Hyperlocal Services Market Report 2024: Size, Share, Growth, Trends, Analysis, Forecast, Outlook, Mergers and Acquisitions

The hyperlocal services market size has grown rapidly in recent years. It will grow from $2521.66 billion in 2023 to $2944.16 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth in the historic period can be attributed to increased urbanization, growing demand for convenience and time-saving services, increased disposable income, rising trend of e-commerce, proliferation of smartphones and mobile apps, growing demand for on-demand services.

The hyperlocal services market size is expected to see rapid growth in the next few years. It will grow to $5239.87 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%. The growth in the forecast period can be attributed to rise of the gig economy and freelance workforce, advances in geolocation and mapping technologies, rise of contactless and cashless transactions in hyperlocal services, rising trend of localization, increasing popularity of online shopping. Major trends in the forecast period include advancements in technology, adoption of blockchain technology for secure transactions, integration of artificial intelligence in service delivery platforms, integration of augmented reality (ar) for enhanced user experiences, increased focus on community engagement and local partnerships.

Market Overview -
Hyperlocal services refer to services that deliver goods and services using multiple modes of transportation such as bikes, cars, and cabs and are used to deliver the products, goods, and services to the customers from the nearby offline store available within a limited period of period. The hyperlocal services help to change the already specified location, filtering products, and tracking the products.

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E-Commerce Funding Drives Hyperlocal Services Market
The growing funding for an e-commerce business has driven the hyperlocal services market in the historic period. The increased funding for an e-commerce business is because the e-commerce business or platforms are adopting hyperlocal services for the fast delivery of goods and services along with reducing time. According to the India Brand Equity Foundation (IBEF), an Indian Government export promotion agency, in July 2021, Flipkart got funding of $36.5 billion from different sources such as private equities, Walmart, and sovereign funds. Therefore, the growing funding for an e-commerce business is driving the growth of hyperlocal services.

Competitive Landscape -
Major companies operating in the hyperlocal services market report are Delivery Hero SE, AskforTask Inc., Blink Commerce Private Limited, Grubhub Inc., Handy Technologies Inc., Housekeep Limited, Maplebear Inc., Just Eat Limited, Just Eat Takeawaycom NV, Uber Technologies Inc., Airtasker Pty Ltd., Bundl Technologies Private Limited, Foodpanda GmbH, Porch Group Inc., ibibo Group Private Limited, ANI Technologies Private Limited, Zimmer Biomet Holdings Inc., UrbanClap Technologies India Pvt. Ltd., Mechlae Tech Mobility Solutions Private Limited, Wishbee World Private Limited, Cloudify Technologies Private Limited, Wefast India Private Limited, DC Foodiebay Online Services Private Limited, Grab Holdings Ltd., PT Aplikasi Karya Anak Bangsa, Postmates Inc., DoorDash Inc., Target Corporation, Rappi Inc., Favor Delivery LLC, Caviar Inc.

Technological Innovations Drive Hyperlocal Services
Technological advancements and integrations are shaping the hyperlocal services market. Technological advancements are the discovery of knowledge that helps in developing services using technology. For instance, in 2021, EatFit, Indian based largest healthy food platform integrated with MapmyIndia to improve the application experience using the location technology of MapmyIndia that provides the routing algorithm for tracking and distance matrix APIs to find and enable EatFit kitchen discoverability to optimize the delivery network.

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Key Segments -
The hyperlocal services market covered in this report is segmented -
1) By Type: Food Orders, Grocery Orders, Household Utilities, Logistics Service Providers, Other Types
2) By Nature: Goods Delivery, Utility Services
3) By Revenue Model: Subscription, Advertisement, Sponsorship, Other Revenue Models
4) By Device: Smartphones, Smart TVs, Projectors and Monitors., Laptop, Desktops and Tablets, Other Devices
5) By Application: Individual Users, Commercial Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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