According to the latest report by IMARC Group, titled “Hyperlocal Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global hyperlocal services market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global hyperlocal services market size reached US$ 1.94 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 5.02 Billion by 2027, exhibiting a growth rate (CAGR) of 15.60% during 2022-2027.
Hyperlocal services represent the facilities that are provided within a limited geographical area. They involve the process of a courier agent picking up products from a seller and then delivering them directly to the address of the buyer. Hyperlocal services are widely used for providing drugs, personal items, food and beverages, electronic gadgets, and home utility services, such as plumbing, carpentry, laundry, electrical repair, and private tutors.
In addition, hyperlocal assist restaurants, retailers, and hotels in engaging and managing their businesses effectively. Hyperlocal services also increase operational transparency and provide effortless and efficient deliveries in minimum time.
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Market Trends
The rising proliferation of smartphones and the escalating demand for these facilities across e-commerce platforms or businesses for the fast delivery of goods are among the primary factors driving the hyperlocal services market. Besides this, the elevating requirement for these benefits, owing to the hectic schedules, work-from-home (WFH) culture, changing consumer lifestyles, and the emerging trend of urbanization, is further augmenting the market growth.
Moreover, various technological advancements in the logistics and automotive sectors through augmented reality (AR), automation, artificial intelligence (AI), data collection, and visibility to reduce costs and provide a faster and seamless delivery experience are also catalyzing the global market. Apart from this, the rising consumer preference towards online platforms that improve the convenience and offer doorstep delivery, discounts, and combo deals is acting as another significant growth-inducing factor. Furthermore, the increasing investments in start-up businesses, the growing popularity of the farm-to-home concept for acquiring fresh produce, and the standardization of animal by-products (ABPs) are expected to bolster the hyperlocal services market in the coming years.
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Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Nature:
• Goods Delivery
• Utility Services
Breakup by Type:
• Food Ordering
• Grocery Ordering
• Home Utility Service
• Logistic Service Providers
• Others
Breakup by Application:
• Individual Users
• Commercial Users
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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