IMARC Group, a leading market research company, has recently releases report titled “Hyperlocal Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global hyperlocal services market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Hyperlocal Services Market
IMARC Group, a leading market research company, has recently releases report titled “Hyperlocal Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global hyperlocal services market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What are Hyperlocal Services?
Hyperlocal services encompass conveniences offered within a confined geographic vicinity. This involves a courier agent collecting items from a vendor and subsequently delivering them directly to the purchaser's location. These services find extensive application in delivering medications, personal goods, culinary offerings, electronic devices, and household necessities like plumbing, carpentry, laundry, electrical repairs, and private tutoring. Furthermore, hyperlocal services aid restaurants, shops, and hotels in streamlining and overseeing their operations proficiently. They enhance operational clarity and ensure seamless, swift deliveries in minimal time.
How big is the Hyperlocal Services market?
The global hyperlocal services market size reached US$ 2.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.6 Billion by 2028, exhibiting a growth rate (CAGR) of 14.3% during 2023-2028.
What Are The Growth Prospects And Trends In The Hyperlocal Services Industry?
The hyperlocal services market is being propelled by multiple key factors. The widespread adoption of smartphones and the burgeoning demand for swift goods delivery via e-commerce platforms or businesses are driving forces behind this trend. Moreover, the increasing need for these services, attributed to busy schedules, the work-from-home (WFH) norm, evolving consumer lifestyles, and the urbanization trend, is further amplifying market growth. Additionally, the integration of advanced technologies like augmented reality (AR), automation, artificial intelligence (AI), data analytics, and enhanced visibility within the logistics and automotive sectors is reducing costs and enhancing the speed and seamlessness of deliveries, thereby boosting the global market. Furthermore, the preference for online platforms that offer doorstep delivery, discounts, and bundled deals is a significant factor driving growth. Investments in start-up ventures, the growing interest in farm-to-home models for fresh produce acquisition, and the standardization of animal by-products (ABPs) are also poised to contribute to the hyperlocal services market's expansion in the upcoming years.
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Provider:
- Banks
- Micro Finance Institute (MFI)
- NBFC (Non-Banking Financial Institutions)
- Others
Breakup by End User:
- Small Enterprises
- Micro Enterprises
- Solo Entrepreneurs and Self-Employed
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Who Are The Key Players Operating In The Industry?
The report covers the major market players including:
- Airtasker Pty. Ltd
- Blink Commerce Private Limited
- Delivery Hero SE
- HelloFresh SE, Instacart
- Just Eat Takeaway.com N.V.
- Olo Inc.
- Swiggy, Uber Technologies Inc.
- UrbanClap Technologies India Pvt. Ltd.
- and Zomato Limited.