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:
Key Takeaways from the Global Hyperlocal Services Market Report:
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:
By Nature, segment of the Global Hyperlocal Services Market is sub-segmented into:
By Region segment of the Global Hyperlocal Services Market is sub-segmented into:
Market Size Value in 2021 | US$ 1,344.7 Million |
Expected Revenue in 2030 | US$ 4,681.3 Mn |
Historic Data | 2017-2020 |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Unit | Value (USD Mn) |
CAGR | 15.8% |
Segments covered | By Type, By Nature, By Region |
Key Companies | Berkem, International Flavors & Fragrances, Inc., Kuber Impex Ltd, Nantong Sihai Hyperlocal Services Co., Ltd., and Naturex and other prominent players |
Customization Scope | Get your customized report as per your preference. Ask for customization |
Hyperlocal services ensure product delivery at a great speed that too from the customer’s very local trusted store.
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.
The Global Hyperlocal Service Market was valued at US$ 1,344.7 Mn in 2021.
The Global Hyperlocal Service Market is forecasted to expand at a CAGR of 15.8% over the projection period.
The market is majorly driven by factors such as increasing smartphone penetration & digitalization across countries and rising adoption of urban culture & increasing working population.
Rising competition and the problem of determining appropriate geographical location is hindering market growth.
Increasing small & medium business is providing an emerging opportunity for market expansion.
Home utility services hold the highest share in the Global Hyperlocal Service Market in 2021.
North America dominates the Global Hyperlocal Service Market in 2021.
The Asia Pacific region holds the highest CAGR over the forecast period.
The key players in the Global Hyperlocal Services Market are Berkem, International Flavors & Fragrances, Inc., Kuber Impex Ltd., and Naturex, among others.