Hyperlocal Services Market Current Size & Estimations, Detailed Segmentation, Top Developments, 2020-2030
Allied Market Research published a new report, titled, "Hyperlocal Services Market by Nature (Goods Delivery, Utility Services), by Type (Food Ordering, Grocery Ordering, Home Utility Service, Logistic Service Providers, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
The Hyperlocal Services Market Size was valued at $1,714.60 billion in 2020, and is estimated to reach $5,188.60 billion by 2030, growing at a CAGR of 14.9% from 2021 to 2030.
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Growing smartphone user base and internet accessibility is majorly driving the growth of the Hyperlocal Services Market. The Hyperlocal Services Market is also being driven by changing lifestyle and willingness to adopt with technological changes. Furthermore, consumers are more including toward online purchasing owing to benefits associated such as time saving, discounts, and number of options to choose. Collectively, all these Hyperlocal Services Market Trends are favoring the growth of the market. The market is highly unorganized with numerous small localized players, which restrains the market.
In addition, growth in consumer preference for premium services and brands, and penetration of the hyperlocal service even in remote areas are expected to drive the market.
According to the analysis of Hyperlocal Services Market Analysis, the market is segmented on the basis of type, nature, and region. By type, it is categorized into food ordering, grocery ordering, home utility service, logistic service providers, others. By nature, it is divided into goods delivery and utility services. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Russia, Italy, Spain, Rest Of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
On the basis of type, the food ordering segment was valued at $349.7 billion in 2020, and is projected to reach $1,178.2 billion by 2030, registering a CAGR of 16.1% from 2021 to 2030. This is majorly attributed to extensive promotion of the online food delivery platforms through discounts, referring awards, and TV and social media advertisements. Many companies are expanding their market share by applying various strategies such as merger, acquisitions, and partnership, which likely to boost the growth of the online food delivery market during the Hyperlocal Services Market Forecast period.
Furthermore, increased utility of smartphones and its user base is projected to offer lucrative Hyperlocal Services Market Opportunities for offline services providers to use online platforms to boost their business. On the basis of region, Europe has gained significant market share in hyperlocal service in 2020 and is expected to continue its market holding during the forecast period. This was attributed to the presence of international brands in the region, and growing funding for the start-up business. Big giants in Europe have been consistently expanding their market share by acquiring hyperlocal service business, which further adds to the growth of the Europe Hyperlocal Services Market.
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In addition, Lockdown in Europe has been creating more demand for food and grocery delivery, which is expected to fuel the growth of the market. For instance, according to German based food delivery company, Delivery Hero SE, 92% online orders increased in the first quarter of lockdown, which is expected to intensify the growing demand for online food ordering services.
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