The global hyperlocal services market size was valued at USD 3,379.30 billion in 2023 and is expected to be worth USD 3,668.81 billion in 2024. The market is projected to reach USD 9,974.09 billion by 2032, recording a CAGR of 13.32% during the forecast period.
Hyperlocal services involve delivering goods or services to a specific location, typically within a few kilometers. Their main goal is to ensure quick and efficient delivery to customers in a defined area. The increase in smartphone usage has enhanced consumer engagement with local businesses, making it easier to access online services, such as food delivery, grocery shopping, and home utilities. This convenience caters to the on-demand lifestyle of today’s consumers, driving the growth of hyperlocal services.
**Get A Free Sample Research Report PDF: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/hyperlocal-services-market-110640**
LIST OF KEY COMPANIES PROFILED IN THE REPORT
Segmentation:
Utility Services Segment to Dominate Global Market Due to Use of Digital Media Marketing to Attract Customers
Based on type, the market is classified into food ordering, grocery ordering, utility services, pet food and medicines, and others. The utility services segment is anticipated to dominate the global hyperlocal services market in the coming years. This growth can be attributed to the businesses in this sector making use of digital media marketing and innovations for service delivery in order to attract customers from residential and commercial.
Residential Segment to Hold Highest Share Due to Hyperlocal Services Providing Quick Access to Essential Services
Based on end-user, the market is categorized into residential and commercial. The residential segment is projected to hold the highest share of the market in the coming years. This growth can be attributed to hyperlocal services, which provide quick access to essential services such as home maintenance, cleaning, and repairs, allowing users to save time and effort and thus, fostering segment growth.