Market Size –
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.
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Scope Of Hyperlocal Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
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.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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
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Regional Insights –
North America was the largest region in the hyperlocal services market share in 2023. The regions covered in the hyperlocal services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Hyperlocal Services Market Report Structure
3. Hyperlocal Services Market Trends And Strategies
4. Hyperlocal Services Market – Macro Economic Scenario
5. Hyperlocal Services Market Size And Growth
…..
27. Hyperlocal Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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