Yahoo Finance The Global Hyperlocal Service Market size is expected to reach $3730 billion by 2028, rising at a market growth of 12.3% CAGR during the forecast period
Hyperlocal marketplaces and their accompanying smartphone apps are becoming increasingly popular. Because of the intriguing premise that hyperlocals are built on and the viability of their future prospects, it should come as no surprise if large e-commerce marketplaces seek to acquire or invest in them.
New York, June 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Hyperlocal Service Market Size, Share & Industry Trends Analysis Report By Nature, By Type, By Regional Outlook and Forecast, 2022 – 2028" - https://www.reportlinker.com/p06289258/?utm_source=GNW
In smaller locations where e-commerce markets have yet to establish themselves, hyperlocal businesses have a clear edge. As a result, hyperlocal marketplaces appear to have a bright future ahead of them.
Smartphone proliferation, urbanisation, changing consumer preferences, and improving lifestyles have been pushing the growth market and will continue to do so during the forecast period. This is mostly due to rising e-commerce funding and the growing trend of commercial digitization. Furthermore, several e-commerce behemoths are adopting and purchasing hyperlocal businesses in order to reduce transportation costs and shorten delivery times.
Smartphone proliferation has mostly boosted demand for hyperlocal services due to their easy internet connectivity. The expansion of the online food and grocery ordering business, which in turn fuels the growth of the hyperlocal services market, is aided by a busy lifestyle and an increase in the number of women working age. Hyperlocal services are increasingly being adopted and acquired by e-commerce and mobile commerce platforms in order to cut delivery costs and time. The expansion of the e-commerce industry has resulted in a large demand for hyperlocal services.
During the forecast period, hyperlocal utility services are supposed to gain significant traction in developing countries, owing to rising disposable income, a large working-age population, and a strong desire for comfort, all of which drive demand for a variety of utility services such as home services, logistics, and personal tuitions. Cleaning, remoulding, roofing, electrical, lawn care, personal care, and appliance repair are examples of home utility services. Due to a lack of time and domestic help, these home utility services are in high demand in developed nations, but demand in emerging countries is expected to expand dramatically during the projected period.
COVID-19 Impact
The outbreak of the COVID-19 pandemic has disrupted the functioning of businesses across different domains. Because the world was attacked by a pandemic wave at the start of the year, forcing people to stay inside their homes, brick and mortar establishments were unable to meet the need for day-to-day essentials. Customers’ only option was to turn to online stores, which raised the prevalence of the on-demand delivery model significantly. The pandemic prompted widespread panic among consumers, prompting them to stock up on critical commodities via e-commerce platforms. This leads to the conclusion that COVID-19 resulted in a significant shift in customer behaviour because it made internet shopping their only option for meeting daily necessities, and they appeared to become familiar with it.
Market Growth Factors
Reduction in delivery time of products and services
Consumer demand for superior services, particularly a lightning-fast and frictionless delivery experience, has been accelerated by the pandemic. This has sparked technological innovation, particularly in the logistics and automobile sectors. Technology improvements in automation, data collecting, augmented reality, visibility, and AI have become the need of the hour, accelerated by changes in customer and supplier needs, as everyone is now striving to expedite the procedure and number of deliveries while reducing costs. Companies have become more accountable, responsive, and agile as a result of the increased pace and expansion as businesses compete to remain relevant and lead the market.
Introduction of product standardization
Standardization of products is not only cost-effective, but it also gives customers a worry-free shopping experience. Product standardization ensures that a product meets a pre-determined quality standard, and the application of product standardization to the dairy, egg, and meat industries, specifically for Q-commerce, has made it easier for businesses to use Q-commerce portals. It also made it easier for people to order perishable goods over the internet. In a post-crisis world, logistics is about innovation and adaptation, and the logistics sector has altered dramatically in the last several years.
Market Restraining Factors
Hyperlocal services make management inefficient
Orders are often delivered by the local vendor’s workforce or a delivery partner contracted by the eCommerce business in hyperlocal delivery. If the stores have several visitors or not enough employees to handle deliveries, delivery operations may be hampered. The only way to ensure the quickest delivery is to be able to locate the clients and determine the shortest feasible route to their location. However, delivery timeframes can be messed up due to a lack of innovative technology and adequate tracking procedures.
Nature Outlook
Based on Nature, the market is segmented into Utility Services and Goods Delivery. The goods delivery segment procured a significant revenue share in the hyperlocal services market in 2021. This segment includes the delivery of numerous daily use products like groceries, medicines and others. People are also increasingly preferring online platforms for purchasing because of the perks associated with them, such as door-to-door delivery, convenience, discounts, combo deals, and cost effectiveness. During the forecast period, the hyperlocal service market is likely to develop due to the advancements and innovation in delivery services introduced in the market.
Type Outlook
Based on Type, the market is segmented into Home Utility Service, Food Ordering, Grocery Ordering, Logistic Service Providers, and Others. Home Utility Service segment garnered the maximum revenue share in the hyperlocal services market in 2021. In developed countries like the United States, Japan, Germany, and Russia, home utility services have acquired significant appeal. This is mostly due to a rigorous schedule, service innovation, enhanced wireless technology, more connectivity, and an urbanized population. Appliance repair, personal grooming, home remodeling, carpet cleaning, house cleaning, and lawn care are all examples of home utility services. Home moving services have grown in popularity among urban residents due to a shortage of time and domestic help, as well as features such as one-click booking, improved payment getaway, and service tracking, all of which contribute to the growth of the segment.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the leading region in the hyperlocal services market with the highest revenue share in 2021. Growing investment for startup businesses and rapid adoption of technical advancements are two significant factors driving the market’s growth in North America. During the lockdown, restaurant digital orders and grocery ordering grew dramatically in the region, as individuals were advised to stay at home, creating a big demand for hyperlocal services. In addition, rising urbanization, a large working-age population, and a dearth of domestic help have all aided market expansion over the forecast period.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Delivery Hero SE, Uber Technologies, Inc., Zomato Media Pvt. Ltd., AskforTask, Inc., Instacart, Just Eat Takeaway.com, Angi Inc., UrbanClap Technologies India Pvt. Ltd., Blinkit (Grofers International Pte Ltd.), and Housekeep Limited
Scope of the Study
Market Segments covered in the Report:
By Nature
• Utility Services
• Goods Delivery
By Type
• Home Utility Service
• Food Ordering
• Grocery Ordering
• Logistic Service Providers
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Delivery Hero SE
• Uber Technologies, Inc.
• Zomato Media Pvt. Ltd.
• AskforTask, Inc.
• Instacart
• Just Eat Takeaway.com
• Angi Inc.
• UrbanClap Technologies India Pvt. Ltd.
• Blinkit (Grofers International Pte Ltd.)
• Housekeep Limited
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06289258/?utm_source=GNW
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