The global market for hyperlocal services is anticipated to earn US$ 8,756.2 million by 2032, up significantly from the estimated US$ 2,129.3 million in revenue in 2022, according to a report published by Future Market Insight. The market is expanding at a 15.2% CAGR over the forecast period, up from a 14.3% CAGR (2017-2021).
The advent of instant hyperlocal delivery services is a result of the millennial generation’s desire to have goods delivered to their doorsteps at the press of a button. Worldwide, hyperlocal service providers are taking advantage of this development.
A hyperlocal marketplace works by providing goods and services to customers through offline merchants within a few km of them. It guarantees that the customer receives their order fast and from an established neighbourhood company.
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Market Overview
In recent times, internet based hyperlocal service business such as GrubHub, Just-Eat and Delivery Hero, have outperformed other firms in attracting investment from venture capital and private equity investments firms for integrating convenience goods and services such as grocery, tailoring or fitness services and other on-demand services.
The market has witnessed increased interest of investors in the hyperlocal e-commerce segment primarily due to proposed value propositions of online business model which have been able to improve User experience (UX) and User interface (UI) and reduce consumer pain points caused from traditional business models in this sector.
Growing interest of industry giants such as Amazon Inc. and Google Inc. in the online hyperlocal and home services market is expected to further intensify the competition which in turn would propel the possibility of market consolidation in the near future.
With demographic diversity, vast consumer base, and growing digitization, emerging economies are showing promising growth opportunities for e-commerce players. Amongst the various industry verticals that are pushing for the supreme position in the growing e-commerce segment, online hyperlocal services providers have emerged as one of the strongest contenders for success.
Major factors driving the hyperlocal services market is the shopping nuances of the consumers. While market witnesses growth in the number of online consumers, majority of the consumers in the emerging regions are mainly driven by ‘touch and feel factor’ (in case of grocery) and trust offered by products/services from their neighborhood shop.
Hyperlocal service providers are offering both the benefits to consumers by providing convenience of online shopping and, trust and faith of local retail shops. Additionally, due to better customer reach and potential opportunity in untapped market, online hyperlocal service providers are ramping up their operations in order increase its customer base and create more employment opportunities for the local workforce.
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Key Companies Profiled
- Foodpanda Group
- Delivery Hero
- Just-Eat.
- GrubHub
- Grofers (Locodel Solutions Pvt. Ltd)
- Swiggy (Bundl Technologies Pvt. Ltd)
- TinyOwl (TinyOwl Technology Pvt. Ltd)
- Takeaway.com
- Delivery Club
- Yemeksepeti / Foodonclick.
Recent Deals
- In September 2015, Zomato (Zomato Media Pvt. Ltd), an online and mobile restaurant discovery service, announced partnership with logistics providers Delhivery (SSN Logistics Pvt. Ltd), Shadowfax Technologies (Pickingo), and Grab India (Grab a Grub Services Pvt Ltd) to fasten its order’s delivery services.
- In November 2015, The foodpanda group (Foodpanda), a Germany based online food ordering platform proposed to associate with Indian Railway Catering and Tourism Corporation (IRCTC), a subsidiary of the Indian Railways that handles the catering, tourism, and online ticketing operations of the Indian railways.
- In May 2015, The foodpanda group (Foodpanda), global cab aggregator Uber Technologies Inc., and budget hotel chain ZO Rooms (OYO Rooms) announced their partnership to enhance experience for travelers in India. This new partnership, enables travelers a free ride up to Rs 500 and 50% off coupons on Foodpanda orders. Travelers will also receive 100% cashback upon checking in to any of the properties of ZO Rooms.
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Hyperlocal Services market is mainly classified on the basis of components and geography.
On the basis of components, hyperlocal services market can be segmented into :
- food ordering
- grocery ordering
- home utility services marketplaces
- logistic service providers.
On the basis of geographies, global market of hyperlocal services is segmented into 7 key regions:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East & Africa
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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