Hyperlocal Services Market Size Will Reach US$ 4,681.3 Million by 2030, at CAGR of 15.8%: Astute Analytica

NEW DELHI, May 17, 2022 /PRNewswire/ -- It is the era of instant hyperlocal delivery services and hyperlocal service providers across the world are capitalizing on the wave of millennials who want things delivered at their doorsteps at the tap of a button. The study published by Astute Analytica foresees a tremendous growth in the revenue of the Global Hyperlocal Services Market from US$ 1,344.7 Mn in 2021 to US$ 4,681.3 Mn by 2030. The market is registering a CAGR of 15.8% over the projection period. A hyperlocal marketplace works by providing goods and services to the customers from the offline stores available within the proximity of a few kilometers. It ensures product delivery at a great speed that too from the customer's very local trusted store.

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The market is majorly driven by factors such as increasing smartphone penetration & digitalization across countries and rising adoption of urban culture & increasing working population. A mobile application works wonders for such types of business models. The rising number of smartphone users especially in countries such as the US, India, and China among others is triggering the market growth. India has the highest mobile data consumption rate at 12 GB per user a month in the world, and the country is adding as much as 25 million new smartphone users every quarter. Furthermore, digitalization process has accelerated across the world, especially after the COVID-19 pandemic and this is expected to propel market growth. Moreover, digitalization strategies by different governments such as Singapore Digital, Philippine Digital Strategy (PDS), and Digital India Policy, among others is further pushing the market growth. The world's population has gone through a process of rapid urbanization since 1950. According to the United Nations in 1950, more than two thirds (70 per cent) of people worldwide lived in rural settlements. However, in 2007, for the first time in history, the global urban population exceeded the global rural population, and since then the number of the world's city dwellers has continued to grow faster than the rural population. Towards the end of the Agenda for Sustainable Development in 2030, the share of the world's population living in urban areas is expected to reach 60%. Further, the UN estimates that Africa and Asia are urbanizing more rapidly than other regions of the world. China has the largest urban population (837 million), followed by India (461 million). In addition, the share of the working population is also increasing every year, and this is driving the market growth. However, rising competition and the problem of determining appropriate geographical location is hindering market growth.

Regional Analysis

North America Hyperlocal Services Market

North America dominates the Global Hyperlocal Services Market in 2021. The major factors driving the growth of the hyperlocal services market in North America are growing investment for startup businesses and quick adoptions for technological changes. The US is the highest shareholder country in North America hyperlocal services market. This is because US has the highest smartphone penetration in the world with 273.7 Mn smart phone users in 2021.

Europe Hyperlocal Services Market

Europe holds the second highest position in the Global Hyperlocal Services Market. Germany is the highest shareholder country in the hyperlocal services market of Europe followed by UK. Based on service type, the home utility services hold the highest market share in 2021. However, the food ordering services holds the highest CAGR over the forecast period due to rising number of food delivery service providers in Europe.

Asia Pacific Hyperlocal Services Market

Asia Pacific holds the highest CAGR in the Global Hyperlocal Services Market over the forecast period. China is the highest shareholder country in the region while India registers the highest CAGR during 2022-2030. Rising technology penetration and increasing digitization processes in countries such as China and India are propelling the growth of Asia Pacific hyperlocal services market. In terms of nature, the utility services dominate the APAC market in 2021.

Middle East & Africa Hyperlocal Services Market

Countries such as Saudi Arabia and UAE hold a significant share of the MEA hyperlocal services market. Rising urbanization and increasing working population in countries such as South Africa, UAE, and others are triggering market growth. In terms of type, the food ordering service records the highest CAGR over the projection period.

South America Hyperlocal Services Market

Brazil is the highest shareholder country in South America hyperlocal services market in 2021 and further registers the highest compound annual growth rate over the forecast period. The increasing adoption of advanced technologies in daily life is driving the Brazilian hyperlocal services market. In terms of service type, the home utility services hold the highest market share in 2021 followed by food ordering.

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Competitive Insight

The key players in the Global Hyperlocal Services Market are Berkem, International Flavors & Fragrances, Inc., Kuber Impex Ltd, Nantong Sihai Hyperlocal Services Co., Ltd., and Naturex, among others.

Recent developments in the Global Hyperlocal Services Market

• In September 2021, Uber Technologies, Inc. announced the launch of their new "The Holiday Shop" series to help customers find essentials for holidays.
• In October 2020, Just Eat Takeaway Ltd. stated that it had reached a definitive agreement with Grubhub to purchase 100% of Grubhub's shares in an all-share transaction.
• In February 2022, Grubhub Inc. announced the national launch of Grubhub Goods. They now provide diners nationwide on-demand convenience delivery from over 3,000 Grubhub Goods locations. This state-wide expansion is a result of a successful pilot in New York, where more than a dozen Grubhub goods stores were offered in conjunction with 7-Eleven in Manhattan.
• In December 2021, Delivery Hero SE ("Delivery Hero"), a global local delivery platform, has announced its expansion of Logistics-as-a-Service ("LaaS") service to over 25 markets across the world. The goal of the company is to integrate the entire ecosystem and deliver goods and services in record time, leveraging its existing logistics capabilities.

Segmentation Overview

• By Type segment of the Global Hyperlocal Services Market is sub-segmented into:
• Food Ordering
• Grocery Ordering
• Home Utility Service
• Logistic Service Providers
• Others
• By Nature, segment of the Global Hyperlocal Services Market is sub-segmented into:
• Goods Delivery
• Utility Services
• By Region segment of the Global Hyperlocal Services Market is sub-segmented into:
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of South America

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About Astute Analytica 

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SOURCE Astute Analytica