Virtual Kitchen Market Research Report - Global Forecast 2030

Virtual Kitchen Market, By Component (Hardware, Software, Service), By Technology (Wi-Fi, 3D, Artificial Intelligence), By End Users (Commercial Space, Residential, Hospitality) - Forecast 2030

ID: MRFR/ICT/3079-HCR | November 2022 | Region: Global | 100 Pages         

Virtual Kitchen Market

Virtual Kitchen Market is Expected to Reach USD 13.97 billion with CAGR of 12.5% by 2030.

Segmentation

By Component Hardware Software Service
By Technology Wi-Fi 3D Artificial Intelligence
By End Users Commercial Space Residential Hospitality

Key Players

  • Clicky Media (U.K)
  • The National Kitchen & Bath Association (U.S)
  • Homer TLC Inc. (U.S)
  • Samsung Group (South Korea)
  • HTC Corporation (Taiwan)
  • LG Electronics Inc. (South Korea)
  • IKEA (Netherlands)
  • The Saturn Corporation (U.S)
  • Aetna (U.S.)
  • Micro-Star International (Taiwan)
  • Microsoft Corporation (U.S)
  • Cawdor Stone Gallery (U.K.)

Drivers

  • Rising adoption of artificial intelligence
  • Helpful in attracting more customers to a particular business.
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Virtual Kitchen Market Overview 


The virtual kitchen market demand is expected to grow at a CAGR of 12.5%. It is estimated that the market will expand and reach USD 13.97 billion during the forecast period 2021-2030. It is one of the booming markets in the upcoming years. Virtual Kitchen comprises artificial intelligence, virtual reality, software, and architectural design and print. The demand for virtual kitchens is expected to increase due to their various features.


There are various factors that help escalate the virtual kitchen market growth. One of the major factors is the rising usage of artificial intelligence by various companies. The increasing shift towards the digitalisation can help to identify the voice commands and work according to the needs and choices of consumers. The growth of the industry will escalate due to the rising trends of online delivery of food.


Another major reason is the increasing use of food delivery apps due to change in the lifestyle of people. The busy lifestyle due to the heavy work of people across the world will also push the market growth. The virtual kitchen market outlook suggests that the market will generate enormous revenue with the rapid technological advancements and growing use of various delivery apps.


The virtual kitchens are cost-effective, easy, and help to do our tasks effectively in a faster way. Rising developments by key players will increase the market. Technological advancements in virtual and augmented reality for various uses are also expected to fuel the growth during the forecast period. Various key players such as the HTC Corporation, Samsung Groups, Microsoft Corporation, LG Electronics, etc. are some top providers in the virtual kitchen market demand.


Virtual Kitchen Market COVID-19 Analysis


During the initial months of 2020, the cases of Coronavirus or COVID-19 disease started to increase. As a result, people in millions began to spread across the world. This in turn had a drastic impact on the economies across the world. Several industries across the world faced huge losses due to lockdown and restrictions on travelling. This in turn also disrupted the supply and distribution chain. The economic growth across many countries observed declination due to COVID-19. It is expected that after the pandemic is over, the market will regain its growth in the upcoming years. However, the outbreak of COVID-19 will also increase the virtual kitchen market forecast will also attract various investments.


Virtual Kitchen Market Dynamics


Driving Factors


There are several factors that are responsible for the growth of virtual kitchen market statistics. One of the most important reasons is the rising adoption of artificial intelligence among the key players. With the help of better internet connectivity and other technological advancements, the market is projected to have an exponential growth during the upcoming future years. The specific rise in the numbers of users in various social media platforms is also helpful in promoting growth. With the help of social media platforms, now it has become easier to understand the behavioural changes and preferences of the customers.


Restraints


Some of the restraints that can affect the market growth in the upcoming years are the rising costs of the raw materials. Also, the adoption of cheap and effective alternatives can hinder the market growth. Additional costs for maintenance such as wages or workers, setting up the furniture, can restrict the Virtual Kitchen Market during the forecast period.


Opportunities


The drastic increase in the number of users among social media platforms such as Facebook, Instagram, etc. is helpful in attracting more customers to a particular business. Also, the increasing numbers of fast-services and fine dining restaurants are projected to provide a huge opportunity for the market to thrive. Also, the busy schedule of work and preference of ordering food from outside are some factors that will increase the opportunity for the global virtual kitchen market.

Virtual Kitchen Market Challenges
Several challenges such as the efficient supply chain of food delivery may appear as a hindrance for the market. The increasing cases of cybercrimes such as data theft can lead to speculations among consumers. Also, the stringent rules and policies by the government can hamper market growth to a significant extent.


Cumulative Analysis


With the increasing use of artificial intelligence, the global virtual market demand will have an exponential growth. It is projected that the virtual kitchen industry will reach around USD 3586 million. The market is evaluated to register drastic growth. Hence, the Compound Annual Growth Rate of the market will reach up to 43% during the forecast period 2017-2023.


Value Chain Analysis


The virtual kitchen industry in the upcoming years will gain immense recognition and value. The rising adoption of the artificial intelligence and improvement in technology are some important factors that are helping the market to gain more value. The development of the market largely depends upon the technology and the demand of social media platforms across the world. Hence, its market value and demand will increase simultaneously.


Virtual Kitchen Market Segment Overview


The global virtual kitchen market share is segmented into end-users, components, and technology.


On the basis of technology, the global virtual kitchen market trends are further segmented into artificial intelligence, Wi-Fi, 3D, and others.


The virtual kitchen industry on the basis of end-users is divided into residential, hospitality, commercial space, and others.


On the basis of components, the virtual kitchen industry is divided into services, software, and hardware.


Virtual Kitchen Market Regional Analysis


Regionally, the virtual kitchen market share is divided into- North America, Europe, Asia-Pacific, and the Rest of the World. The North American region is anticipated to hold the largest market share during the forecast period. Owing to the massive demand for technologies of artificial intelligence which are used in the virtual kitchen industry is expected to propel during the forecast period.


It is estimated that the Asia-Pacific region will record the highest growth during the forecast period. Several countries such as Japan, India, and China are booming markets for the virtual kitchen industry. Hence, the Asia-Pacific region will have exponential growth due to the emergence of various companies in the virtual kitchen industry.


Virtual kitchen market share in the European region will also record significant growth. The rising awareness for new technologies and developments by the key players are the major factors for the market growth.


Also, the countries from the rest of the world will have a substantial growth in the future years. Certain growth factors such as technological advancements and awareness are projected to improve the market growth than in the past years.


Virtual Kitchen Market Competitive Landscape


There are various key players in the market which will improve the virtual kitchen market market growth according to the Virtual Kitchen Market Statistics. These renowned key players use different marketing strategies to improve their business and gain profit from across the world. They do acquisitions, mergers, market analysis, advertisements, collaborations, product launches, and others for improving their growth. Some of the important key players in the global virtual kitchen industry are-



  • Clicky Media (U.K)

  • The National Kitchen & Bath Association (U.S)

  • Homer TLC, Inc. (U.S)

  • Samsung Group (South Korea)

  • HTC Corporation (Taiwan)

  • LG Electronics Inc. (South Korea)

  • IKEA (Netherlands)

  • The Saturn Corporation (U.S)

  • Aetna (U.S.)

  • Micro-Star International (Taiwan)

  • Microsoft Corporation (U.S)

  • Cawdor Stone Gallery (U.K.)


 Recent Developments



  • In the year 2018, the major key player named IKEA, a Switzerland-based company made huge investments in the industry of VR (Virtual Reality) and AR (Augmented Reality) applications to help its customers to understand the size and features of the furniture. The new investment is projected to increase its presence among customers, improve its brand value and generate more revenue.


Report Score and Segmentation



  • Study Period- 2020-2030

  • Base Year- 2020

  • Forecast Period- 2021-2030

  • Historical Period- 2018-2019


The score of the report is to give information about the global virtual kitchen market outlook. This report provides information about the market drivers, restraints, opportunities, and challenges. It gives information about the growth and strengths of the market. Along with that, it also provides substantial information about the key players in the global virtual kitchen industry.


By Technology



  • 3D

  • Wi-Fi

  • Artificial Intelligence

  • Others


By Component



  • Software

  • Services

  • Hardware


By End-Users



  • Residential

  • Commercial Space

  • Hospitality

  • Others


By Region



  • Europe

  • North America

  • Asia-Pacific

  • Rest of the World



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 13.97 Billion
  CAGR   12.5%
  Base Year   2020
  Forecast Period   2021-2030
  Historical Data   2019
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Component, Technology
  Geographies Covered   North America, Europe, Asia-Pacific
  Key Vendors   Clicky Media (U.K) The National Kitchen & Bath Association (U.S) Homer TLC Inc. (U.S) Samsung Group (South Korea) HTC Corporation (Taiwan) LG Electronics Inc. (South Korea) IKEA (Netherlands) The Saturn Corporation (U.S) Aetna (U.S.) Micro-Star International (Taiwan) Microsoft Corporation (U.S) Cawdor Stone Gallery (U.K.)
  Key Market Opportunities   Also, the increasing numbers of fast-services and fine dining restaurants are projected to provide a huge opportunity for the market to thrive.
  Key Market Drivers   There are several factors that are responsible for the growth of virtual kitchen market statistics.


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Frequently Asked Questions (FAQ) :

The worldwide market of virtual kitchen can thrive at 43% CAGR and attain value at USD 13.97 billion by 2030.

Homer TLC, Inc. (U.S), The National Kitchen & Bath Association (U.S), and Clicky Media (U.K) are some reputed named in the virtual kitchen market.

Wi-Fi, Artificial Intelligence, and 3D are technologies used for virtual kitchen solution.

The inclination of people towards convenient functioning, such as execution of kitchen activity on voice command, can cause the virtual kitchen market generate high revenue by 2030.

A high rate of adoption of AI-driven devices can impel the virtual kitchen market in North America.