Hyperlocal Services Market Projected Expansion to $5,851.7 billion Market Value by 2031 with a 14.4% CAGR

December 07, 2023 05:58 PM GMT | By EIN Presswire
Follow us on Google News:

rapid changes in the supporting factors such as disposable income, consumer preferences, and digitization result in rise in demand for market share.

WILMINGTON, DELAWARE, UNITED STATES, December 7, 2023 /EINPresswire.com/ -- According to the report, the global hyperlocal services industry generated $1,484.8 billion in 2021 and is anticipated to generate $5,851.7 billion by 2031, witnessing a CAGR of 14.4% from 2022 to 2031.

Download Sample Report: https://www.alliedmarketresearch.com/request-sample/3849

Prime determinants of growth

The growing utility of smartphones and their user base is a lucrative opportunity for the new entrants and growing funding for the start-ups through government and big giants are further adding to the growth of the hyperlocal services market. However, digital illiteracy and limited digital infrastructure, and lack of trust in online purchasing restrict the market growth. Moreover, increasing smartphone penetration and growing internet users present new opportunities for market growth in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global hyperlocal services market. The service is one such industry, which is currently facing challenges due to the outbreak, which was declared a pandemic by the World Health Organization (WHO) on 11 March 2020.

Service industry is anticipated to experience the differential impact of this rapid spreading COVID-19 on each stage of its value chain through the mediums of the affected workforce at the industrial level, raw material supply (agricultural produce, food ingredients, and intermediate food products), trade & logistics, demand-supply volatility and uncertain consumer demand at foodservice outlets—among other factors.

Procure Complete Report (341 Pages PDF with Insights, Charts, Tables, and Figures): https://www.alliedmarketresearch.com/checkout-final/27023580abd99917e268449c8ab28d17

The home utility services segment to maintain its leadership status throughout the forecast period

Based on type, the home utility services segment held the highest market share in 2021, accounting for around three-sevenths of the global hyperlocal services market, and is estimated to maintain its leadership status throughout the forecast period. Innovations in providing home services and user-friendly experiences are expected to boost the growth of the home utility services market. The growing adoption of smartphones is encouraging vendors to leverage digital media marketing to improve visibility and sales. However, the grocery ordering segment is projected to manifest the highest CAGR of 14.5% from 2022 to 2031. Rising disposable income, increasing smartphone penetration, and drastically changing shopping patterns of customers are expected to drive the hyperlocal market through the online grocery ordering segment. People are more inclined toward comfort and thus expect to have a hassle-free shopping experience.

The utility services segment to maintain its leadership status throughout the forecast period

Based on nature, the utility services segment held the highest market share in 2021, accounting for nearly three-fifths of the global hyperlocal services market, and is estimated to maintain its leadership status throughout the forecast period. However, the goods delivery segment is projected to manifest the highest CAGR of 14.9% from 2022 to 2031. Growing efficiency in payment gateways, secure & safe delivery, and improved and eco-friendly packaging has been majorly driving the demand for goods delivery. Technological advancements in delivery systems and the proliferation of smartphones are further promoting goods delivery.

Enquire before buying: https://www.alliedmarketresearch.com/purchase-enquiry/3849

North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly half of the global hyperlocal services market, and is likely to dominate the market during the forecast period. Increasing adoption of advanced technology in daily life is the major driving factor in North America and is expected to fuel the overall market growth of the online hyper-local services market during the forecast period. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.5% from 2022 to 2031. Growing disposable income, working-age population and proliferation of smartphones have been driving the growth of the hyperlocal service market and is expected to sustain its growth during the forecast period owing to growing investment in start-ups and government strategic support for made-in-country agenda.

Market Key Players:

The key players profiled in this report include Delivery Hero, Just-Eat, Takeaway.com, GrubHub, Grofers, Instacart, Housekeep, Uber Technologies Inc., Handy, and AskForTask.

Trending Reports in Consumer Goods Industry

Online Grocery Market https://www.alliedmarketresearch.com/online-grocery-market

Online Home Service Market https://www.alliedmarketresearch.com/online-home-service-market

Pet Utility Products Market https://www.alliedmarketresearch.com/pet-utility-products-market-A08366

Online TV Streaming Service Market https://www.alliedmarketresearch.com/online-tv-streaming-service-market-A07065

Online Book Services Market https://www.alliedmarketresearch.com/online-books-services-market-A14352

Hyperlocal Services Market Country Report:

U.S. Hyperlocal Services Market

U.K. Hyperlocal Services Market

Canada Hyperlocal Services Market https://www.alliedmarketresearch.com/canada-hyperlocal-services-market-A25547

Mexico Hyperlocal Services Market https://www.alliedmarketresearch.com/mexico-hyperlocal-services-market-A25548

Germany Hyperlocal Services Market https://www.alliedmarketresearch.com/germany-hyperlocal-services-market-A25550

David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK