According to the study undertaken by Astute Analytica, the Global Hyperlocal Services Market is projected to make a forward leap in its revenue from US$ 1,344.7 Mn in 2021 to US$ 4,681.3 Mn by 2030. The market is registering a CAGR of 15.8% over the projection period. The growing impetus of the market is attributed to factors such as rising smartphone penetration & digitalization across countries and rising adoption of urban culture & increasing working population.
Market Snapshot:
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. Thus, 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.
Market Dynamics
Drivers:
The 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 many as 25 million new smartphone users every quarter. Furthermore, the digitalization process has accelerated across the world, especially after the COVID-19 pandemic and this is expected to propel 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 percent) 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.
Restraints:
The hyperlocal services market is a competitive one. Since most sellers are opting for the services, the hyperlocal service providers must have a good reach and a service that gives them access to all these delivery partners. Further, hyperlocal sellers usually tend to hire their fleet and this can be challenging as the resources spent on managing this workforce can be huge.
Segmentation Analysis:
Home utility services dominate the Global Hyperlocal Services Market in 2021
Based on type, the market is segmented into food ordering, grocery ordering
home utility service, logistic service providers and others. Among these, 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 is gaining 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.
Utility services dominate the market based on nature of services
In terms of nature, the market is bifurcated into goods delivery and utility services. 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 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 occupies the highest share in the Global Hyperlocal ServicesMarket in 2021
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 Edge:
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:
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