Global Hyperlocal Services Market to Surpass Valuation of US$ 5,123.3 Million by 2031: Astute Analytica
AstuteAnalytica India Pvt. Ltd.
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AstuteAnalytica India Pvt. Ltd.
Global Hyperlocal Services Market was valued at US$ 1,449.6 Mn in 2022 and is projected to reach a revenue of US$ 5,123.3 Mn by 2031, with a projected CAGR of 15.9% during the forecast period.
New Delhi, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The global hyperlocal services market is a rapidly growing industry that is driven by technological advancements and changing consumer preferences. With a projected CAGR of 15.9% from 2023 to 2031, the market is expected to reach a revenue of US$ 5,123.3 Mn by 2031. The major factors driving the growth of the market include rising smartphone penetration and digitalization, rapid urbanization, and increasing working populations.
Governments around the world are also promoting digitalization through various policies, further fueling the growth of the market. Despite these drivers, the hyperlocal services market is facing challenges from intense competition and difficulties in determining appropriate geographical locations for product delivery. Nevertheless, the growth potential remains high, and the industry is poised for continued success in the coming years.
Global Hyperlocal Services Market is Highly Competitive with top 4 Players Generate over 32% Market Revenue
The hyperlocal services industry is highly competitive, with the top four players namely Askfortask, Delivery Hero, Grofers India, are Grubhub dominating the market with a revenue share of over 32%. This indicates that the competition in this sector is on the rise, making it even more important for companies to focus on innovation, customer service, product offerings, and marketing to stand out.
Astute Analytica highlights the importance of companies having a clear understanding of the customer needs and the challenges they face in terms of the delivery process. Companies in the global hyperlocal services market should deploy the right technology and provide users with a seamless experience while booking their orders. Additionally, companies need to ensure that they have a strong presence in the local market and build relationships with customers to strengthen their brand.
Partnerships with local stores, restaurants, and other service providers can help companies expand their reach and increase their access to potential customers. Embracing digital marketing strategies such as social media platforms, search engine optimization (SEO), and content marketing can also help companies reach their target audience more efficiently. By leveraging data and analytics tools, companies can gain insights into customer preferences and develop customized solutions that cater to their needs.
Finally, Astute Analytica suggests for market players in the global hyperlocal services market investing in research and development in order to stay ahead of the competition and create unique solutions for customers. This could include leveraging artificial intelligence (AI) and machine learning technologies to automate processes and optimize operations. By following these strategies, companies can establish themselves as leaders in the hyperlocal services industry and gain a competitive advantage.
Home Utility Services Dominates Global Hyperlocal Services Market with Over 38% Revenue Share
Home utility services have become an integral part of the global market and are estimated to generate over 38% revenue of the global market. The increasing demand of home utility services has been driven by customer convenience, cost efficiency, and on-time delivery of goods. Home utility services are provided through digital platforms that enable customers to access a variety of services like groceries, home supplies, laundry, and more in a convenient manner.
Moreover, the growing popularity of mobile apps and increasing digitalization have further helped to boost the demand for home utility services. With the help of hyperlocal delivery application, customers can easily order products from local shops with just a few clicks. This has enabled customers across global hyperlocal services market to quickly access goods at their own convenience and at competitive prices.
In addition, the advent of big data and analytics is also helping to drive the growth of the home utility services sector. Companies such as Amazon, Flipkart, and Big Basket are using data and analytics to understand customer behavior and preferences, thus enabling them to provide better services. Moreover, companies are also using data and analytics to offer customized discounts and incentives to customers.
Top 5 Trends Shaping the Global Hyperlocal Services Market
Proliferation of Smartphones: The proliferation of smartphones has enabled more people to access hyperlocal services, thus driving growth in the market.
Growing Urbanization: The urban population is growing rapidly and this is creating a greater demand for hyperlocal services. This trend is expected to continue to drive growth in the market.
Rise of Online Grocery Shopping: The rise of online grocery shopping is a major trend that is driving growth in the hyperlocal services market. Online grocery stores are providing customers with a convenient option to shop for groceries from the comfort of their own home.
Increase in Number of Delivery Providers: The number of delivery providers is increasing, providing customers with more options for their hyperlocal service needs. This is another factor that is driving growth in the market.
Emergence of AI & ML Technologies: Artificial intelligence and machine learning technologies are being used to improve the efficiency and accuracy of hyperlocal services. This is expected to continue to drive growth in the market.
Utility Services Lead the Global Hyperlocal Services Industry with Over 44% Revenue Share by Nature
The global hyperlocal services market is witnessing significant growth, with utility services capturing the largest share of revenue, estimated at over 44%. This dominance of utility services can be attributed to the growing popularity of these services among urban populations, which have been further accelerated by the Covid-19 pandemic. The demand for services such as home maintenance and personal care has risen dramatically, as people shift their preferences towards hyperlocal e-commerce platforms.
As per Astute Analytica, in order to succeed in this highly competitive hyperlocal services market, companies need to focus on several key strategies. First, they must have a deep understanding of their customers' needs and the challenges they face during the delivery process. Providing users with a seamless experience while booking their orders and deploying the right technology are critical to success. Additionally, companies must build a strong local market presence and establish relationships with their customers to strengthen their brand.
Building partnerships with local stores, restaurants, and other service providers is becoming key strategies for companies to expand their reach and increase their access to potential customers. Leveraging digital marketing strategies, such as social media platforms, SEO, and content marketing, can also help companies reach their target audience more efficiently. Furthermore, utilizing data and analytics tools to gain insights into customer preferences can enable companies to develop customized solutions that meet their specific needs.
Investing in research and development is also crucial for companies to stay ahead of their competitors and create unique solutions for their customers in the global hyperlocal services market. This may involve leveraging AI and machine learning technologies to automate processes and optimize operations. By following these strategies, companies can establish themselves as leaders in the hyperlocal services industry and secure a competitive advantage.
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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CONTACT: Contact us: Aamir Beg BSI Business Park, H-15,Sector-63, Noida- 201301- India Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) Email: sales@astuteanalytica.com Website: www.astuteanalytica.com
