According to a new report by Allied Market Research titled Food Delivery Mobile Application Market by Deployment Platform, End-user, and Geography: Global Opportunity and Forecast, 2017-2023, the global food delivery mobile application market size was valued at $3,120 million in 2016, and is projected to reach $16,605 million by 2023, growing at a CAGR of 27.9% from 2017 to 2023.
The Android market in deployment platform segment is on high demand in food delivery mobile application market, due to rise in number of food delivery application developments on Android and increase in number of Android users among the younger generation across several regions including Asia-Pacific and Latin America. Moreover, the Android platform provides user friendly approach, technological advancements in the design, operation, and flexibility, which in turn augments the Android food delivery mobile application market growth.
Asia-Pacific was the largest market in food delivery mobile application industry for 2016 owing to increase in adoption of smartphones with Internet connectivity and change in preferences by the end users for improved food delivery models. Developing countries including China and South Korea are creating potential space for market development at a great pace. For instance, in South Korea top food delivery mobile apps such as Baedal Minjok, Yogiyo, and Baedal Tong deliver millions of users every month through their mobile applications. In addition, industry participants have realized the importance of strengthening the overall food delivery mobile application to ensure competence and effectiveness of the mobile apps in several other emerging markets such as Latin America, the Middle East, and Africa.
The surge in ICT spending, rise in usage of personal computers, laptops, mobile phones, and other devices, increase in broadband subscriptions worldwide, and adequate infrastructure development fuels the growth in digitization. The prominent markets, such as Asia-Pacific and Europe provide growth in infrastructure development, high adoption of Internet of Things (IoT) technology, growth in literacy rate, and high youth population, which in turn are anticipated to fuel the market growth in the coming years.
Based on the geography, the food delivery mobile application market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor in 2016, accounting for around 49.0% share of the overall food delivery mobile application market size. The market is projected to grow at the highest CAGR of 29.8% during the forecast period, driven by rise in adoption of advanced connected devices and surge in internet connectivity.
The report features a competitive scenario of the food delivery mobile application market and provides comprehensive analysis of key growth strategies adopted by major players. Key players profiled in the study are Apple Inc., CA, Inc., Cognizant, Google Inc., IBM Corporation, Mendix, Microsoft Corporation, Red Hat, Inc., SAP SE, and Zoho Corporation Pvt. Ltd. All these players are involved in the competitive strategies, such as geographical expansion, mergers & acquisitions, product portfolio expansion, and partnership to augment the growth of the food delivery mobile application market.
Key Findings of the Food Delivery Mobile Application Market:
- Android deployment platform accounted for the highest share of the food delivery mobile application market in 2016, growing at a CAGR of 27.5%.
- Asia-Pacific generated the highest revenue in 2016, valued at $1,528 million.
- Food delivery market place dominated the market in terms of growth during the forecast period.
- China was leading in terms of food delivery mobile application market in 2016. In addition, India, Canada, Japan, Australia, South Korea, and other emerging markets are projected to provide significant opportunities for major players.