Hyperlocal Services Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

The hyperlocal marketplace model is a perfect example of how the technical advancements can amalgamate with the age-old favorite shopping methods and come up with a unique formula for success. The study on the Global Hyperlocal Services Market estimated a revenue of US$ 1,344.7 Mn in 2021 and is projected to reach US$ 4,681.3 Mn by 2030. The market is registering a CAGR of 15.8% over the projection period. A hyperlocal business is a platform to enable local offline businesses to reach out to their targeted customers ensuring product delivery within a very short time. The service ambit of a hyperlocal business could fall anywhere starting from a few meters to a few kilometers from the location of the business. A hyperlocal marketplace works by providing goods and services to the customers from the offline stores available within the proximity of a few kilometers. It ensures product delivery at a great speed that too from the customer’s very local trusted store.

The market is majorly driven by factors such as rising smartphone penetration & digitalization across countries and rising adoption of urban culture & increasing working population. A mobile application works wonders for such types of business models. Rising number of smartphone users especially in countries such as US, India, and China among others is triggering the market growth. India has the highest mobile data consumption rate at 12 GB per user a month in the world, and the country is adding as much as 25 million new smartphone users every quarter. Furthermore, digitalization process has accelerated across the world, especially after the COVID-19 pandemic and this is expected to propel the market growth. Moreover, digitalization strategies by different governments such as Singapore Digital, Philippine Digital Strategy (PDS), and Digital India Policy, among others is further pushing the market growth. The world’s population has gone through a process of rapid urbanization since 1950. According to the United Nations in 1950, more than two thirds (70 per cent) of people worldwide lived in rural settlements. However, in 2007, for the first time in history, the global urban population exceeded the global rural population, and since then the number of the world’s city dwellers has continued to grow faster than the rural population. Towards the end of the Agenda for Sustainable Development in 2030, the share of the world’s population living in urban areas is expected to reach 60%. Further, the UN estimates that Africa and Asia are urbanizing more rapidly than other regions of the world. China has the largest urban population (837 million), followed by India (461 million). In addition, the share of the working population is also increasing every year, and this is driving the market growth. However, increasing competition and the problem of determining appropriate geographical location is hindering market growth. 

Key Insights of the Report: 

• The latest study published by Astute Analytica analyzes the Global Hyperlocal Services Market for the study period of 2017-2030; where historical years are 2017-2020, base year is 2021 and forecast period is 2022-2030.
• The research report offers detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 13 chapters distributed across 147 pages with 22 list of tables and 77 list of figures.
• The market is segmented based on type, nature, and region.
• The market estimates are presented in terms of value (US$ Mn).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• A detailed value chain analysis of the industry was conducted. It includes technology developers, service integrators, distributors, and end-users.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Global Hyperlocal Services Market Report:

• Based on type, the home utility services hold the highest market share in 2021 and is estimated to continue its dominance over the projection period. Home utility services are gaining a significant share due to the growing popularity of these services among urban population. For instance, players such as Urban Company offer their services via their own network of service providers for home maintenance related issues like carpenter work, plumber work etc. However, the food ordering segment is registering the highest CAGR over the forecast period.
• In terms of nature, the utility services dominate the Global Hyperlocal Services Market in 2021 and is further registering the highest CAGR over the forecast period. House care and personal care services have taken on another dimension altogether ever since the popularity of hyperlocal e-commerce platforms rose. Covid-19 pandemic has further escalated the demand for utility services as people started shifting their preferences to these services.
• North America dominates the Global Hyperlocal Services Market in 2021. The major factors driving the growth of the hyperlocal services market in North America are growing investment for startup businesses and quick adoptions for technological changes. The US has the highest smartphone penetration in the world with 273.7 Mn smart phone users in 2021. Further, Asia pacific records the highest CAGR over the forecast period due to rising technology penetration and increasing digitization processes in countries such as China and India.

Competitive Dashboard

The key players in the Global Hyperlocal Services Market are Berkem, International Flavors & Fragrances, Inc., Kuber Impex Ltd, Nantong Sihai Hyperlocal Services Co., Ltd., and Naturex among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions to have a grip on the emerging market.

Segmentation Overview

By Type segment of the Global Hyperlocal Services Market is sub-segmented into:

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

By Nature, segment of the Global Hyperlocal Services Market is sub-segmented into:

• Goods Delivery
• Utility Services

By Region segment of the Global Hyperlocal Services Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Western Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Western Europe
  • Eastern Europe
    • Poland
    • Russia
    • Rest of Eastern Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America