Hyperlocal Services Market: Segmented: By Nature (Goods Delivery, Utility Services), By Type (Food Ordering, Grocery Ordering, Home Utility Service, Logistic Service Providers, Others), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] Hyperlocal Services Market to surpass USD 8,308.7 billion by 2031 from USD 1,769.3 billion in 2021 at a CAGR of 16.7% in the coming years, i.e., 2021-2031.
Hyperlocal Services is designed to meet the needs of a specific geographic area. A tour around your neighborhood will almost certainly reveal a similar market, whether large or little, but self-sufficient in its own right, meeting practically all of the needs of the locals. In the area of e-commerce, the term "hyperlocal system" has recently become popular. Since the rise in popularity of hyperlocal e-commerce platforms, grocery delivery, ordering food, housekeeping, personal care services, and other services have taken on a new dimension. Although the notion is fresh, the globe is no longer new to it thanks to widespread internet usage. It has the potential to take the offline seller's business to new heights.
Global Hyperlocal Services Market is projected to witness a noteworthy CAGR of 16.7% by the end of 2031
During the projected period, the market is expected to be driven by the proliferation of smartphones, expanding urbanization, changing consumer preferences, and better lifestyles. 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.
Goods Delivery Segment is expected to grow with a maximum CAGR during 2021-31
On the basis of Nature, the Hyperlocal Services Market is divided into Goods Delivery, and Utility Services. The goods delivery segment has seen significant expansion in recent years and is projected to continue in the future. Food, groceries, furniture, and medicine or pharmaceuticals are among the items that can be delivered. The market's growth has been driven by the increasing number of smartphone users and the availability of online services in the goods delivery segment. Furthermore, customers are rapidly preferring online shopping platforms for a variety of reasons, including convenience, discounts, combo deals, and cost-effectiveness.
Home Utility Service Segment is expected to grow with a maximum CAGR during 2021-31
Based on Type, the global Hyperlocal Services Market is fragmented into Food Ordering, Grocery Ordering, Home Utility Service, Logistic Service Providers, and Others. In previous years, the home utility service category held the largest share of the Hyperlocal Service Market, and this trend is likely to continue throughout the Hyperlocal Service Market Forecast period. In wealthy countries, home utility service has exploded in popularity. This is mostly due to a rigorous schedule, service innovation, improved mobile technology, more connectivity, and an urbanized population.
Growing proliferation of the internet and accessibility to the internet
Smartphone proliferation has mostly boosted the demand for hyperlocal services due to their easy internet connectivity. Busy lifestyles and an increase in the number of women in the workforce are fueling the expansion of the online food and grocery ordering business, which in turn fuels the hyperlocal services sector. Hyperlocal services are progressively being acquired and adopted by mobile commerce and e-commerce platforms to cut delivery time and costs. Hyperlocal services are in high demand as the e-commerce industry grows.
Big Giants adopting and acquiring Hyperlocal Businesses
The majority of e-commerce bigger giants are adopting and purchasing hyperlocal businesses in order to save transportation costs and shorten delivery times. Furthermore, the growing global working population increased urbanization in developing economies, and the adoption of digitalization plans by numerous governments are all influencing market growth.
The issue of determining the appropriate geographical location
The Hyperlocal Services Market's growth is being hampered by rising competition and the difficulty of selecting the most appropriate geographical location.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Hyperlocal Services Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America was the most important market in 2020, accounting for the largest share of the market, and is likely to maintain this position throughout the forecast period. Growing investment for startup businesses and rapid adoption of technological changes are two significant factors driving market expansion in North America. During the pandemic, grocery ordering and restaurant digital orders captured a major share in the region, as the public was advised to stay at home, creating a big demand for hyperlocal services.
The COVID-19 epidemic and its influence on online food orders are expected to result in a considerable decline in the market size of food delivery services in emerging nations such as India and China by 2020. This calculation is based on the money earned by meal delivery firms. The impact of lockdown is beneficial for food and grocery delivery companies in several countries, including the United States.
Global Hyperlocal Services Market is further segmented by region into:
Hyperlocal Services Market Segments:
|Market size value in 2021||USD 1,769.3 billion|
|Revenue forecast in 2031||USD 8,308.7 billion|
|Growth Rate||CAGR of 16.7% from 2021 to 2031|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Nature, Type, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Askfortask Inc., Delivery Hero Se, Grofers India Private Limited, Housekeep Limited, Instacart, Just Eat Takeaway.Com N.V., Uber Technologies, Angi Inc, Urban Company, Zomato Limited, and Other Prominent Players.|
The Hyperlocal Services Marketsize was estimated at USD 1,769.3 billion in 2021 and is expected to reach USD 8,308.7 billion by 2031
Askfortask Inc., Delivery Hero Se, Grofers India Private Limited, Housekeep Limited, Instacart, Just Eat Takeaway.Com N.V., Uber Technologies, Angi Inc, Urban Company, Zomato Limited, And Other Prominent Players.
Goods Delivery Segment and Home Utility Service Segment are anticipated to hold the Hyperlocal Services Market
Drivers Growing proliferation of the internet and accessibility to the internet
Hyperlocal Services is designed to meet the needs of a specific geographic area. A tour around your neighborhood will almost certainly reveal a similar market, whether large or little, but self-sufficient in its own right, meeting practically all of the needs of the locals. In the area of e-commerce, the term "hyperlocal system" has recently become popular.
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