Virtual Kitchen Market -Overview
The development of
technology has inexplicably encouraged the Virtual
Kitchen Market 2020 as well. The global virtual
kitchen market is projected to score past USD 3,586 million valuation by 2023
at a CAGR of 43% during the forecast period covering 2018 to 2023. Market
Research Future (MRFR) predicted in the report that the rapid approval of the
concept to expand food delivery business, the inclusion of players with the
ability to provide proper setup, hike in investment, ability to curtail cost,
and other factors are expected to uplift the virtual kitchen market share. The
market will also be supported by various technologies like artificial
intelligence, 3D models, automation, and others. However, the initial cost of
the system may deter market growth.
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Segmentation:
The global market report with details of the virtual kitchen market
includes a study of segments like components, end users, and technology. Data
from these segments are likely to help players in conceptualizing strategies
that can be used to bolster growth.
By component, the global report on the virtual kitchen market can be
segmented into hardware, software, and service.
By technology, the activities involving the virtual kitchen market can
be studied on the basis of segments like Wi-Fi, 3D, artificial intelligence,
and others. The recent inclusion of artificial intelligence is slated to change
the market landscape.
By end user, the discussion on the virtual kitchen market includes a
study of commercial space, residential, hospitality, and others. The commercial
space segment would witness an evolution with the rising uptake of the concept.
Regional Analysis:
North America is witnessing a huge hike in demand for the virtual
kitchen market. This is due to the rise in the number of people who are relying
more on food delivery as a crunch in their time for a proper meal is forcing
them to opt for such services.
Competitive Landscape:
IKEA (Netherlands), Samsung Group (South Korea), Microsoft Corporation
(U.S), HTC Corporation (Taiwan), Clicky Media (U.K), LG Electronics Inc. (South
Korea), Homer TLC, Inc.(U.S), Cawdor Stone Gallery (U.K.), The Saturn
Corporation (U.S), The National Kitchen & Bath Association (U.S), Aetna,
Inc. (U.S.), Micro-Star International (Taiwan), and others are companies that
are involved in the changes happening in the virtual kitchen market. These
companies plan and launch various strategic measures that can help in
bolstering the virtual kitchen industry growth. MRFR tracked their plans and
recorded them to facilitate analysis to gauge trends and evolution patterns of
the market.
Industry News:
In August 2020, Dickey’s Barbecue Pit announced that the company is
ready to include a new type of franchise-based model that is a virtual kitchen.
The company believes that this evolving demand for such a nontraditional
franchise model could help the company secure better grounds for future
diversification.
Dickey’s Barbecue Pit is the world’s largest barbecue franchise and it
has plans to take the company forward and of Dickey’s slow-smoked, Texas-style
barbecue to places like Chicago, Houston and Orlando. The company is also
planning to enter Providence, Rhode Island. These locations will serve
customers using a virtual kitchen facility. The company wants to capitalize on
the virtual kitchen model as it allows restaurants to maximize delivery
coverage and negate the upfront investment that normal restaurant requires. It
also ensures fast-track openings and reduces labor costs significantly.
Due to the COVID-19 crisis, a lot of people have started relying on
delivered food, which is why the food delivery business is witnessing a huge
boom. With strict measures in various countries that prevented companies from
opening their stores, this idea of a virtual kitchen is bound to come in handy
for many entrepreneurs and restaurant owner.
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