Online
hyper-local services mainly provide services to customers through
online portals, websites, and apps. The consumer accesses this
service for online purchase, to order food, for hotel booking,
e-ticket purchasing, and transportation service among others.
The
global market of online hyper-local services is growing significantly
and is expected to see robust growth during the forecast period.
Internet accessibility is driving the growth of online hyper-local
services globally owing to the increasing use of smart phones. The
market is also being driven by enhanced awareness of advanced
technology and dependence on easily accessible apps in daily life.
Due to the rapid penetration of various e-commerce companies,
manufacturers operating in this field are trigging the market growth
of online hyper-local services. Moreover, consumers are more inclined
toward online purchasing due to time saving and discounts in price.
Due to this factor, the online hyper-local service market is growing
substantially. Additionally, as the awareness of these services
increase, in turn the manufacturers also focus more on developing
user-friendly, highly-interactive services to meet the demands of its
customers. However, in many rural areas in developing countries such
as India, China, and Brazil people are unaware of internet connection
and apps. Therefore, they do not access such online portals or apps.
Manufacturers and governments of these countries are taking
initiatives to develop and provide free internet connections.
Therefore, the online
hyper-local services market is expected to see steady growth in
rural areas. The impact of this restraint is high in recent times but
is expected to be low during the forecast period. Service and product
delivery assurance is an important component of the hyper-local
services business model. Owing to the highly developed delivery
networks of hyper-local services, the market of online hyper-local
services is growing substantially and is expected to witness steady
growth during the forecast period.
The
online hyper-local services market is segmented into two categories,
based on end use and service. By end use, the market is segmented by
individual users and commercial users. In terms of service, the
market is segmented into food ordering, grocery ordering, home
utility service, logistics service providers, and others.
By
geography, the global online hyper-local services market is segmented
into North America, Europe, Asia Pacific, Middle East & Africa,
and Latin America. The North America online hyper-local service
market held the dominant share in 2016 and is anticipated to hold its
position throughout the forecast period. The Asia Pacific (APAC)
online hyper-local service market is expected to expand at the
highest CAGR during the forecast period 2017-2025. Increasing
adoption of advanced technology in daily life is the major driving
factor in North America and is expected to fuel the overall market
growth of the online hyper-local services market during the forecast
period. Additionally, in Europe and Asia Pacific, many consumers are
dependent on online services such as grocery, transport booking, food
ordering, etc. The market in Asia Pacific is anticipated to see the
highest growth due to rising economics such as China and India.
Middle East & Africa has shown remarkable growth in the online
hyper-local services market followed by Latin America in recent
years.
The
online hyper-local service market is marked by strong competition
from the key players operating in this industry. This is because of
numerous mergers and acquisitions, joint ventures and partnership
agreements, product innovation, research and development, and
geographical expansion strategies adopted by players to ensure
long-term sustenance in these markets. Key participants in the global
online hyper-local services market include Zomato Media Pvt. Ltd
(India), Foodpanda group (Germany), Uber Technologies Inc (U.S.).,
HomeFinder.com, LLC (U.S.), Tribus Group (Netherland) and Estately
Inc. (U.S.).
The
report offers a comprehensive evaluation of the market. It does so
via in-depth qualitative insights, historical data, and verifiable
projections about market size. The projections featured in the report
have been derived using proven research methodologies and
assumptions. By doing so, the research report serves as a repository
of analysis and information for every facet of the market, including
but not limited to: Regional markets, technology, types, and
applications.
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