The Hyperlocal Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hyperlocal Services , 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.
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.
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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
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.
The hyperlocal services market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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