United States/WA: Hyperlocal Services Market Will Boom In Near Future Report Pages:[130 Pages] The Competitive Area of the Hyperlocal Services Market is Defined by Key Players Like:- GrubHub, Just-Eat, Swiggy, Delivery Hero, Foodpanda group, BOXC, Shipster, and HelloFresh Group Market Overview: Hyperlocal Services are the service of providing goods and services in a localized area. The […]
Surge in Internet Access to Drive Growth in Hyperlocal Services Market
United States/WA: Hyperlocal Services Market Will Boom In Near Future
Report Pages:[130 Pages]
The Competitive Area of the Hyperlocal Services Market is Defined by Key Players Like:- GrubHub, Just-Eat, Swiggy, Delivery Hero, Foodpanda group, BOXC, Shipster, and HelloFresh Group
Market Overview:
Hyperlocal Services are the service of providing goods and services in a localized area. The concept of Hyperlocal was first introduced around 2021 with the development of the European ‘Cybercities’ or online consumer markets which centers on local business activity. Today, this concept has acquired tremendous momentum with the spread of ‘E-commerce’ and ‘Virtual worlds’ (especially MMORPG) and the associated technological advances in networking and communications. Consumers located in a defined geographical areas (outside the presence of shipping services) avail of hyperlocal services. Hyperlocal services include mobile food vending, restaurant delivery, hotel delivery, grocery ordering, online grocery ordering, home delivery, and many more. E-commerce websites have made these services even more convenient as they allow the access of goods and services within the boundaries of a single location before they require the physical movement of vehicles and people to different stores.
Key Market Drivers:
The growing adoption of a smartphone with improvement in internet connectivity is a key player in driving the growth of the hyperlocal services market. World Advertising Research Center (WARC), estimates that around 2 billion people currently access the internet via only their smartphone, which equates to 51 percent of the global base of 3.9 mobile users. Most of the growth in smartphone use will come from China, India, Indonesia, Nigeria, and Pakistan, but there will still be 2.4 billion people who do not own a mobile phone by 2025.
The advent of secured mobile payment platforms Apple Pay, Android Pay, PayPal, etc. for the transaction is fostering growth of the market. In January 2018, Google announced that has emerged its Android Pay and Google Wallet into a single payments platform – Google Pay. With Google Pay, it’ll be easier to use the payment information saved to the Google account.
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Covid-19 Impact Analysis
With restriction to continue due to Covid-19, people are opting for door-step deliveries for food items, groceries, medicines, pharmacies, logistics, and food delivery. Covid-19 has a lasting impact, this offers an opportunity for hyperlocal services to expand profoundly. This situation will offer a lucrative environment for businesses to develop and adopt various growth strategies such as partnership, expand reach, and other effective door-step delivery.
Key Takeaways:
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The hyperlocal services market is expected to exhibit a CAGR of XX % over the forecast period, due to the rapid growth in the grocery and food delivery segment. According to data presented by StockApps.com, the global online food delivery market is expected to hit $151.5bn in revenue and 1.6bn users in 2021, a 10% jump year-over-year.
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The Asia Pacific is expected to witness significant growth over the forecast period owing to the expanding e-commerce industry. According to the India Brand Equity Foundation, E-commerce has transformed the way business is done in India. The Indian E-commerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017. Much of the growth for the industry has been triggered by an increase in internet and smartphone penetration
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Hyperlocal Services Market, by service offerings (Grocery and food delivery services, Home utility services, and Logistics) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ XX million in 2021 and is expected to exhibit a CAGR of XX% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights
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