(Entertainment-NewsWire.com, December 11, 2018 ) The global bars and cafes market, one of the leading segments in the food and beverages services industry, grew at a compound annual growth rate (CAGR) of around 6% during the historic period. The growth is mainly due to the demographic shifts in emerging markets such as India and China, increasing tourism and rapid globalization. In the forecast period, the global bars and cafes market size is expected to be over $690 billion by 2021, growing at a CAGR of nearly 5%. The growth in the forecast period is less when compared to the historic period. This is mainly due to rising costs, decreasing margins and growing awareness for healthy options.
Major beverage serving companies are adopting advanced technologies to deliver customized, convenient, fast and adaptable services. Cafes around the world are investing in WiFi-enabled coffee makers that can brew coffee according to the consumers specific individual taste. For instance, Selfiii International, a Malaysian company, developed a printer which can print selfies of customers onto their coffee, enhancing the coffee experience more personal, thereby increasing sales. Bars, taverns and nightclubs are also increasingly offering technology-driven solutions and services. These establishments are using innovative techniques in the way customers order and pay for food and drinks. These techniques include introduction of self-ordering touchscreen kiosks, mobile apps for customizable orders and quick payment and digital entertainment.
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