Hyperlocal Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Hyperlocal Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global hyperlocal services market size reached US$ 2.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.6 Billion by 2028, exhibiting a growth rate (CAGR) of 14.3% during 2023-2028.

Hyperlocal services refer to facilities that are provided within a limited geographical area. It involves the operation of a courier agent picking up products from a seller and then delivering them directly to the customer's address. It is widely used for delivering food and beverages, drugs, personal items, and electronic gadgets, and home utility services, including plumbing, electrical repair, carpentry, laundry, and personal tutors. Hyperlocal services assist retailers, restaurants, and hotels in engaging and managing their businesses effectively. It also helps increase operational transparency and provide efficient and effortless deliveries in minimum time.

Hyperlocal Services Market Trends:
The rapid proliferation of smartphones, coupled with significant growth in the e-commerce industry, is one of the key factors driving the market growth. Hyperlocal services are widely accessed through e-commerce platforms or businesses for the fast delivery of goods and services. In addition, the increasing investment in e-commerce businesses is boosting the adoption of hyperlocal services, which, in turn, is acting as another growth-inducing factor. Furthermore, the widespread adoption of hyperlocal services due to hectic schedules and work-from-home (WFH) culture, changing consumer lifestyles, and rapid urbanization are favoring the market growth. Additionally, recent technological advancements in the logistics and automotive sectors through the adoption of automation, augmented reality (AR), artificial intelligence (AI), data collection, and visibility to reduce costs and provide a faster and seamless delivery experience are creating a positive outlook for the market. Moreover, the rapidly changing consumer preference towards online platforms that enhance the convenience and offer doorstep delivery, discounts, and combo deals is providing an impetus to market the growth. Other factors, including increasing investments in start-up businesses, rising adoption of farm-to-home concept for acquiring fresh produce, and standardization of animal by-products (ABPs), are anticipated to drive the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global hyperlocal services market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on nature, type and application.

Breakup by Nature:

Goods Delivery
Utility Services

Breakup by Type:

Food Ordering
Grocery Ordering
Home Utility Service
Logistic Service Providers
Others

Breakup by Application:

Individual Users
Commercial Users

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Airtasker Pty. Ltd, Blink Commerce Private Limited, Delivery Hero SE, HelloFresh SE, Instacart, Just Eat Takeaway.com N.V., Olo Inc., Swiggy, Uber Technologies Inc., UrbanClap Technologies India Pvt. Ltd. and Zomato Limited.

Key Questions Answered in This Report:
How has the global hyperlocal services market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global hyperlocal services market?
What are the key regional markets?
What is the breakup of the market based on the nature?
What is the breakup of the market based on the type?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global hyperlocal services market and who are the key players?
What is the degree of competition in the industry?