027. According to U.S. News, the top seven luxury cruise lines in terms of quality are Seabourn, Viking, Crystal, Azamara, Regent, Oceania, and Silverseas respectively. In terms of the market, Viking owns 26% of the market. While Viking owns about a fourth of the market, the market is considered healthy due to its expected growth. Both of these statistics are global data points as luxury cruise brands are international entities. Contrary to popular belief, cruises, both in terms of luxury cruises as well as mid-market cruises, is a market that is almost recession-proof. In 2012, cruises as a whole contributed $42 billion to the U.S. economy.
Weaknesses
The primary weakness of the luxury cruise market is its aging market. Luxury cruises skew older. While the market is expected to expand as noted above, the luxury cruise industry has to reach newer customers in terms of age as well as other demographic features. Luxury cruises need to expand to and cater to new countries.
Opportunities
Luxury cruises are expanding to new markets in Asia. Currently, the United States and Europe are the primary market for both luxury cruises and mid-market cruises. About 11.5 million customers were Americans according to 2016 data, the latest available. Chinese customers numbered at 2.1 million. American customers number about as much as the next nine highest countries combined.
Luxury cruises must attract younger and multigenerational customers. Attracting younger customers who desire luxury cruises will require a pivot. Sustainability is a desired quality for younger customers as well as some older customers. Some customers of luxury cruises desire “transformational” cruises that offer new experiences rather than simple relaxation.
Threats
The luxury cruise industry as well as the cruise industry as a whole is very sensitive to bad publicity. Crimes or accidents weigh heavily on the mind of consumers when they occur. Commissioning new ships or upgrading old ships is an extremely expensive procedure. One threat to the industry is if a potentially rocky economic era affects the market. Companies expect the industry to expand according to projections and thus have commissioned new ships. The rapid and high spending may not pay off if the market contracts which leaves these companies with expensive assets.
Luxury Cruise Industry Market Size
In 2017, the estimated market size of the luxury cruise industry was $25.8 million. Some of the major players within this industry include Viking Ocean with a 35.7% market share, Silversea with 13% market share, MSC with a 9.2% market share, Crystal with 7.8% market share and Seaburn and Regent both with a 7.6% market share.
THE MARKET SIZE OF THE LUXURY CRUISE INDUSTRY AND THE MAJOR PLAYERS
In 2016, the market size of the luxury cruise industry was estimated at $24.7 million, increasing to $25.8 million in 2017. Over the last five years, demand for cruising has increased by 20.5% with the demand exceeding supply and the growth facilitated by sustained consumer interest in cruising. @1
According to the Cruise Industry News, there has also been an increase in the number of ships, increasing from 45 ships in 2018 to 84 ships in 2027, representing an increased capacity of 139%. Across the world, the US has the highest number of cruise ship passengers, at 11.9 million.
Some of the companies that offer this service include: Regent Seven Seas Cruises, Pullmantur Cruises, TUI Cruises, Norwegian Cruise Line, MSC Cruises (USA) Inc., Holland America Line, Cunard Line, Celebrity Cruises, Azamara Club Cruises, AIDA Cruises, Costa Cruise Lines, P&O Cruises, Oceania Cruises and Princess Cruises. The major players include:
Viking Ocean-35.7%
Silversea- 13%
MSC-9.2%
Crystal-7.8%
Seabourn-7.6%
Regent-7.6%
Ponant-5.7%
Hapag-LIyod-3.5%
Windstar-3.2%
Ritz Carlton-2.7%
Scenic-2.4%
Paul Gauguin-1%
Seadream-0.6%
Luxury Cruise Industry Growth Factors
The luxury cruise industry in the United States is growing at 5.42% yearly. Of the 11.5 cruise passengers in the United States in 2017, we’ve estimated that about 2% of them are luxury cruise passengers as compared to 5% share globally. In 2017, about 234,000 Americans boarded the luxury cruise liners, and this figure is expected to reach 396,500 annual luxury cruisers by 2027. Luxury cruise lines headquartered in the United States are Crystal, Seabourn, Regent, Windstar, Ritz-Carlton, Paul Gauguin, and SeaDream. From recent records, there was an increased number of bookings made which led the cruise industry to create more ultra-luxury cruise ships. The affluent travelers are driving the growth due to their increased interest in spending their holidays and vacations on-board ultra-luxury cruise liners.
RESEARCH METHODOLOGY
To determine the growth rate and growth factors of the luxury cruise market in the United States, we thoroughly searched industry-related articles, research papers, reports, and publications. From our search, we were not able to obtain specific market research studies that directly address the growth rate of the luxury cruise market, specifically for the United States.
We, therefore, calculated the growth rate using available statistics. For this research, the growth rate provided was based on the analysis of the estimated number of luxury passengers in the country. We utilized a top-down analysis and methodology. For example, we first determine the global market figure and determine the US market share. We’ve explained below our detailed calculations, assumptions, and estimations.
THE UNITED STATES LUXURY CRUISE INDUSTRY GROWTH RATE
According to a report released by the Cruise Industry News in 2019, there are 13 cruise lines operating in the luxury segment globally. The report also noted that the global luxury cruise ship would grow 139% (about 9% annual growth rate) from 2017 to 2027. Of the 13 global luxury cruise lines, 7 of these are US-based. Globally, the luxury segment is expected to record 1.3 million passengers by 2027. From the report, we extracted the US-based companies’ projected market shares and calculated their number of passengers.
US-based luxury cruise % share and number of passengers by 2027:
To determine the current or recent number of luxury passengers of the above luxury cruise lines, we compared the 2017 statistics provided by Cruise Market Watch. In 2017, the overall cruise market recorded 26 million passengers. We multiplied the percentage share of the above luxury cruise lines to get the total luxury passengers in the United States.
US-based luxury cruise % share and number of passengers in 2017:
Affluent travelers are driving the growth due to increased interest in spending their holidays and vacations on-board ultra-luxury cruise liners. Notably, there was an increased number of bookings by these demographics recently, which led the cruise industry to create more ultra-luxury cruise ships.
Another major driver of growth is that more affluent and luxury travelers are seeking “authentic experience.” According to the Virtuoso’s 2018 Luxe Report and was also backed by Seabourn’s findings, “affluent consumer is placing an even greater emphasis on seeking truly authentic, memorable experiences whereas in years past they would spend more on luxury goods.”
Other factors driving the growth include the increased interest on “pristine, unfrequented, and unique destinations” which is offered by these ultra-luxe cruise liners. From a report, the top factors and motivations for choosing luxury travels are: 1) exploring new destinations, 2) crossing off bucket-list items, 3) seeking authentic experiences, 4) rest and relaxation, and 5) personal enrichment.
At Mhojhos Research, we deliver outstanding market report results across many industries. Market research is key to a new business becoming a profitable entity. It anticipates and minimizes risk, identifies potential customers and helps ensure success.
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