Global Hyperlocal Services Market 2023-2030

Global Hyperlocal Services Market 2023-2030

Global Hyperlocal Services Market Size, Share & Trends Analysis Report by Type ( Grocery Ordering, Home Utility Service, and Logistic Service Providers, Pharmaceuticals, Pet Food, and Medicines, Clothing, and Accessories, and Others, and by Nature (Goods Delivery, and Utility Services )Forecast Period (2023-2030)

The global hyperlocal service market is anticipated to grow at a considerable CAGR of 19.6% during the forecast period (2023-2030). The growth of the market is attributed to factors such as the rapid expansion of smartphones. More and more individuals can now access hyperlocal services owing to the widespread use of smartphones, Due to their simple internet connectivity, they are in high demand. That is causing the market to grow significantly such as everyday usage of smartphones for billing, transfers of funds, online food purchasing, and online medical purchasing. For Instance, in March 2023, the Zomato-owned online grocery platform Blinkit aims to enter the hyperlocal services market in India. On its platform, the company is going to offer plumbing, AC repair, and electrician services.

Segmental Outlook

The global hyperlocal service market is segmented based on its type, nature. Based on its type, the market is segmented into grocery ordering, home utility service, and logistic service providers, pharmaceuticals, pet food, and medicines, clothing, and accessories, and others. Based on the nature, the market is segmented into goods delivery, and utility services. Among the nature, utility services segment is projected to exhibit the highest growth, owing to the growth of smartphones due to reducing the delivery cost and time arising in the hyperlocal service market.

The logistic Service Providers Segment Holds a Major Market Share in the Global hyperlocal service Market

Among the type segment, the logistic service providers sub-segment is anticipated to register significant growth for the forecast period. The growth of the logistic service providers sub-segment is expected to experience significant growth globally, owing to the demand for e-commerce. The transportation and logistic industry is currently undergoing immense change. With the increasing rate of e-commerce industry, this market is growing significantly. For Instance, in June 2022, AAGYO is a hyperlocal delivery company that offers e-commerce, grocery, and transport services. It has concentrated on Bharat and currently operates across three small towns in Uttarakhand hyperlocal delivery is one of the latest developments in the logistics market. The techniques of delivering goods and services to the customer's location in a short duration of time, usually within hour, this has been referred to as a hyperlocal service. The utilization of a network of adjoining couriers, that will deliver the element fast and that will deliver the items fast and proficiently, allows this probability. The demand for hyperlocal service rises, it is modifying the logistics industry. The logistics industry has been transformed in three different ways by hyperlocal delivery: It offers a changing the way organizations operate their operations, and It also changes the way individuals buying perception.

Regional Outlooks

The global hyperlocal service market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among these, the Europe region is anticipated to grow at a significant rate. The growth is attributed owing to the European Union (EU) Information and Communication Technology (ICT) sector has driven the growth of the Europe Hyperlocal Services market. Owing to the highest internet usage rates and a rise in the popularity of smartphones in Europe, organizations are being urged to make use of hyperlocal services in addition to providing better services.

Global Hyperlocal Services Market Growth, by Region 2023-2030

Source: OMR Analysis

The Asia-Pacific Region to Dominate the Hyperlocal Services Market

The Asia-Pacific region is expected to dominates the hyperlocal services market due to the high adoption rate of on-demand services. Consumers in Asia have grown accustomed to their neighborhood stores, sometimes referred to as mom-and-pop stores. For instance, 96% of business in India still takes place there, primarily because of problems with trust. several small and big tech companies have made significant investments in hyperlocal commerce, a form of e-commerce that combines offline and online activities and enable deliveries to be performed instantly instead of over a period of several days. The combined use of physical and digital experiences has become increasingly common, especially in major countries like China and India. Phygital, a term that refers to the mixing of physical and digital places in marketing ecosystems, is also increasing in popularity. It redefines the connection between the consumer and the brand.

Market Players Outlook

The major companies serving the global hyperlocal service market include Airtasker Pty. Ltd, Angi Inc, Askfortask Inc, Blink Commerce Pvt, Door dash Inc, and others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For Instance, in April 2023, Platform for delivering food online For its quick commerce grocery service, Swiggy partnered with professional networking and jobs company apna to create 10,000 hyperlocal opportunities.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global hyperlocal service market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.