According to Hyperlocal Services Market Analysis, the market is segmented on the basis of type, nature and region.
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, USA, October 11, 2022 /EINPresswire.com/ — Allied Market Research has released a new report titled “The Hyperlocal services market The size was valued at $1,714.60 billion in 2020 and is projected to reach $5,188.60 billion by 2030, growing at a CAGR of 14.9% from 2021 to 2030.” The report offers an in-depth analysis of changing market trends, key segments, major investment pockets, regional scenario, Porter’s five forces and competitive scenario.
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Hyperlocal service refers to the ordering of services and goods by consumers within a limited or well-defined geographical area, from which the seller delivers the goods with minimum delay. The hyperlocal service includes online delivery of goods such as food, groceries and online services including personal care and cultivation, house cleaning, plumbing and lawn care. These delivery services are ordered from local service providers in nearby locations resulting in less delivery time and cost.
Growth in smartphone user base and internet accessibility is the primary driver for the growth of the hyperlocal services market. The hyperlocal services market is also driven by changing lifestyles and the drive to embrace technological changes. Additionally, consumers are more open to shopping online due to the associated benefits such as time savings, discounts, and number of options to choose from. Collectively, all these hyperlocal services market trends are driving the growth of the market. The market is very disorganized with many small localized players, which restricts the market. Furthermore, growing consumer preference for premium services and brands and penetration of hyperlocal service even in remote areas are expected to drive the market.
According to 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, logistics service providers, others. By nature, it is divided into delivery of goods and utilities. By region, it is analyzed in North America (United States, Canada and Mexico), Europe (Germany, United Kingdom, France, Russia, Italy, Spain, rest of Europe), Asia-Pacific (China , India, Japan, Australia). , South Korea, Rest of Asia-Pacific) and LAMEA (Latin America, Middle East and Africa).
Based on Type, Food Orders segment was valued at USD 349.7 Billion in 2020 and is projected to reach USD 1,178.2 Billion by 2030, registering a CAGR of 16.1% from 2021 to 2030. This is mainly attributed to the intensive online food promotion. delivery platforms through discounts, referral rewards, and TV and social media advertisements. Many companies are expanding their market share by applying various strategies such as mergers, acquisitions, and partnerships that are likely to drive the growth of the online food delivery market during the forecast period of the hyperlocal services market. For example, Zomato, an Indian food delivery service company, acquired the Indian penetration of Uber Eats for $350 million. This acquisition deal is expected to help Zomato cover more than 50% of the hyperlocal services industry share in India.
Furthermore, the increased utility of smartphones and its user base is expected to provide lucrative opportunities in the hyperlocal services market for offline service providers to utilize online platforms to boost their business. On the basis of region, Europe gained significant market share in hyperlocal service in 2020 and is expected to maintain its market position over the forecast period. This was attributed to the presence of international brands in the region and the growing funding for the start-up. Major European giants have consistently expanded their market share by acquiring hyperlocal services businesses, which further contributes to the growth of the European hyperlocal services market.
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Additionally, the lockdown in Europe has created increased demand for food and grocery delivery which is expected to fuel the growth of the market. For example, according to the German food delivery company, Delivery Hero SE, online orders increased by 92% during the first quarter of the lockdown, which is expected to intensify the growing demand for online food ordering services.
Main results of the study:
○ Hyperlocal Services Market was valued at USD 1714.6 Billion in 2020 and is projected to reach USD 5188.6 Billion by 2030, growing at a CAGR of 14.9% during the forecast period.
○ By type, the grocery order segment is estimated to be the fastest growing, registering a CAGR of 17.5% during the forecast period.
○ In 2020, by nature, the goods delivery segment was valued at $714.0 billion in 2020 and it accounted for 41.6% of the global hyperlocal services market share.
○ In 2020, the United States was the largest market in North America and is expected to reach $1,885.3 billion by 2030, growing at a CAGR of 13.7% over the period forecast.
Reason to buy:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global hyperlocal services market.
○ Highlights key business priorities to guide companies to reform their business strategies and establish themselves in the vast geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the Hyperlocal Services Market, thereby allowing players to develop effective long term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans using substantial growth offering in both developed and emerging markets.
○ Take an in-depth look at the global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to some extent.
○ Improve the decision-making process by understanding the strategies that drive business interest with respect to products, segmentation, and industry verticals.
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