Hyperlocal Services Market Growing Demand, Business Developments Forecast to 2031

The global hyperlocal services market held a market value of USD 1,344.7 million in 2021 and is projected to reach USD 4,681.3 million by the year 2030. The market is anticipated to register a CAGR of 15.8% during the forecast period.

Hyperlocal delivery denotes the process of distributing goods directly from a seller to the customer. This involves the operation of a courier agent picking up the particular product from a seller and consequently delivering to the customer's address.

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Hyperlocal delivery has been growing traction as there is a high increase in the working population, startups, and urban culture. Moreover, the rise in digitization indirectly fuels the growth of the hyperlocal services throughout the globe. The commencement of services from Zomato and Swiggy in 2014 drove the market demand considerably. Amidst the pandemic outbreak, the demand boomed with the entry of many other hyperlocal delivery partners as well as online sellers.

The rising smartphone penetration has also given rise to mobile friendly ordering sites, that drive the growth of hyperlocal services. The surge in digitization is a prominent element for the market growth of hyperlocal industry in major regions of the globe. On the other hand, the issues concerning fleet management and the selection of right services hampers the growth rate of the market. Startups can suffer from the high resources spent on the management of workforce. Since the order cannot be scheduled at fixed intervals and a large fleet on board is cumbersome to handle.
Moreover, the rising competition increases the intensity of rivalry among the established players as well as startups, thus restraining the market growth to a certain extent.

Growth Influencers:

Increasing smartphone penetration & digitalization across countries

Rising adoption of urban culture & increasing working population

The increasing urban culture and rising working population is creating high demand for hyperlocal services industry. For instance, the Union Healthy Ministry for Health, India stated that the proportion of the working-age population in India is expected to go up to 65% by 2036. Moreover, the surge in work from home trend has given rise to lifestyle changes of online ordering. Thus, such statistics push the market growth.

Increasing opportunities for small & medium businesses
The increasing number of startups creates a high level of demand of hyperlocal services. The governments and public agencies are continuously and actively providing schemes to the entrepreneurs to start their business journey. Moreover, according to a survey done by Tracxn, 80% growth is seen in the number of startups that have emerged for hyperlocal delivery since 2014 in India. Thus, such statistics push the demand to a considerable rate.

Segments Overview:

The global hyperlocal services market is segmented into data type, technology, device type, and end users.
By Type,

? Food Ordering
? Grocery Ordering
? Home Utility Service
? Logistic Service Providers
? Others

The food ordering segment is likely to grow at the highest growth rate of 16.8% over the forecast period. On the other hand, the home utility service segment held the largest market share of more than 35% in 2021.

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By Nature,

? Goods Delivery
? Utility Services

The utility services segment is projected to hold an opportunity of more than USD 1,800 million during 2021 to 2030.

Regional Overview

By region, the global hyperlocal services market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

The North American industry for hyperlocal services is expected to cross the mark of USD 1,000 million by 2027. Moreover, the Asia Pacific market for hyperlocal services is likely to grow at the highest rate of 16.4% over the anticipated period.

Moreover, the market in other regions of Middle East and Africa are anticipated to grow at a considerable rate owing to the increasing adoption rate of goods delivery services.

Competitive Landscape

Key players operating in the global hyperlocal services market include Askfortask Inc., Uber Technologies, Delivery Hero SE, Grubhub Inc., Grofers India Private Limited, Handy Technologies, Inc., Instacart, Housekeep Limited, Just Eat Takeaway.Com N.V., among others.

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The key four players in the market hold more than 8% of the market share. These market players are capitalizing in collaborations, product launches, mergers, acquisitions, and expansions to sustain a competitive edge in the market. For instance, in February 2022, Grubhub Inc. launched Grubhub Goods. They provide diners nationwide on-demand convenience delivery from over 3,000 Grubhub Goods locations.

The global hyperlocal services market report provides insights on the below pointers:

? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global hyperlocal services market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Pricing Analysis: Pricing analysis
? Manufacturing Cost Analysis: Cost-share of various components in hyperlocal services
? Smart Transport and Logistics Technology Applications and Maturity
? Major Hyperlocal Delivery Startups Fundings, 2018-2020

The global hyperlocal services market report answers questions such as:

? What is the market size and forecast of the global hyperlocal services market?
? What are the inhibiting factors and impact of COVID-19 on the global hyperlocal services market during the assessment period?
? Which are the products/segments/areas to invest in over the assessment period in the global hyperlocal services market?
? What is the competitive strategic window for opportunities in the global hyperlocal services market?
? What are the technology trends and regulatory frameworks in the global hyperlocal services market?
? What is the market share of the leading players in the global hyperlocal services market?
? What modes and strategic moves are considered favorable for entering the global hyperlocal services market?

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