Global Hyperlocal Services Market Share Continues to Surge, Will Reach USD 5,704.7 Million By 2030, at 13.6% CAGR: Polaris Market Research

NEW YORK, March 20, 2023 /PRNewswire/ --  A latest research report [115+] pages with 360-Degree visibility, titled "Hyperlocal Services Market Share, Size, Trends, Industry Analysis Report, By Nature (Goods Delivery, Utility Services); By Type; By Region; Segment Forecast, 2022-2030" published by Polaris Market Research in its research repository.

"According to research report, the global hyperlocal services market size/share was valued at USD 1,810.6 Million in 2021 and is expected to reach USD 5,704.7 Million By 2030, growing at a CAGR of 13.6% during the forecast period."

What is Hyperlocal Services? How Big is Hyperlocal Services Market Size/Share?

• Report Overview

Hyperlocal services refer to those companies that provide delivery of goods and utility services to consumers, goods delivery including groceries, food, medicines, personal items, and others, and utility services include plumbing, home cleaning, lawn care, electrical, and drainage. The rapidly rising demand for the hyperlocal services market can be attributed to the fact that this model offers both convenient and efficient delivery simultaneously to the seller and the buyer.

As per GSM Association Intelligence Report in October 2016, around 44% of total smartphone users had subscribed to internet connectivity which is projected to account for around 60% by 2020. Moreover, market participants are increasingly enhancing search options and application support for a better consumer experience. The proliferation of improved and secured mobile payment gateways such as Android Pay, Apple Pay, Pay Pal, and so on has led to a significant increase in consumer confidence in the application of mobile platforms for transactions.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Key data covered in the market report

• The report provides a quantitative analysis of market segments, current trends, estimation, and dynamics of the market.
• Market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers, which will enable stakeholders to make profit-oriented business decisions.
• An in-depth analysis of market segmentation assists in determining prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the market.

Some of the Top Market Players Are:

• Just Eat
• Takeaway.Com
• Uber Technologies
• Angi Inc
• Urban Company
• Zomato Limited
• Delivery Hero
• Grofers India
• Housekeep Ltd
• Instacart

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Key factors driving market growth

• Rapid changes in disposable income and customer taste push the market

The demand for various hyperlocal services such as meal delivery, shopping order, home utility services, furniture delivery, and drug delivery has increased due to changes in consumer eating habits and busy lifestyles. The hyperlocal services market size is expanding due to rapid changes in enabling factors such as disposable income, customer tastes, the population of working women, and digitization. Additionally, an upsurge in demand for consumer goods leads to an increase in the number of supermarkets, hypermarkets, and retail shops, which in turn boosts the market's growth.

A significant driver in expanding the market is improving economic conditions. A gain in consumer buying power due to an increase in per capita disposable income also leads to an improvement in lifestyle which fuels the expansion of the industry. The hyperlocal services market sales are soaring as disposable income in developing countries of Asia, such as India and China, has witnessed significant growth in the past few years, thus increasing the expenditure on online shopping, which drives the development of the global market.

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Recent trends influencing the market

• The rapid proliferation of smartphones drives the market

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. Additionally, increasing investment in e-commerce businesses is boosting the adoption of hyperlocal services, which in turn is acting as another growth-inducing factor.

Recent technological advancements in the logistics and automotive sector through the adoption of automation, augmented reality, artificial intelligence, data collection, and visibility to reduce costs and provide a faster and seamless delivery experience create a positive outlook for the market.

Segmentation assessment

• The home utility service segment dominated the market

Based on type, the home utility service segment dominated the market. This market is predicted to grow rapidly in industrialized nations such as India, Japan, Russia, and the US. Hyperlocal services market demand is on the rise due to tight schedules, service innovation, enhanced mobile technology, connection advancements, and growth in urbanization. Equipment maintenance, cleaning services, home remodeling, household chores, self-care, and lawn maintenance are examples of home utility services.

• The utility services segment retained dominance over the future

Based on nature, the utility services segment is to retain its dominance in the future. Hyperlocal services market trends include the increasing number of mobile phone users, and the accessibility of online services has fuelled market expansion in the product delivery category. Additionally, individuals increasingly prefer online retailers due to the perks connected with them, such as door-to-door distribution and cost-effectiveness.

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Hyperlocal Services Market: Report Scope

Geographic Overview

• The rapid acceptance of technology improvement to propel the North American market

North America held the largest hyperlocal services market share due to increased expenditure on new businesses and rapid acceptance of technology improvement. During the lockdown, restaurant online meals and grocery shopping saw a remarkable increase in the vicinity as individuals were advised to remain home, creating a great need for location-based services.

Browse the Detail Report "Hyperlocal Services Market Share, Size, Trends, Industry Analysis Report, By Nature (Goods Delivery, Utility Services); By Type; By Region; Segment Forecast, 2022-2030" with in-depth TOC:  https://www.polarismarketresearch.com/industry-analysis/hyperlocal-services-market       

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Recent Developments

• In 2022, Zomato will lend USD 150 million to Grofers India and acquire a share in Mukunda Foods. Zomato also announced that it would buy a 16.7% stake in the company's share capital.
• In 2022, according to regulatory documents obtained from Tofler, it acquired USD 32 Mn from Temasek, & Lightrock India, for a valuation of around USD 1.3 billion.

Polaris market research has segmented the hyperlocal services market report based on nature, type, and region:

By Nature Outlook

• Goods Delivery
• Utility Services

By Type Outlook

• Food Ordering
• Grocery Ordering
• Home Utility Service
• Logistic Service Providers
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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