Latest News- Franchise Market: Business format franchise is expected to lead the Type segment during 2025-2029

The Franchise Market is being driven by Rise in number of restaurants and hotels worldwide

The Franchise Market is expected to grow at a CAGR of 10.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2240 million. In the evolving retail landscape, digitalization is playing a pivotal role in enhancing the customer experience in brick-and-mortar stores. Supermarket and hypermarket chains face intense competition from e-commerce giants like Amazon, which provide the convenience of subscription models for regular purchases. However, franchises are leveraging technology to create unique in-store experiences. Innovative concepts, such as mobile applications, enable customers to efficiently locate desired items and complement their daily purchases with high-value items. Franchisees are harnessing the power of digitalization to bridge the gap between online and offline shopping, thereby fostering personalized services and boosting sales. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in number of restaurants and hotels worldwide
• Growing demand for convenient food products
• Increasing construction activities

However, the market also witnesses some limitations, which are as follows:

• High pressure to maintain brand consistency and quality
• Threat from counterfeit products
• Issues related to logistics and supply chain operations

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Market Scope in Franchise Market Research Report

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Research Analysis Overview

In the franchise industry, entrepreneurs seeking business opportunities can explore various sectors such as restaurants, retail outlets, cleaning services, fitness centers, and more. Established brands, including fast food chains and manufacturing franchises, offer guidelines and support to franchisees through a franchise relationship. Large corporations provide a proven business model, marketing strategies, and employee training. Franchises in sectors like food and beverage, home goods, car parts, and health and wellness offer trademarks, product distribution, and risk mitigation for franchisees. The franchise industry encompasses diverse business formats, from fast food businesses to manufacturing, all under the umbrella of a parent company.

Market Research Overview

The global diversified support services market encompasses businesses offering labor-intensive services to corporations and governments. This sector comprises companies providing commercial cleaning, dining and catering, equipment repair, industrial maintenance, auctioneering, storage and warehousing, transaction services, uniform rental, and other business support services. According to Technavio, market growth is fueled by the outsourcing trend, as businesses increasingly delegate support functions to specialized providers. Entrepreneurs seeking to capitalize on established brands and proven business models in the franchise industry, including fast food chains, fitness centers, and cleaning services, can benefit from the risk mitigation and operational support offered by large corporations in this sector. Consumers, in turn, continue to favor recognizable brands for their reliability and consistency.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/