Growing smartphone user base and internet accessibility is majorly driving the growth of the Hyperlocal Services Market
According to a new report published by Allied Market Research, titled, “Hyperlocal Services Market by Type, and Nature: Opportunity Analysis and Industry Forecast, 2021–2027,”The global Hyperlocal Services Market is expected to reach $ 3,634.3 billion by 2027 at a CAGR of 17.9% from 2021 to 2027.
Hyperlocal services refer to services where service provider deliver goods and utility services are ordered by consumers within limited or well-defined geographic location, from where seller delivers goods in minimum time period. Hyperlocal services includes online delivery of goods such as food, grocery, and online services including personal care and growing, house cleaning, plumbing and lawn care. These delivery services are ordered form local services providers in nearby places, which results in decrease in delivery time and cost.
Growing smartphone user base and internet accessibility is majorly driving the growth of the Hyperlocal Services Market. The 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 factors favoring the growth of the product 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 services even in remote areas are expected to drive the market.
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According to the current Hyperlocal Services Market trends, 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 $315.1 billion in 2019, and is projected to reach $1,028.2 billion by 2027, registering a CAGR of 20.1% from 2021 to 2027. 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 forecast period. For instance, Zomato, an Indian food delivery service company, acquired Indian penetration of Uber Eats for $350 million in January 2020. This acquisition deal is expected to help Zomato to cover more than 50% of market share in India.
On the basis of nature, the utility services segment was valued at $716.2 billion in 2019, and is expected to reach $1,585.50 billion by 2027, registering a CAGR of 14.9% from 2021 to 2027. Utility services include home services, logistic services, and tuition services. For instance, home moving, plumbing, lawn care, appliance repair, house cleaning, roofing, fencing and electrical are some of the home services gaining huge demand from consumer end. Growing urbanization, busy lifestyle and increasing working age population leads to increase the demand for home utility services, which in turn has triggered the growth of the hyperlocal based utility services. Furthermore, increased utility of smartphones and its user base is projected to offer lucrative opportunities for offline services providers to use online platforms to boost their business.
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On the basis of region, Europe has gained significant market share in hyperlocal service in 2019 and is expected to continue throughout the Hyperlocal Services Market forecast period. This was attributed to the presence of international brands in the region, and growing funding for the startup business. Big giants in Europe have been consistently expanding their market share by acquiring hyperlocal services business, which further adds to the growth of the Europe Hyperlocal Services Market. 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% of online orders increased in the first quarter of lockdown, which is expected to intensify the growing demand for online food ordering services.
The players in the hyperlocal servicesindustry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Delivery Hero, Just-Eat, Takeaway.com, GrubHub, Grofers, Instacart, Housekeep, Uber Technologies Inc., Handy, and AskForTask.
Key findings of the study
The Hyperlocal Services Market size was valued at $1,324.2 billion in 2019, and is estimated to reach $3,634.3 billion by 2027, growing at a CAGR of 17.9% during the forecast period.
By type, the grocery ordering segment is estimated to witness the fastest growth, registering a CAGR of 23.8% during the forecast period.
In 2019, by nature, the goods delivery segment was valued at $608.0 billion in 2019 and it accounted for 45.9% of the global Hyperlocal Services Market share.
In 2019, the U.S. was the most prominent market in North America, and is projected to reach $800.9 billion by 2027, growing at a CAGR of 12.6% during the forecast period.
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