Hyperlocal Services Market was valued at $1.435 billion in 2021 and is anticipated to reach $4.635 billion by 2026, registering a CAGR of 19.6% from 2021 to 2026.
Hyperlocal services companies provide public goods and services to consumers, deliveries of goods, including food and beverages, drugs, personal and other items, and utilities like plumbing, house cleaning, lawn care, electrical, and drainage. All these goods and services are provided by a network of children from companies or individuals in local areas. Hyperlocal service platforms help restaurants, hotels, fast food, fruit or vegetable, seafood, meat, and other retailers to engage and manage their businesses effectively without worrying about delivery.
Global market for hyperlocal services is experiencing substantial growth and is anticipated to witness strong growth during the forecast period. Internet accessibility is driving the growth of hyperlocal services around the world due to the increasing use of smartphones.
Recent Developments and Trends
On July 28, 2021, Flipkart launched a hyperlocal service in the Bangalore suburbs, four years after the e-commerce group abruptly ended its previous foray into the category.
Hyperlocal Services Market Drivers
The main factors driving the global hyperlocal services market are the nuances of consumer purchase. Hyperlocal service providers are beneficial to both consumers and local retail stores by providing the ease of online shopping and the trust of local retail stores. In addition, due to better customer reach and potential opportunities in an untapped market, hyperlocal online service providers are stepping up their operations to increase their customer base and create more job opportunities for the markets local labour force.
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Home utility services include appliance repair, carpet cleaning, home improvement, home cleaning, grooming, and lawn maintenance. House moving services are gaining popularity among the urban population due to lack of time and domestic help, and the associated benefits such as one-click bookable services, a better pay and service getaway. It is traceable, adding to the growth of the global hyperlocal services market. The delivery of goods includes food, groceries, furniture and medication. The growth of smartphone users and the accessibility of online services have driven the growth of the global hyperlocal services market through the freight delivery segment. Additionally, people increasingly prefer online platforms for making purchases due to the associated benefits including door-to-door delivery, convenience, discounts, bundled deals, and profitability. Innovations and improvisation in delivery services are expected to drive the growth of the global hyperlocal services market during the outlook period.
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Restraints
In many rural areas of developing countries such as India, China and Brazil, people are unaware of the Internet connection and applications. Therefore, they do not access these portals or online applications. Manufacturers and governments in these countries are taking initiatives to develop and provide free Internet connections. Therefore, the hyperlocal online services market is expected to grow steadily in rural areas. The impact of this restriction has been high lately but is expected to be low over the forecast period.
Hyperlocal Services Market Segmentation
Based on the type, it is segmented into food orders, grocery orders, household utilities, logistics service providers, and others.
The household utilities segment accounted for the maximum global market share in 2021 and is expected to continue through the hyperlocal services market in developed countries including the United States, Japan, Germany and Russia. This is mainly attributed to the busy schedule, innovation in services, the improvement of mobile technologies, advances in connectivity and the increase in the urbanized population.
Based on nature, the global market is divided into goods delivery and utility services. Of these, the goods delivery segment was valued at $ 608.0 billion in 2019 and is expected to reach $2,048.8 billion by 2027, with a CAGR of 20.7%. The delivery of goods includes food, groceries, furniture and medication or medication. The growth of smartphone users increased significantly, and the easy accessibility of online services have driven the growth of the hyperlocal services market through the goods delivery segment.
Hyperlocal Services Regional Analysis
Geographically, the global hyperlocal services market is segmented into
- North America
- Europe
- Asia-Pacific
- Middle East and Africa
- Latin America
The North American market had the dominant share in 2021 and is expected to maintain its position throughout the foreseen period. The Asia Pacific (APAC) Hyperlocal Services Market is expected to grow at the highest CAGR over the estimated period of 2021-2026. The increasing adoption of advanced technologies in daily life is the main driver in North America and is expected to drive the overall growth of the hyperlocal services market in the coming years. Also, in Europe and Asia Pacific, many consumers depend on online services such as grocery shopping, transportation reservation, food ordering, etc. The market in the Asia-Pacific region is expected to experience the highest growth due to economic growth in nations like China and India. The Middle East and Africa region has shown extraordinary growth in the hyperlocal services market, followed by Latin America in recent years.
Key Players:
Some of the players in the global hyperlocal services market include Delivery Hero AG, Instacart, Uber Technologies, Rocket Internet SE, Ibibogroup (redBus, goibibo, and ryde), Airtasker, ANI Technologies, AskForTask, Laurel & Wolf, PriceGrabber.com, Swiggy, and Taskbob.
Impact of Covid-19 on Hyperlocal Services market
The coronavirus pandemic has presented myriad opportunities for innovation and improvisation for the logistics industry. One such opportunity was presented by the increase in hyperlocal deliveries. They have been a blessing in disguise for logistics players, aggregators, and customers. Consumer behaviour has changed dramatically due to the wrath of the pandemic. Now they want everything easily and close without too much adventure. Consumers have always preferred to shop first at their local pet stores. The COVID-19 has completely changed markets and the way businesses operate. In a matter of months, the entire retail paradigm has shifted from mega malls and e-commerce to hyper-local economic units. As the economy sank during the shutdown, businesses began to rely on locally available products or resources to meet demand. As a result, everyone from consumers to businesses wants to adopt hyperlocal channels to survive. One example is Zomato and Swiggy, who have moved into grocery delivery to meet consumer demands alongside nearby local stores in India.
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