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Digital Food Management Market Share Analysis, Trends, Segmentation, And Forecast To 2033
Digital Food Management Market
According to The Business Research Company's, The digital food management market size has grown rapidly in recent years. It will grow from $2.52 billion in 2023 to $2.88 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to increased internet penetration, smartphone adoption, consumer demand or convenience, rise of food delivery platforms, pandemic-induced changes.
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Market Drivers and Trends:
The increasing demand for convenience in online ordering and contactless dining is expected to propel the growth of the digital food management market going forward. Online ordering and contactless dining refer to restaurant services that allow customers to place orders and make payments without interacting closely with staff members or touching shared surfaces. Digital food management streamlines online ordering and contactless dining by enhancing efficiency, accuracy, and customer convenience through automated processes and real-time data integration. For instance, in October 2023, according to the Hotel Tech Report, a US-based hotel management software provider, from March 2020 to March 2021, there was a rise in the use of food delivery apps among American consumers, growing from 38% to 47%. Therefore, the increasing demand for convenience in online ordering and contactless dining is driving the growth of the digital food management market.
Major companies operating in the digital food management market are launching new technologies, such as next-generation product lifecycle management (PLM) solutions, to increase their profitability in the market. Next-generation Product Lifecycle Management (PLM) solutions in digital food management refer to advanced digital systems that optimize and integrate every stage of a food product's lifecycle, from ideation and development to distribution and disposal, using cutting-edge technologies. For instance, in May 2021, Centric Software, a US-based software company, launched Centric Food and Beverage PLM. This modern web and mobile app platform enhances team collaboration and strategic decision-making with features such as digital boards and product portfolio management. It supports various workflows, including 3D and CAD-neutral, and integrates with enterprise systems for effective vendor collaboration and calendar management.
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Major Key Players of the Market:
Oracle Corporation, Uber Technologies Inc., Block Inc., Booking Holdings Inc., DoorDash Inc., Just Eat Takeaway.com, Roper Technologies Inc., Toast Inc., Grubhub Inc., Deliveroo, Zoho Corp. Pvt. Ltd., Lightspeed POS Inc., CBORD Group Inc., The CBORD Group Inc., AGILYSYS INC., TouchBistro Inc., Kellton Tech Solutions Ltd., HungerRush LLC, Omega Softwares Inc., iNECTA LLC, Tastewise Technologies Ltd., GOFRUGAL Technologies, APICBASE NV, Profileprint PTE LTD.
Digital Food Management Market 2024 Key Insights:
• The digital food management market is expected to grow to $4.82 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%.
• Surge Of Digital Food Management In Online Ordering And Contactless Dining
• Revolutionizing Food Product Lifecycle With Next-Generation PLM
• North America was the largest region in the digital food management market in 2023
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