Hyperlocal Delivery Market is projected to reach a value of USD 5,032.82 billion by 2030

According to the report published by Virtue Market Research, the Global Hyperlocal Delivery Market was estimated at USD 1,703. 60 billion in 2022 and is anticipated to be a value of USD 5,032.82 billion by 2030, growing at a fast CAGR of 14.5% during the forecast period 2023-2030, owing to the rising accessibility of the internet and widespread adoption of smartphones.

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Hyperlocal refers to a defined community or geographical region which focuses on the information in that specific community or location. Delivering goods and services to a defined community or within a geographical area is what hyperlocal means in the e-commerce industry. By bringing in an efficient network of vendors who meet consumer demands by selling them what they need at their doorstep, it aims to close the demand-supply gap and ensure maximum customer satisfaction. The increase in the number of smartphone users serves as a significant growth enabler for the global hyperlocal delivery market to grow. The widespread adoption of smartphones has enabled hyperlocal service providers to reach a broader audience and provide their services through smartphone applications, thereby creating growth opportunities. Another significant driving force behind the market's growth is the increasing demand for consumer convenience. Consumers are increasingly looking for services that are user-friendly, quick to respond to their needs, and convenient. Moreover, there has been an increase in demand for hyperlocal services as a result of urbanization. Urban residents are looking for services that can be easily accessed and delivered in a timely manner. Hyperlocal services are popular because they make it easy for customers to have goods and services delivered right to their door.

The hyperlocal delivery market has been significantly affected by the COVID-19 pandemic. The demand for hyperlocal services like food, groceries, and healthcare increased during the pandemic because people were at their homes to avoid contact with the virus. This increased demand resulted in a positive impact on the hyperlocal delivery market. However, the market faced various challenges due to lockdowns and restrictions in many regions, leading to supply chain and logistics disruptions that affected service delivery. In addition, some areas saw a decrease in consumer spending. These challenges resulted in a negative impact on the hyperlocal delivery market. Overall, the market was affected positively and negatively by the COVID-19 pandemic. The technological advancements had a positive impact on the hyperlocal delivery market after the ease of the COVID-19 lockdown and restrictions. Technological advancements, such as optimized mobile applications and quick delivery of on-demand goods and services further fuelled the market growth. Various hyperlocal delivery businesses developed mobile applications that made it easier for consumers to place orders and track their deliveries in real-time, thus enhancing the customer experience. Additionally, Artificial Intelligence (AI), Machine Learning (ML), and GPS are all being employed by businesses to optimize their delivery routes, which resulted in faster and more efficient services. Other technological advancements, such as contact delivery and automated warehouses, have made the hyperlocal delivery market safer and more convenient for consumers. In conclusion, the hyperlocal delivery industry is projected to continue innovating and adapting to new technologies in the coming future.

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Segmentation Analysis:
The Global Hyperlocal Delivery Market includes:

By Type
• Grocery Ordering
• Food Ordering
• Home Utility Service
• Logistic Service Providers
• Others

In 2022, the food ordering segment held the maximum share of the global hyperlocal delivery market. The food ordering segment in the hyperlocal services market refers to the process of ordering food from nearby restaurants and having it delivered to your doorstep. The food ordering segment has recently grown as a result of the rise of food delivery apps and services like Uber Eats, Grubhub, DoorDash, Swiggy, and Zomato. This section of the hyperlocal services market presents a significant opportunity because of the rising demand for food delivery services. Ordering food online and having it delivered to their doorstep is convenient. More people are prioritizing food delivery over cooking or dining out.

By Nature:
• Goods Delivery
• Utility Service

In 2022, the utility service segment held the maximum share of the global hyperlocal delivery market due to the rising demand for it. The utility service segment in the hyperlocal delivery market refers to services that cater to the daily needs of consumers, such as home cleaning, home remolding, roofing, lawn care, personal care, electrical, appliance repair, and other related services. These services seek to simplify consumers' lives and save them time by having service providers visit their homes directly. In the global hyperlocal delivery market, the utility service category has experienced significant growth because consumers are looking for services that are convenient for their homes. Further, growing urbanization, busy lifestyle, and increasing working-age population also lead to high demand for home utility services.

Regional Analysis:

The North American region dominated the global hyperlocal delivery market in 2022. In North America, increased investment in new businesses and widespread acceptance of technological advancements are the primary drivers of market expansion. The hyperlocal delivery market in North America is expanding quickly, due to the growing use of smartphones and the desire for immediate services among customers. Food delivery is a well-liked segment of the market in this region, with several companies such as Uber Eats, Grubhub, DoorDash, Postmates, and Instacart providing their services. The utility service segment, which includes cleaning, repairs, and installations, is also experiencing massive growth. In addition, rapid urbanization, a large workforce, and a lack of domestic assistance will help to boost the market growth throughout the forecasted period.

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Latest Industry Developments:

• In December 2022, BigBasket, an online grocery store owned by the Tata Group, acquired the enterprise business unit of Agrima Infotech, a deep-tech firm incubated by Kerala StartUp Mission (KSUM). This acquisition aims to transform offline retail in the country.

• In August 2022, Zomato announced the successful acquisition of Blinkit, a quick-commerce firm that was formerly known as Grofers. Zomato also bought Blinkit's warehouse and ancillary services business as part of the deal. Zomato acquired Blinkit for a sum of USD 568 Million.

• In May 2022, Swiggy announced the acquisition of Dineout, a well-known restaurant, and dining-out technology platform, for USD 200 million.

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This release was published on openPR.