Online Hyperlocal Services Market Size, Share, Growth, and Industry Analysis, By Type (Food Ordering, Grocery Ordering, Home Utility Service and Others), By Application (Individual Users, Commercial Users and Others), Regional Insights and Forecast to 2032

ONLINE HYPERLOCAL SERVICES MARKET REPORT OVERVIEW

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global online hyperlocal services market size was USD 287091.29 million in 2021 and market is projected to touch USD 730452.75 million by 2032 at CAGR 8.86% during the forecast period.

The market for internet hyperlocal services was expanding quickly. Hyperlocal services are online directories that link customers with nearby service providers. These providers offer on-demand services including groceries and meal delivery, housekeeping, transportation, and other services. Growing smartphone use, better internet access, and shifting customer tastes toward convenience drove the industry.

COVID-19 Impact: Pandemic Driven Digital Transformation, Increased Demand for Essential Services to Boom Up the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

There was an increase in demand for necessities like groceries and food delivery during lockdowns and limitations. Numerous hyperlocal service providers experienced a surge in revenue as consumers looked for easy, frictionless methods to obtain necessities. Many firms' digital transformations were expedited by the recession. Hyperlocal service providers made technological investments to upgrade their online platforms, boost consumer satisfaction, and streamline business processes. The epidemic hastened the transition to on-demand services and internet purchasing. During lockdowns, consumers who may not have previously utilized these services were encouraged to do so, and this change in behavior may have a long-term effect on the market.

LATEST TRENDS

"Contactless and Cashless Transactions to Uplift the Market Share"

The use of cutting-edge technology, such as data analytics, machine learning, and artificial intelligence, has been crucial in augmenting user experience, streamlining logistics, and raising overall operational effectiveness. The use of contactless and cashless transactions has accelerated due to the COVID-19 epidemic. In response to safety concerns, a number of hyperlocal service providers were promoting digital payment methods and introducing contactless delivery choices.

ONLINE HYPERLOCAL SERVICES MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into food ordering, grocery ordering, home utility service and others.

Food ordering: These services link customers with nearby eateries and restaurants so they may peruse menus, make orders, and have food delivered or ready for pickup.

Grocery Ordering: Online grocery and home item shopping is made possible by grocery ordering services. A virtual aisle allows customers to peruse merchandise, choose what they want, and arrange for home delivery.

Home Utility Services: These services include a variety of tasks pertaining to upkeep, renovation, and repair of homes. Services including cleaning, pest control, electrical, plumbing, and other home maintenance might fall under this category.

Services such as transportation, healthcare, beauty and wellbeing, and pet care are included in others.

• By Application

Based on application the global market can be categorized into individual users, commercial users and others.

Individual Users: People may order meals from nearby eateries for pickup or delivery to their homes via hyperlocal services. Online shoppers may purchase home goods and food and have them delivered right to their door. On-demand services including electrical, plumbing, cleaning, and pest control are available to individuals. Ride-hailing services provide people easy ways to get about the city when commuting. Through hyperlocal portals, users may book appointments for spa treatments, salon services, and personal grooming. Some systems enable people to purchase medications online or schedule doctor consultations on-demand. Pet owners may locate experts that provide pet care services, such as grooming and sitting, by using hyperlocal services. For celebrations, marriages, and other events, people may locate nearby event coordinators, photographers, and other event-related businesses.

Individual Users: People may order meals from nearby eateries for pickup or delivery to their homes via hyperlocal services. Online shoppers may purchase home goods and food and have them delivered right to their door. On-demand services including electrical, plumbing, cleaning, and pest control are available to individuals. Ride-hailing services provide people easy ways to get about the city when commuting. Through hyperlocal portals, users may book appointments for spa treatments, salon services, and personal grooming. Some systems enable people to purchase medications online or schedule doctor consultations on-demand. Pet owners may locate experts that provide pet care services, such as grooming and sitting, by using hyperlocal services. For celebrations, marriages, and other events, people may locate nearby event coordinators, photographers, and other event-related businesses.

DRIVING FACTORS

"Convenience, Time Saving and Wide Range of Service Offerings to Step Up the Market Sales"

With the help of hyperlocal services, customers may easily and quickly access a wide range of products and services from nearby vendors. The adoption of hyperlocal systems is significantly influenced by this time-saving feature. A wide range of users are drawn in by the variety of services offered, which include home services, grocery delivery, meal delivery, and more. Hyperlocal platforms are becoming more and more popular because of their capacity to serve a variety of demands within a local community.

"Increased Penetration of Smartphones and Urbanization to Accelerate the Market Growth"

The use of cutting-edge technology like machine learning, real-time analytics, and GPS monitoring improves the operational efficiency and user experience for hyperlocal service providers. These technologies provide effective logistics, tailored suggestions, and delivery route optimization. Due to the increasing popularity of smartphones and better internet connection, customers may readily access hyperlocal services by using specialized mobile applications. The market for hyperlocal services has grown significantly as a result of this. More people are living in metropolitan areas as a result of the urbanization trend, which raises the need for accessible and specialized services. Hyperlocal platforms are in a good position to meet the demands of city people looking for quick fixes in their area.

RESTRAINING FACTOR

"Dependency on Internet Connectivity and Security Concerns to Restrain the Market Growth"

The viability of hyperlocal services is strongly linked to the dependability and accessibility of internet access. It may be difficult for consumers to access and make use of these services in places with inadequate internet infrastructure. When it comes to safety and security, both clients and service providers could be worried, especially when home services are involved. To overcome these issues, background checks, safety procedures, and safe payment methods are essential. As a result the security concerns and the dependency on internet connectivity are the factors subjected to restrained online hyperlocal services market growth.

ONLINE HYPERLOCAL SERVICES MARKET REGIONAL INSIGHTS

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"North America to Lead the Market owing to Funding of Startup Businesses "

The market for online hyperlocal services market share in North America accounted for the largest share in 2021 and is expected to continue to do so for the duration of the forecast period. The primary driver in North America is the growing ubiquity of modern technology in daily life, which is anticipated to propel the market's overall expansion for online hyper-local services throughout the course of the forecast period. UberEats is the fastest-growing food delivery business in the United States, catching up to GrubHub, the leader in the market. During the forecast period, an increase in the number of start-up businesses in the United States and their financing partners is anticipated to propel the expansion of the hyperlocal service market. For example, 203 unicorns were reported in the USA in 2020, according to NASSCOM.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Important market players are crucial for determining consumer preferences and market dynamics since they have a big impact on the market. Customers have easy access to a huge selection of garment alternatives because to the large retail networks and online platforms of these big corporations. Product adoption has risen as a result of their well-known brand and strong worldwide presence, which have also boosted customer loyalty and confidence. Additionally, these giants of business consistently support research and development, which allows online hyperlocal services to adapt their designs, materials, and clever features to changing consumer tastes and demands. The combined efforts of these big businesses will have a big impact on how competitive the market will be going forward.

LIST OF TOP ONLINE HYPERLOCAL SERVICES COMPANIES

• Bundl Technologies Private Limited (India)
• Delivery Hero SE (Germany)
• Rocket Internet SE (Germany)
• Laurel & Wolf, Inc. (U.S.)
• ANI Technologies Private Limited (India)
• Instacart Inc. (U.S.)
• com, Inc. (U.S.)
• Uber Technologies, Inc. (U.S.)
• Foodpanda GmbH (Singapore)
• Airtasker Pty. Ltd. (Australia).

INDUSTRIAL DEVELOPMENT

• March 2021: Through its Dutch subsidiary MIH Food Holdings, the Dutch investment firm Prosus boosted its interest in Delivery Hero by 8.2% to 24.99%, thereby making it the company's largest stakeholder.[49]Naspers's global digital assets division is called Prosus.[50]The $4 billion acquisition of Woowa Brothers, the business behind South Korea's largest meal delivery service, Baedal Minjok, was completed by Delivery Hero in the same month.

REPORT COVERAGE

The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.