Hyperlocal Services Market Accelerates and is Expected to Reach US$4.9 Tn by 2030, Fairfield Market Research Estimates
With the Proliferation of Smartphones and the Internet & High Prevalence of Digitalization and Smartphone Usage, the Global Hyperlocal Services Market is Expected to Witness Significant Growth Securing a CAGR of 14.8% from 2023 to 2033
London, March 27, 2024 (GLOBE NEWSWIRE) -- Global *hyperlocal services market* is undergoing a considerable surge, predicted to reach a valuation of *US$4.9 Tn in 2030*. This growth is marked by a healthy *CAGR of 14.8%* between *2023 and 2033* indicates a recently published report by *Fairfield Market Research*There is a growing demand for convenience and efficiency among consumers, especially in urban areas where people have busy lifestyles and limited time for tasks like shopping or home maintenance. Hyperlocal services cater to this demand by providing on-demand access to goods and services with quick delivery times and minimal effort required from the consumer.
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*REPORT SCOPE*
Report Attributes Details
Base Year 2022
Forecast Year 2023 – 2030
Market Size in 2022 US$1.8 Tn
Estimated Market Size in 2030 US$4.9 Tn
CAGR 14.8%
Growth Drivers · Increasing Demand for Convenience
· Changing Consumer Behaviour
· Integration of AI and Machine Learning
· Strategic Initiatives by Industry Players
Segmentation · By Component (Food Ordering, Grocery Ordering, Home Utility Services, Logistics Services)
· By Service Type (Delivery Service, Utility Service)
Regional Coverage · North America (US, Canada)
· Europe (Germany, UK, France, Italy, Turkey, Russia, Rest of Europe)
· Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
· Latin America (Brazil, Mexico, Rest of Latin America)
· Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa)
The main factor driving the hyperlocal service market's expansion is the rise in smartphone adoption. This is related to the increased reliance on smartphones for everyday tasks and necessities like paying bills, transferring money, and buying tickets for movies and buses, among other services.
Digital platforms and mobile apps play a crucial role in facilitating transactions between consumers and service providers in the hyperlocal services market. These platforms provide user-friendly interfaces for consumers to browse available services, place orders, track deliveries, and make payments.
“The hyperlocal services market is expanding beyond traditional offerings like food delivery and transportation to include a broader range of services such as home maintenance, healthcare, beauty, and wellness. This expansion creates new opportunities for service providers and enhances convenience for consumers,” says the analyst.
With growing awareness of environmental sustainability, hyperlocal service providers are adopting eco-friendly practices such as electric vehicle fleets, sustainable packaging, and waste reduction initiatives. These initiatives appeal to environmentally conscious consumers and contribute to cost savings and brand reputation.
*For More Industry Insights Read: **https://www.fairfieldmarketresearch.com/report/hyperlocal-services-market*
*Key Takeaways*
· The home utility services category dominated the industry in 2023
· The utility service segment is anticipated to dominate.
· The market for hyperlocal services is expanding in Asia Pacific.
· North America is anticipated to account for the largest share of the global hyperlocal services market.
*Insights into Segmentation Analysis*
*Utility Services Continue to Surge Ahead*
· The utility service category dominated the industry. Transportation, lodging, and education are examples of utility services. For example, home services in high consumer demand are electrical, plumbing, mechanical repairs, house cleaning, landscaping, roofing, and fencing.
· The delivery service category is anticipated to grow substantially throughout the projected period. Various goods can be delivered, including groceries, furniture, food, and medications or prescriptions.
· The proliferation of smartphones and the accessibility of online services have propelled market expansion in the delivery segment.
· The market for hyperlocal services is anticipated to grow during the forecast period due to advancements and service delivery improvisation.
*Home Utility Services Category Continues to Dominate*
· The home utility services segment dominated the market in 2023. Home utility services market growth is likely to be boosted by innovations in offering home services and user-friendly experiences.
· The increasing popularity of smartphones encourages companies to use digital media marketing to increase visibility and sales. To promote their business, vendors send clients push notifications and emails with information about new services and deals.
· Attributing to social media, customers are becoming aware of new home utility services. Because of the rising e-commerce and m-commerce platforms, home utility services are gaining substantial popularity and developing faster.
· The growing number of women working in the population and changing lifestyle patterns are significant factors promoting the rise of home utility services.
*Key Report Highlights*
· The main factor driving the hyperlocal service market's expansion is the rise in smartphone adoption.
· The hyperlocal services market has seen significant growth and evolution in recent years, driven by technological advancements, and changing consumer behaviour.
· Hyperlocal service platforms are critical in linking local businesses with clients in their immediate region.
*Insights into Regional Analysis*
*North America Remains the Largest Revenue Contributing Region *
· The growing investments for startups are anticipated to dominate in North America region.
· Growing funding for new ventures and quick acceptance of technology innovations are two key elements propelling the hyperlocal services market's expansion in North America.
· The hyperlocal services market has experienced growth due to increasing urbanisation, a high working-age population, and a shortage of domestic assistance over the projection period.
*Asia Pacific Expected to Record the Significant Growth in Sales *
· Key developing countries with a strong consumer base dominate the region, driving expansion in the Asia Pacific hyperlocal services market.
· The working-age population, rising disposable income, and the widespread use of cell phones have all contributed to the hyperlocal service market's expansion.
· Because of the increased investment in startups and the government's strategic support for the national agenda, it is anticipated that it will continue growing during the projected period. For instance, to grow its business in 2019, UrbanClap, a platform for independent contractors in the UAE and India, raised an additional $75,000 in capital.
*Key Companies Profiled in the Global Hyperlocal Services Market*
· AskforTask Inc
· Just East Takeaway N.V.
· Uber Technologies Inc
· Housekeep Limited
· TInyOwl Technology Pvt Ltd.
· Swiggy (Bundl Technologies Pvt. Ltd.)
· GrubHub
· Instacart
· Delivery Hero
· Zomato Ltd.
· Delivery Club
*Global Hyperlocal Services Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Component Coverage, By service Type Coverage, By Geographical Coverage, By Leading Companies, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa): **https://www.fairfieldmarketresearch.com/report/hyperlocal-services-market*
*About Us*
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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