Global Hyperlocal Services Market to Hit $3,634.3 Billion by 2027: AMR

Rise in disposable income, shift in lifestyle, and increase in female working populations drive the growth of the global hyperlocal services market.The market across LAMEA is projected to manifest the highest CAGR of 28.4% during the forecast period. The fear of infection created labor shortage, which affected the supply-demand equation of home delivery services.

/EIN News/ -- Portland, OR, Oct. 28, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global hyperlocal services market was pegged at $1,324.2 billion in 2019, and is anticipated to reach $3,634.3 billion by 2027, registering at a CAGR of 17.9% from 2021 to 2027.

Rise in disposable income, shift in lifestyle, and increase in female working populations drive the growth of the global hyperlocal services market. However, lack of trust regarding online purchasing, digital illiteracy, and limited digital infrastructure hinder the market growth. On the contrary, surge in smartphone penetration and rising internet users and development of services & retail industry would open new opportunities for the market players in the future.

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Covid-19 scenario:

• Since the Covid-19 outbreak, people are reluctant to visit supermarkets and opting for online portals for home delivery of groceries.
• However, the fear of infection created labor shortage, which affected the supply-demand equation of home delivery services.

The global hyperlocal services market is segmented on the basis of type, nature, and region. Based on type, the market is divided into food ordering, grocery ordering, home utility service, logistic service providers, others. The grocery ordering segment is projected to portray the highest CAGR of 23.8% from 2021 to 2027. However, the home utility service segment dominated the market in 2019, contributing to nearly two-fifths of the market.

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On the basis of nature, the market is categorized into goods delivery and utility services. The utility services segment held the lion’s share in 2019, accounting for more than half of the market. However, the good delivery segment is anticipated to portray the highest CAGR of 20.7% during the forecast period.

The global hyperlocal services market is analyzed across several region such as North America, Europe, Asia-Pacific, and LAMEA. The market across LAMEA is projected to manifest the highest CAGR of 28.4% during the forecast period. However, the market across North America held the largest share in 2019, contributing to more than three-fifths of the market.

The global hyperlocal services market report includes an in-depth analysis of the major market players such as Delivery Hero, Just-Eat, Housekeep, Uber Technologies Inc., Instacart, Takeaway.com, Grofers, GrubHub, Handy, and AskForTask.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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