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What Are the Key Predictions for the Hyperlocal Services Global Market?
The hyperlocal services market size has seen significant growth in recent years, expanding from $2896.35 billion in 2024 to forecast a rise to $3367.9 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 16.3%. Factors driving this growth include increased urbanization, a higher demand for convenience, escalating disposable income, the rise of e-commerce businesses, and advancing mobile technologies. The hyperlocal services market is anticipated to grow further, expected to reach an impressive size of $6004.97 billion in 2029 at a compound annual growth rate (CAGR) of 15.6%. This upcoming growth is predicted to be triggered by the rise of the gig economy and freelance workforce, enhancements in geolocation and mapping technologies, rapid adoption of contactless and cashless transactions, and the increasing popularity of online shopping.
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How did Funding Drive the Growth of the Hyperlocal Services Market?
The hyperlocal services market saw substantial growth during the historic period, largely driven by increased funding for e-commerce businesses. These businesses are harnessing the power of hyperlocal services for faster goods and services delivery, thus reducing wait time. As an example, in August 2024, U.S. Census Bureau data revealed e-commerce sales reached $282.3 billion in Q2 2024, marking a 5.3% increase in comparison to Q1 2023. Furthermore, e-commerce sales made up 16% of total retail sales for Q2 2024, bolstering the growth of the hyperlocal services market.
What Are the Major Segments in the Hyperlocal Services Market?
• By Type: Food Orders, Grocery Orders, Household Utilities, Logistics Service Providers, Other Types
• By Nature: Goods Delivery, Utility Services
• By Revenue Model: Subscription, Advertisement, Sponsorship, Other Revenue Models
• By Device: Smartphones, Smart TVs, Projectors And Monitors, Laptop, Desktops And Tablets, Other Devices
• By Application: Individual Users, Commercial Users
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Who are the Major Players in the Hyperlocal Services Market?
Significant companies operating in the hyperlocal services market include Delivery Hero SE, AskforTask Inc., Blink Commerce Private Limited, Grubhub Inc., Handy Technologies Inc., Housekeep Limited, Maplebear Inc., Just Eat Limited, Uber Technologies Inc., Airtasker Pty Ltd., Bundl Technologies Private Limited, Foodpanda GmbH, Porch Group Inc., ANI Technologies Private Limited, among others.
What Trends Are Emerging in the Hyperlocal Services Market?
Emerging trends in the hyperlocal services industry revolve around the development of innovative solutions designed to enhance service delivery speed, expand service offerings, and improve customer experience. One such innovation is Zomato, an India-based food delivery company that launched its hyperlocal delivery service, Xtreme, in October 2023. Designed to cater to both small and large merchants, Xtreme utilizes an extensive delivery fleet of over 300,000 executives to facilitate intracity deliveries of items weighing up to 10 kg.
Which Region Dominated the Hyperlocal Services Market in 2024?
North America held the largest share in the hyperlocal services market in 2024. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What is the Hyperlocal Services Market, and What Does It Offer?
Hyperlocal services refer to services provided using multiple modes of transportation, such as bikes, cars, and cabs, to deliver products, goods, and services from a nearby offline store within a limited period. Such services help change location, filter and track products. The Hyperlocal Services Market offers global market size, growth rate, regional shares, detailed segments, competitor analysis, trends, and opportunities.
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