Foodservice Sector Enterprise ICT Market Analysis and Future Outlook by Segments (Hardware, Software and IT Services)
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Foodservice Sector Enterprise ICT Market Overview
The foodservice sector enterprise ICT market size was pegged at $76.3 billion in 2022 and is expected to grow at a CAGR of over 9% during 2022-2027 to $120.9 billion in 2027. With rising competition in the foodservice market, companies are expected to increase their ICT spend as digital technologies enable them to remain competitive and relevant in the market by allowing them to quickly develop products as per consumer needs, lower operational costs, and create personalized digital marketing campaigns, among others.
Foodservice Sector Enterprise ICT Market Outlook, 2022-2027 ($ Billions)
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The Foodservice Enterprise ICT Vertical Intelligence Report, a new Vertical Intelligence Report by GlobalData, summarizes key findings from GlobalData’s ICT Customer Insight Survey carried out in H1-2023 and GlobalData’s Market Opportunity Forecasts to 2027: Foodservice. It reveals an executive-level overview of how the overall ICT budgets and their allocations towards various segments have changed for enterprises operating in the foodservice sector in 2023 compared to 2022 and ICT revenue opportunity with detailed forecasts of key indicators up to 2027. The report provides a detailed analysis of the overall foodservice sector’s enterprise ICT market trends and growth drivers based on GlobalData’s ICT Customer Insight Survey and GlobalData’s Market Opportunity Forecasts.
The report also discusses the market growth inhibitors impacting the foodservice sector’s overall ICT market. It sheds focus on enterprise ICT budget allocations and ICT revenue opportunities covering 18 solution areas, segmental analysis, and regional analysis. The report also includes a brief profile of some of the key ICT vendors within the foodservice vertical.
Market Size 2022 | $76.3 billion |
CAGR | >9% |
Forecast Period | 2022-2027 |
Enterprise ICT Budget Allocation Analysis Period | 2022-2023 |
ICT Segment | Hardware, Software, Services |
ICT Solution Areas | Cloud Computing, IoT, Communications and Collaboration, Client Computing, Consulting & Integration Services, Networking, Business Process Outsourcing, Application Development and Management, Business Process Applications, IT Management, Security, Storage, Data and Analytics, Servers, Data Center & Hosting, Artificial Intelligence, Mobility, Edge Computing |
Key Regions | North America, Asia Pacific, Western Europe |
Key Digital Transformation Areas | Artificial Intelligence & Machine Learning, Automation/RPA, IoT, Edge Computing and Others |
Enterprise Technology Priorities and Spending Preferences | Cloud Computing, Internet of Things, Networking, Client Computing, and Consulting & Integration Services |
Companies Mentioned | Google, Microsoft, SAP, Oracle, and Adobe |
Enquire & Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase. |
Enterprise ICT Revenue Opportunity in Foodservice - Segment Analysis
GlobalData’s survey findings suggest that enterprise ICT budget allocations for all ICT products and services areas in foodservice have increased in 2023 compared to 2022. For ‘software,’ over 64% claimed that their ICT budget allocation increased in 2023 compared to 2022.
According to GlobalData, the foodservice sector ICT market would see the majority share of its revenue come from the IT services segment over the forecast period. The report also discusses the enterprise ICT revenue opportunity across IT software and IT hardware segments over the forecast period.
- IT Services
- IT Software
- IT Hardware
Foodservice Sector Enterprise ICT Market Share by Segment, 2022 (%)
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Foodservice Sector Enterprise ICT Market Segmentation by IT Solution
The foodservice sector enterprise ICT vertical intelligence report offers ICT revenue market indicators across the following IT services solution areas:
- Cloud Computing Services
- Consulting & Integration Services
- Business Process Outsourcing Services
- Networking Services
- Application Development and Management Services
- Internet of Things (IoT) Services
- Communications and Collaboration Services
- Client Computing Services
- Data Center and Hosting Services
- Security Services
- Storage Services
- Server Services
- Artificial Intelligence (AI) services
- Mobility Services
- Edge Computing Services
Cloud computing was the largest ICT solution area in the foodservice vertical in terms of revenue opportunity. Revenue opportunity for cloud computing in the foodservice vertical was pegged at $10.9 billion in 2022. It is estimated to grow at a CAGR of over 14% during 2022-2027. Cloud platforms are more cost-efficient and secure than servers and traditional IT infrastructure and enable companies to scale-up their operations quickly.
Foodservice Sector Enterprise ICT Market Share by IT Solution, 2022 (%)
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Foodservice Sector Enterprise ICT Market Segmentation by Region
ICT revenue opportunity in North America was pegged at $27.3 billion in 2022, and it is expected to grow at a CAGR of over 6% during 2022-2027. Increased spending in emerging technologies to deliver innovative solutions for the foodservice vertical is expected to drive the adoption of ICT solutions.
Foodservice Sector ICT Market Share by Region, 2022 (%)
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Scope
The Vertical intelligence report provides an in-depth analysis of the following –
- The macroeconomic and regulatory context and government initiatives in the foodservice vertical.
- Enterprise ICT market outlook: Analysis as well as historical figures and forecasts of revenue opportunities from ICT segments, ICT solution areas, and key regions.
- Enterprise ICT Budget Allocations – 2022 vs 2023: Overview of survey findings regarding changes in the overall enterprise ICT budget allocations in 2023 compared to the previous year and across ICT segments, ICT solution areas, and existing vs new IT projects.
- Enterprise ICT growth drivers, market trends and challenges
- IT hardware segment revenue and budget allocations outlook: Analysis as well as historical figures and forecasts of revenue opportunities from ICT hardware solution areas and budget allocations by ICT hardware categories.
- IT software segment revenue and budget allocations outlook: Analysis as well as historical figures and forecasts of revenue opportunities from ICT software solution areas and budget allocations by ICT software categories.
- IT services segment revenue and budget allocations outlook: Analysis as well as historical figures and forecasts of revenue opportunities from ICT services solution areas and budget allocations by ICT services categories.
- Enterprise Technology Priorities: Overview of survey findings on enterprise investment priority for key solution areas in current vs next two years.
- Company landscape: Analysis of the market position of leading ICT providers in the foodservice market.
- Underlying assumptions behind our published base-case forecasts, as well as potential market developments that would alter, either positively or negatively, our base-case outlook.
- The survey was conducted in H1 2023 via an online methodology, with respondents all having ICT decision making responsibility (typically CIOs and IT Managers). GlobalData plans to repeat the survey in H1 2024, to monitor ICT budget changes on an ongoing basis.
Reasons to Buy
- This Vertical Intelligence Report is based on GlobalData’s IT Customer Insight Survey carried out annually covering key ICT decision makers from enterprises in the foodservice vertical and GlobalData’s Market Opportunity Forecasts to 2027, to offer a thorough, forward-looking analysis of the foodservice sector enterprise ICT investment priorities and ICT revenue opportunity market.
- Accompanying GlobalData’s IT Customer Insight Survey and Market Opportunity Forecasts to 2027, the report examines the assumptions and drivers behind ongoing and upcoming trends in the foodservice sector enterprise ICT market.
- The report offers a thorough analysis of enterprise ICT investment trends and how it has changed this year compared to the previous year.
- The report also presents an analysis of enterprise ICT budget allocations by various spending areas, business functions, and product/service categories and how they have changed this year compared to previous years.
- The report also presents an analysis of enterprise ICT revenue opportunities by various solution areas, enterprise size bands, end-use verticals, and segments over the forecast period 2022-2027.
- With more than 50 charts and tables, the report is designed for an executive-level audience, boasting presentation quality.
- The report provides insights in a concise format to help executives build proactive and profitable growth strategies.
- The report provides an easily digestible market assessment for decision-makers built around research gathered from the local IT decision-makers, which enables executives to quickly get up to speed with the current and emerging trends in enterprise ICT investment priorities.
Table of Contents
Frequently asked questions
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How did the overall enterprise ICT budget in the foodservice vertical change in 2023 compared to 2022?
More than 68% of respondents from the foodservice vertical claimed that there has been an increase in their enterprise ICT budget for 2022-23 compared to 2021-22.
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What was the enterprise ICT revenue market size for the foodservice sector in 2022?
The foodservice sector enterprise ICT revenue market size was valued at $76.3 billion in 2022.
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What is the enterprise ICT revenue market growth rate for the foodservice sector?
The foodservice sector enterprise ICT revenue is expected to grow at a CAGR of more than 9% during the forecast period 2022-2027.
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What are the key ICT revenue market drivers for the foodservice sector?
Rising ICT budgets and digital transformation efforts along with investments and partnerships with tech startups are the key market drivers for the foodservice sector ICT market growth.
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Which was the leading segment in the foodservice sector enterprise ICT market in 2022?
IT services was the leading segment in the foodservice sector enterprise ICT market in 2022.
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Which was the leading IT solution in the foodservice sector enterprise ICT market in 2022?
Cloud computing was the leading IT solution in the foodservice sector enterprise ICT market in 2022.
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Which was the leading region in the foodservice sector enterprise ICT market in 2022?
North America was the leading region in the foodservice sector enterprise ICT market in 2022.
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Which are the leading ICT companies mentioned in the enterprise ICT vertical intelligence report for the foodservice sector?
The companies mentioned in the enterprise ICT vertical intelligence report for the foodservice sector are Google, Microsoft, SAP, Oracle, and Adobe among others.
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