The global Hyperlocal Services Market is estimated to be valued at US$ 2340.7 Mn or Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hyperlocal services refer to on-demand delivery of services, groceries and food items within a particular locality. These services provide easy availability and affordability of essential goods to customers.
Market key trends:
One of the key trends driving the growth of the hyperlocal services market is increasing adoption of mobile applications. Consumers are increasingly using mobile applications to order food, groceries and other items for fast delivery. Mobile applications offer seamless user experience and convenience which is driving their higher adoption compared to other modes of ordering. This is encouraging more startups to enter the market with focus on developing advanced mobile interfaces. Growing popularity of mobile ordering is expected to significantly fuel the demand in the hyperlocal services market during the forecast period.
Market key trends:
The hyperlocal services market is witnessing high growth due to the increasing trend of online food ordering and grocery delivery. Factors like rising internet and smartphone penetration coupled with the easy navigation and quick delivery of hyperlocal apps is driving the growth of this market. Another major trend is the growing preference of customers towards doorstep delivery of various services rather than visiting stores physically. This has further boosted the adoption of hyperlocal services.
SWOT Analysis
Strength: Wide range of services covering food, grocery, medicine delivery etc. provides one stop solution.
Weakness: High operational costs and low margins due to small order sizes. Dependence on third party delivery partners also increases expenses.
Opportunity: Tapping into new geographical areas and smaller cities provides scope for expansion. Growing e-commerce sector is facilitating the overall market growth.
Threats: Stiff competition from major players leaves little room for small startups. Changing customer preferences can affect loyalty towards brands.
Key Takeaways
The global Hyperlocal Services Market is expected to witness high growth, exhibiting 13% CAGR over the forecast period 2023 to 2030, due to increasing preference for online food ordering and doorstep delivery among customers.
The market size for Hyperlocal Services was valued at US$ 2340.7 Mn in 2023. Regional analysis India dominates the global market currently due to growing internet and smartphone users in the country. The availability of local language interfaces has also boosted the adoption of hyperlocal apps in India.
Key players operating in the Hyperlocal services market are GrubHub, Just-Eat, Swiggy, Delivery Hero, Foodpanda group, BOXC, Shipster, and HelloFresh Group. Major players are focusing on expanding their geographical reach and offering new services likeHyperlocal Services to strengthen their market share.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.