According to the global hyperlocal services market report by IMARC Group, the market reached a value of US$ 2.3 Billion in 2022, and it is projected to reach a value of US$ 5.6 Billion by 2028, exhibiting a CAGR of 14.3% during 2023-2028.

What are Hyperlocal Services?

Hyperlocal services represent the facilities that are provided within a limited geographical area. They involve the process of a courier agent picking up products from a seller and then delivering them directly to the address of the buyer. Hyperlocal services are widely used for providing drugs, personal items, food and beverages, electronic gadgets, and home utility services, such as plumbing, carpentry, laundry, electrical repair, and private tutors.

In addition, hyperlocal assist restaurants, retailers, and hotels in engaging and managing their businesses effectively. Hyperlocal services also increase operational transparency and provide effortless and efficient deliveries in minimum time.

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What Are The Growth Prospects And Trends In The Hyperlocal Services Industry?

The rising proliferation of smartphones and the escalating demand for these facilities across e-commerce platforms or businesses for the fast delivery of goods are among the primary factors driving the hyperlocal services market. Besides this, the elevating requirement for these benefits, owing to the hectic schedules, work-from-home (WFH) culture, changing consumer lifestyles, and the emerging trend of urbanization, is further augmenting the market growth.

Moreover, various technological advancements in the logistics and automotive sectors through augmented reality (AR), automation, artificial intelligence (AI), data collection, and visibility to reduce costs and provide a faster and seamless delivery experience are also catalyzing the global market. Apart from this, the rising consumer preference towards online platforms that improve the convenience and offer doorstep delivery, discounts, and combo deals is acting as another significant growth-inducing factor. Furthermore, the increasing investments in start-up businesses, the growing popularity of the farm-to-home concept for acquiring fresh produce, and the standardization of animal by-products (ABPs) are expected to bolster the hyperlocal services market in the coming years.

What Is Included In Market Segmentation?

The report has segmented the market into the following categories:

Breakup by Provider:

  • Banks
  • Micro Finance Institute (MFI)
  • NBFC (Non-Banking Financial Institutions)
  • Others

Breakup by End User:

  • Small Enterprises
  • Micro Enterprises
  • Solo Entrepreneurs and Self-Employed

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Who Are The Key Players Operating In The Industry?

The report covers the major market players including: 

  • Airtasker Pty. Ltd
  • Blink Commerce Private Limited
  • Delivery Hero SE
  • HelloFresh SE, Instacart
  • Just Eat Takeaway.com N.V.
  • Olo Inc.
  • Swiggy, Uber Technologies Inc.
  • UrbanClap Technologies India Pvt. Ltd.
  • and Zomato Limited.

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