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New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Hyperlocal Services Global Market Report 2022' -
The global hyperlocal services market is expected to grow from $1,842.64 billion in 2021 to $2,133.82 billion in 2022 at a compound annual growth rate (CAGR) of 15.8%. The hyperlocal services market is expected to grow to $3,810.33 billion in 2026 at a CAGR of 15.6%.
The hyperlocal services market consists of sales of hyperlocal services by entities (organizations, sole traders, and partnerships) that are the online services.Hyperlocal services are limited to a particular geographical area.
Hyperlocal services are used to deliver the products, goods, and services to the customers from the nearby offline store available within a limited period of period.They deliver goods and services using multiple modes of transportation like bikes, cars, and cabs.
The hyperlocal services have many benefits for the customers like the facility to change the already specified location, filtering products, and tracking the products.
The main types of hyperlocal services are food orders, grocery orders, household utilities, logistics service providers, and other types.Food order is a request for food or products to be prepared, supplied, or delivered.
The nature of hyperlocal services is goods delivery, and utility services based on a revenue model containing subscription, advertisement, sponsorship, and other revenue models. The devices used can be smartphones, smart TVs, projectors and monitors., laptops, desktops and tablets, and other devices used by individual users, and commercial users.
North America was the largest region in the hyperlocal services market in 2021. The regions covered in the hyperlocal services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The hyperlocal services market research report is one of a series of new reports that provides hyperlocal services market statistics, including hyperlocal services industry global market size, regional shares, competitors with a hyperlocal services market share, detailed hyperlocal services market segments, market trends and opportunities, and any further data you may need to thrive in the hyperlocal services industry. This hyperlocal services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The growing funding for an e-commerce business has driven the hyperlocal services market in the historic period.The increased funding for an e-commerce business is because the e-commerce business or platforms are adopting hyperlocal services for the fast delivery of goods and services along with reducing time.
According to India Brand Equity Foundation (IBEF), an Indian Government export promotion agency, in July 2021, Flipkart got funding of $36.5 billion from different sources like private equities, Walmart, and sovereign funds. Therefore, the growing funding for an e-commerce business is driving the growth of hyperlocal services.
Technological advancements and integrations are shaping the hyperlocal services market.Technological advancements are the discovery of knowledge that helps in developing services using technology.
For instance, in 2021, EatFit, Indian based largest healthy food platform integrated with MapmyIndia to improve the application experience using the location technology of MapmyIndia that provides the routing algorithm for tracking and distance matrix APIs to find enable EatFit kitchen discoverability to optimize the delivery network.
In July 2020, Flipkart, an India-based company acquired a 100% stake in Walmart India Private Limited for an undisclosed amount.The acquisition helps to expand the business in the grocery and food segment and also helps in strengthening the supply chain.
Walmart India Private Limited is a subsidiary of Walmart that is a US-based company. Walmart India Private Limited is an online service platform that delivers products and services.
The countries covered in the hyperlocal services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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