The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, June 20, 2023 /PRNewswire/ -- As per The Business Research Company's Restaurants And Mobile Food Services Global Market Report 2023, the global restaurants and mobile food services market size will grow from $2854.8 billion in 2022 to $3025.5 billion in 2023 at a compound annual growth rate (CAGR) of 6%. The restaurants and mobile food services market is then expected to grow to $3790.2 billion in 2027 at a CAGR of more than 5%.
Increasing demand for online food delivery services is expected to propel the restaurants and mobile food services market growth going forward. According to data presented by TradingPlatforms, a UK-based online education and comparison platform for online traders, in 2023, around 2.85 billion people are expected to use online food delivery services, up from 350 million in 2022. Therefore, increasing demand for online food delivery services will drive the growth of the restaurants and mobile food services market.
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Companies in the restaurants and mobile food services market are focusing on the internet of things (IoT) for seamless interoperability with third-party sensing devices and enterprise management systems, allowing food service companies to successfully leverage their existing tech stacks for task management, asset monitoring, menu management and food safety. For example, in May 2023, BobNet Group, a Romanian company specializing in automation solutions for the retail and hospitality sectors, launched Bob Bistro, a dining service for the office. This service ensures the seamless delivery of freshly prepared, nutritious menus directly to the workplace, leveraging IoT technology.
In addition, restaurants and mobile food services companies are focusing on using cloud technology to enhance operational efficiencies. Cloud technology allows for real-time access to data, enabling better decision-making and resource allocation. It also enables efficient online ordering and delivery systems, providing customers with a seamless and convenient experience. For example, in September 2022, Lightspeed Commerce, a Canadian point-of-sale (POS) software provider, launched the Lightspeed Restaurant platform in Australia. The company claims that the new unified hospitality commerce and POS platform will support the revival of the Australian restaurant industry. The cloud-based platform integrates analytics, contactless integrated payments, online ordering and an advanced inventory to help restaurant operators.
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The global restaurants and mobile food services market is segmented -
1) By Type: Full-Service Restaurants, Limited-Service Restaurants, Cafeterias, Grill Buffets, And Buffets, Mobile Food Services
2) By Ownership: Chain Market, Standalone Market
3) By Pricing: High-End, Economy
4) By Service Type: Online Booking, Offline Booking
As per restaurants and mobile food services market analysis, the top growth potential in the restaurants and mobile food services market by ownership will arise in the standalone market segment, which will gain $487.38 billion of global annual sales by 2027. Asia Pacific was the largest region in the restaurants and mobile food services market, accounting for 51.0% of the total in 2022. It was followed by North America, and then the other regions.
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