The Hyperlocal services market was valued at $1,324.2 billion in 2019, and is expected to grow at a CAGR of 17.9% from 2021 to 2027, to $3,634.3 billion by 2027.
Hyperlocal services are ones that are delivered inside a small geographic area and allow sellers to deliver a product or service in a short amount of time. Delivery of goods and services is included in hyperlocal services; for example, delivery of goods includes meals, groceries, pharmaceuticals, furniture, and electronic equipment. The hyperlocal service model is distinguished by the fact that the whole supply chain is located relatively close to both the buyer and the seller.
The market for hyperlocal services has been driven by the proliferation of smartphones, expanding urbanisation, changing customer preferences, and improving lifestyles, and is projected to continue to do so during the forecast period. This is mostly due to rising e-commerce funding and the growing trend of company digitization. Furthermore, several e-commerce behemoths are adopting and purchasing hyperlocal businesses in order to reduce transportation costs and shorten delivery times.
The Hyperlocal services market is segmented by type, nature, and region in this analysis. It is divided into food ordering, grocery ordering, home utility service, logistic service providers, and others based on type. It is divided into two categories based on its nature: products delivery and utility services. North America (the United States, Canada, and Mexico), Europe (Germany, the United Kingdom, France, Russia, Italy, Spain, and the Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and the Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) (the Middle East, Latin America, and Africa).
According to hyperlocal services market research, the residential utility service category accounted for the largest share of the global market in 2019, and this trend is likely to continue throughout the forecast period. In affluent countries like as the United States, Japan, Germany, and Russia, home utility services have acquired significant appeal. This is mostly due to a rigorous schedule, service innovation, enhanced mobile technology, improved connectivity, and an increase in the urbanised population. Appliance repair, carpet cleaning, home remodelling, house cleaning, personal grooming, and lawn care are all examples of home utility services. Home relocation services have been available for quite some time.
The products delivery industry was worth $608.0 billion in 2019, and it is predicted to increase to $2,048.8 billion by 2027, with a CAGR of 20.7 percent. Food, groceries, furniture, and medicine or pharmaceuticals are among the items that can be delivered. The rise of the hyperlocal services market through the goods delivery segment has been fueled by an increase in smartphone users and the availability of online services. People are also increasingly preferring online platforms for purchasing because of the perks associated with them, such as door-to-door delivery, convenience, discounts, combo deals, and cost effectiveness. During the forecast period, hyperlocal services market expansion would be fueled by innovations and improvisation in delivery services.
North America was the most important market in 2019, accounting for the largest part of the market, and is likely to maintain its position over the forecast period. Growing investment for startup businesses and rapid adoption of technological advancements are two main factors driving the hyperlocal services market's rise in North America. During the lockdown, restaurant digital orders and grocery ordering grew dramatically in the region, as individuals were advised to stay at home, creating a big demand for hyperlocal services. Furthermore, the expansion of hypnosis has been aided by rising urbanisation, a large working-age population, and a lack of domestic care.
The product market's players have used a variety of development tactics to grow their hyperlocal services market share, boost profitability, and stay competitive. Delivery Hero, Just-Eat, Takeaway.com, GrubHub, Grofers (Locodel Solutions Pvt. Ltd), Instacart, Housekeep, Uber Technologies Inc., Handy, and Ask For Task are among the prominent players highlighted in this research (U.S.)
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