Food Service & Hospitality Company Reports Market Research Reports and Industry Size, Share

Foodservice business includes firms accountable for the food or meals prepared out of the household. It comprises restaurants, catering operations, and hospital cafeterias. On the other hand, the hospitality sector includes lodging & boarding service, food & beverage service, transport service, event planning, theme parks, and tourism activities. Loyalty programs & promotional schemes are predicted to contribute remarkably towards the growth of the food service & hospitality market over the coming years. The flourishing tourism sector has further contributed to the expansion of food service & hospitality industry in the emerging economies like India. Furthermore, the use of advanced analytics in the food service & hospitality sector will enlarge the scope of the business during the forecast period. Apparently, the use of AI-driven technologies such as video recognition, machine learning, and natural processing in the hospitality business will further prompt the growth of the market over the years to come. Personalization through predictive analytics is expected to bring a paradigm shift in the food service and hospitality industry over the upcoming years. Moreover, hospitality firms are trying to embed rooms of the hotel with voice-driven equipment like virtual assistants connected to the web. It is likely to help the guests’ book travel through virtual assistants sitting in their households, rooms, and while traveling. Guests in hotel rooms can control the features of the room or control smart room operations through voice command with this IoT technology. In addition to this, robotics will also help the hospitality sector deliver its services proficiently. In the near future, blockchain technology will also help in speeding up the payment process and this will further leverage the expansion of the food service & hospitality market within the next few years. The production of autonomous cars and electric vehicles will further boost the market trends.
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