Food Delivery Mobile Application Market Worth $16.61 Billion by 2023 at 27.9% CAGR, Says Allied Market Research

PORTLAND, Oregon, Feb. 19, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Food Delivery Mobile Application Market By Deployment Platform (Android, iOS, Others), and End User (Food Delivery Market Place, Restaurants and Others): Global Opportunity Analysis and Industry Forecast, 2017-2023". According to the report, the global food delivery mobile application market was pegged at $3.79 billion in 2017 and is projected to reach $16.61 billion by 2023, registering a CAGR of 27.9% during the period 2017–2023.

High internet penetration, rise in standard of living in the developing countries, and increase in mobile and smartphone usages are the major drivers of the global food delivery mobile application market. However, lack of high-speed connectivity in the underdeveloped and emerging economies and uncertainty of enterprises in developing their own applications hamper the market growth. However, rise in investment on digitization and adoption of marketing strategies such as collaboration of various restaurants with application developers are expected to create lucrative opportunities for the market players in the near future.

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Android segment holds the largest share

The Android segment held the largest share in 2017, contributing more than two-thirds of the total market share, owing to rise in usage of Android smartphones and other IoE devices. However, the iOS segment is projected to manifest the fastest CAGR of 29.2% through 2023.

Food delivery market place segment to manifest lucrative growth through 2023

The food delivery market place segment is estimated to register the fastest CAGR of 28.0% during the forecast period. Moreover, the segment held the largest share in 2017, contributing more than four-fifths of the total market, owing to the global reach of the vendors, lesser competition at a local level, and high internet penetration in developing countries. The report also analyzes the segment of restaurants and others.  

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Asia-Pacific region to portray fastest growth by 2023

Asia-pacific region is projected to register the fastest CAGR of 29.8% during the forecast period. Moreover, the region dominated the market, holding nearly half of the market share in 2017, owing to increase in technological adoption and rise in number of food delivery apps in the developing countries such as China, India, and Japan. The report also includes analysis of other regions such as North America, Europe, and Latin America, Middle East and Africa (LAMEA).

Major market players

The report includes analysis of the major companies in the market, including Apple Inc., Cognizant, IBM Corporation, Microsoft Corporation, SAP SE, CA, Inc., Google Inc., Mendix, Red Hat, Inc., SAP SE, Zoho Corporation Pvt. Ltd. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.

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SOURCE Allied Market Research