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.
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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.).
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