The Business Research Company's Global Market Report for Restaurants and Mobile Food Services projects an increase in the market size to $3025.5 billion in 2023 from $2854.8 billion in the previous year. The compound annual growth rate is expected to reach six percent. Furthermore, the market is expected to continue to grow at a CAGR of over five percent, reaching $3790.2 billion by 2027.

Increasing Online Food Delivery Demand

The restaurants and mobile food services market is projected to experience significant growth due to the increasing demand for online food delivery services. A UK-based online education and comparison platform for online traders indicated that the number of people using online food delivery services is expected to rise from 350 million in 2022 to approximately 2.85 billion in 2023. This surge in demand will be a key driver in boosting the growth of the restaurants and mobile food services industry.

Internet of Things

Restaurants and mobile food service companies are increasingly prioritizing the integration of Internet of Things (IoT) technology. This enables smooth collaboration with third-party sensing devices and enterprise management systems, empowering food service companies to effectively utilize their existing tech infrastructure for various tasks such as management, asset monitoring, menu planning, and ensuring food safety.

Cloud Technology

Food service companies are increasingly leveraging cloud technology to optimize their operations. By utilizing the cloud, these businesses gain real-time access to data, empowering them to make informed decisions and allocate resources effectively. Moreover, cloud technology facilitates the implementation of efficient online ordering and delivery systems, offering customers a seamless and convenient dining experience.

High Growth Potential

A market analysis of restaurants and mobile food services shows that the standalone market segment is projected to experience the highest growth potential. By 2027, it is expected to generate $487.38 billion in global annual sales. In 2022, Asia Pacific accounted for the largest share of the restaurants and mobile food services market, representing 51.0 percent of the total. North America followed, with the remaining regions trailing behind.

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