March 28, 2020
Quick Service Restaurant

Quick Service Restaurant Market increasing use of electronic gadgets and systems has driven the market

The global market for Quick Service Restaurants was valued at US$ 1.34 Tn in 2018 and is expected to grow with a CAGR of 5.5 per cent during the forecast period.

Over the last few years, the increasing use of electronic gadgets and systems has driven the quick-service restaurant market. The Quick Service Restaurant Market is an organized sector and involves a real-time conversion of consumer demand as per consumer specifications. Furthermore, the increasing demand for fast food has led to a significant increase in the expansion of fast-food chains. Growing infrastructure and socializing buildings like millennial cafes will drive the quick-service restaurant market. The different offerings of quick-service restaurants will mark a remarkable increase in the market for quick-service restaurants during the forecast period.

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Based on application, the chain restaurant segment will hold a major revenue share during the forecast period. Due to a changing lifestyle pattern and an increasing number of innovative fast food chains, chain restaurants are a significant segment of the quick food service restaurant. Supported by the increased adoption of smartphones, innovative payment methods and point-of-sale systems, the restaurant chain segment are experiencing rapid growth. Further adoption of a standardized pattern and policies will also support the growth of chain restaurants. Thus, we expect the application-based chain restaurant segment to be a prominent segment in the forecast period.

Geographically, Asia Pacific dominated the quick-service restaurant market in 2018. The growing young population and the growing online food ordering industry in the region are driving the quick service restaurant market. Changing government standards, food safety standards and policies for incubation centers have further promoted the fast-service restaurant market in the growing economies of India, China and Korea. In particular, the number of start-ups in the food delivery segment has increased. As a result, we expect the Asia-Pacific region to make a significant contribution to the overall revenues of the quick-service restaurant market during the forecast period 2019-2027.

Some of the major companies included in the report include Chick-fil-A, Domino’s, Dunkin ‘ Brands Group, McDonald’s, Restaurant Brands International, Starbucks, Subway, The Wendy’s Company, Yum! Brands, among others.

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