Virtual Kitchen Industry - Growth Rate Research Report and Future Plans 2023
Posted by Akash Sangshetti on March 13th, 2020
Market Research Future (MRFR) believes that the global virtual kitchen Industry can touch a valuation of USD 3,586 Million by 2023. The MRFR report also states that the market can potentially achieve a CAGR of 43% from 2017 to 2023, which is the forecast period.
Primary Drivers and Top Challenges
Robust demand for virtual kitchen among people is the result of latest technological innovations like virtual flame technology at homes. This technology involves high intensity of virtual flame, which also boosts the power to peak levels of heat range. Other than that, it makes use of LED flame projections that provide an enhanced cooking experience. Case in point, Samsung recently developed virtual flame technology that has gained immense popularity in virtual kitchens across the globe.
Food delivery services have expanded by leaps and bound in the urban areas, which provides a tailwind to the Virtual Kitchen Industry. A number of business hospitality vendors tout this as the future, and sensing the opportunity; they are doing everything in their capacity to gain a better position in the market. Virtual kitchens can be leveraged by restaurants to drive their business growth, as they are able to focus more on food delivery and quick-service sales. This factor can induce business expansion without any risks and can also bring down the establishment cost owing to better flexibility.
Digital assistance coupled with rising artificial intelligence ensures strong growth of the worldwide market. This gives the viewing customer a heightened experience as they are able to interact with the digital world easily. Besides, large-scale restaurants can profit only when the food orders are taken care of efficiently. This solicits customer feedback, which is an important focus for these restaurants.
The prominent players in the global virtual kitchen Industry are – Microsoft Corporation (U.S), HTC Corporation (Taiwan), IKEA (Netherlands), Samsung Group (South Korea), LG Electronics Inc. (South Korea), Homer TLC, Inc.(U.S), Clicky Media (U.K), The National Kitchen & Bath Association (U.S), Aetna, Inc. (U.S.), Cawdor Stone Gallery (U.K.), The Saturn Corporation (U.S), Micro-Star International (Taiwan) among others.
Global Virtual Kitchen Market - Segmentation
The global market for virtual kitchen has been studied extensively with respect to segments like component, technology and end users.
Given the component segment, the market has been considered for software, hardware and service.
The technologies mentioned in the MRFR report are 3D, Wi-Fi, artificial intelligence and others.
Depending on the end users, the market has been divided into residential, commercial space, hospitality and others.
Global Virtual Kitchen Market - Regional Analysis
All the latest trends coupled with the growth potential of the virtual kitchen market have been analyzed, by regionally segmenting it into North America, Asia Pacific (APAC), Europe, and the Rest of World (RoW).
North America controls the most significant share of the global virtual kitchen market and is expected to fetch significant revenue over the coming years. The superlative market performance in the region is in response to the integration of modern technology and the well-established infrastructure, thanks to the rising popularity of artificial intelligence.
The market for virtual kitchen in Europe is projected to gain the second-leading position. To boost their customer count in the region, in addition to generating online interest, numerous companies are making sizeable investments in augmented reality and virtual reality (AR & VR) technology apps to help customers chose the furniture and other things for their kitchen.
The APAC market for virtual kitchen can attain the highest growth rate during the given timeframe. The regional market is quite big since it holds a rather large population. This burgeoning population is making massive demand for virtual kitchen, with maximum demand coming from emerging countries like India, Japan, and China.
TABLE OF CONTENTS
LIST OF FIGURES
FIGURE 1 RESEARCH NETWORK SOLUTION
FIGURE 2 GLOBAL EMBEDDED SOFTWARE MARKET: BY PROGRAMMING LANGUAGE (%)
FIGURE 3 GLOBAL EMBEDDED SOFTWARE MARKET: BY APPLICATIONS (%)
FIGURE 4 GLOBAL EMBEDDED SOFTWARE MARKET: BY REGION
FIGURE 5 NORTH AMERICA EMBEDDED SOFTWARE MARKET, BY PROGRAMMING LANGUAGE (%)
FIGURE 6 NORTH AMERICA EMBEDDED SOFTWARE MARKET, BY APPLICATIONS (%)
FIGURE 7 EUROPE EMBEDDED SOFTWARE MARKET, BY PROGRAMMING LANGUAGE (%)
FIGURE 8 EUROPE EMBEDDED SOFTWARE MARKET, BY APPLICATIONS (%)
FIGURE 9 ASIA-PACIFIC EMBEDDED SOFTWARE MARKET, BY PROGRAMMING LANGUAGE (%)
FIGURE 10 ASIA-PACIFIC EMBEDDED SOFTWARE MARKET, BY APPLICATIONS (%)
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About the AuthorAkash Sangshetti
Joined: October 1st, 2019
Articles Posted: 322
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