Hyperlocal Services Market, By Service Type (Food Ordering, Grocery Ordering, Home Utility Services, and Logistics Service Providers), By End-user (Individual Users and Commercial Users), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030

Hyperlocal Services market accounted for USD 1236.76 Billion in 2020 and is estimated to be USD 5632.85 Billion by 2030 and is anticipated to register a CAGR of 16.5%.

Hyperlocal services deal with online business models that offer various facilities and products which depend on the platform of smartphones with GPS technology. The offerings include groceries from hypermarkets or superstores, food delivery from restaurants, logistic services, and home utility services such as electrical repairing, carpentry, plumbing, laundry, and personal tutors.

Impact of Covid-19 pandemic on market

The spread of coronavirus infection in countries worldwide has unexpectedly and rapidly increased from the first report of the outbreak in Wuhan, China, in December 2019. The automotive & transportation industry is amongst the most affected sector to the ongoing COVID-19 outbreak. COVID-19 is projected to have a substantial impact on the product demand and supply chain in the automotive sector. The demand for commercial vehicles is anticipated to drop with the shutdown of all non-essential services. Additionally, changes in consumer buying behavior due to uncertainty surrounding the pandemic may have serious implications on the growth of the industry in the near future. The report will account for Covid19 as a key market contributor.

Growth in adoption of smartphones featuring internet connectivity

According to IBEF, internet users in India are anticipated to grow from 493.96 million as of March 2018 to 829 million by 2021 with growing internet penetration. Growing internet penetration is projected to lead to growth in eCommerce. India’s internet economy is projected to double from US$125 billion as of April 2017 to US$ 250 billion by 2020, majorly supported by eCommerce. In addition, hyperlocal services market contributors are progressively improving search options and application support for superior consumer experience. The proliferation of improved and secured mobile payment gateways such as Android Pay, PayPal, Apple Pay, etc. has resulted in a substantial increase in consumer behavior for the application of mobile platforms for transactions. These factors are projected to provide strong industry growth prospects in the near future.

Large discounts on competitive product offering costs

The presence of a large number of local players in the global hyperlocal services market is characterized by venturing for the better business growth prospects. Besides, few participants have entered into significant private ventures providing capital investments in order to improve their presence through marketing and promotional activities for securing a large consumer base. This has resulted in increased competition among the local and global players in the industry, in order to lead frequent major discounts and competitive rating strategies for consumer retention. Moreover, increased consumer convenience followed by easy accessibility to resources and large savings on purchases is projected to present firm growth prospects for the hyperlocal services market.

However, lack of awareness among individuals concerning internet connection and respective apps in many rural areas across emerging countries such as India, China, and Brazil is a key factor projected to hamper the growth of the global hyperlocal services market over the mentioned period.

The global hyperlocal services market is segmented based on service type, end-user, and region.

On the basis of service type, the global hyperlocal services market is segmented into food ordering, grocery ordering, home utility services, and logistics service providers. On the basis of the end-users, the target market is segmented into individual users and commercial users.

Regional Insights:

In the region, the global hyperlocal services market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is projected to lead the global hyperlocal services market in terms of revenue in the coming years, due to increasing consumer preference towards adoption of e-businesses, improved Internet infrastructure, and rising adoption of internet-enabled devices across various countries in the region. The market in the Asia Pacific is projected to witness substantial growth in terms of revenue throughout the forecast period, increasing Internet penetration, due to changing lifestyle, and spending capacity across various countries in the region

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029.  For the purpose of this study, has segmented the global hyperlocal services market report based on service type, end-user, and region.

Global Hyperlocal Services Market, By Region:

• North America
  •  
    • U.S.
    • Canada
• Europe
  •  
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
• Asia Pacific
  •  
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
• Latin America
  •  
    • Brazil
    • Mexico
    • Rest of Latin America
• Middle East & Africa
  •  
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

The key players operating in the global hyperlocal services market include Delivery Hero AG, Instacart, Housekeep, Rocket Internet SE, Uber Technologies Inc., Porch, Handy, Swapbox Inc., Airtasker, and AskForTask. The target market is characterized by the presence of a large number of players acquiring small hyperlocal services market shares. This is expected to continue throughout the forecast period. Conversely, some industry participants have acquired a competitive edge over other contributors.

• Delivery Hero AG
• Instacart
• Housekeep
• Rocket Internet SE
• Uber Technologies Inc.
• Porch
• Handy
• Swapbox Inc.
• Airtasker
• AskForTask