Whoever wins the online ordering war may very well dictate the future of how we all dine.

Noah Glass CEO Olo (left), Aman Narang CEO Toast (right)

If you’ve been in and around fast-casual and quick-serve restaurants (QSRs), you know there are two digital giants—Olo and Toast—vying for dominance. Each CEO is betting their company’s future on the growing demand for convenience and the need to improve customer experience.

Much of the demand for online ordering was spurred by the pandemic. Let’s meet the digital ordering titans.

Leadership Styles: First to Market vs. Disruptor

Meet Noah Glass, CEO of Olo, which was founded in 2005 as an early pioneer in digital online ordering. Olo’s platform has become indispensable for many of the nation’s largest fast-casual chains, boasting clients like Shake Shack, Wingstop, and Five Guys. Noah was ahead of his time, recognizing early on that the future of restaurants lay in digital transformation. His leadership has been characterized by methodical, steady expansion, focusing on perfecting Olo’s technology while maintaining long-term relationships with major restaurant brands. His approach has been one of quiet dominance—securing contracts with big chains without seeking the spotlight.

Glass’ reputation as a deep thinker and futurist has made Olo the preferred partner for large chains that demand scalability and reliability. Under his leadership, Olo went public in 2021, further cementing its status as a tech leader in the food industry. Known for his disciplined approach, Noah has focused on incremental improvements to create a seamless digital ordering experience.

In contrast, Aman Narang, CEO and co-founder of Toast as of January 1, 2024, embodies the disruptor archetype. Toast’s approach has been aggressive, initially fueled by former CEO Chris Comparato’s belief that the restaurant industry needed a sweeping technological overhaul. Toast has built a reputation as the “everyman’s” POS solution, targeting independent restaurants and chains with a user-friendly, integrated platform.

As Narang settles into his role after nearly a year at the helm, his background in sales, marketing, and customer success positions him with a clearer go-to-market strategy than his contemporary. Toast employs a “land and expand” strategy, using its all-in-one solution as a Trojan horse to get ToastTakeOut into the hands of thousands of restaurant operators. Toast’s position is that of a champion for independent restaurants, and it is well-poised to leverage this positioning for future growth.

Market Share: The Battleground

Both Toast and Olo boast over 85,000 restaurant locations. For comparison, here’s an overview of the quick-service restaurant (QSR) and fast-casual restaurant space:

  • Global Market Size: The global QSR market was valued at approximately $862 billion in 2022, with expected growth at a compound annual growth rate (CAGR) of 6.5% from 2023 to 2030. Fast-casual restaurants, which bridge the gap between QSRs and full-service restaurants, are a rapidly growing segment, projected to reach around $300 billion by 2030.

  • U.S. Market Size: The U.S. QSR industry is one of the largest foodservice segments, accounting for over $300 billion in annual sales as of 2023. The U.S. fast-casual market was valued at around $52 billion in 2022, with growth driven by demand for healthier and more customizable food options.

Location Estimates

  • Global QSR Locations: The number of QSR locations globally is estimated at 1.5 million to 2 million. This includes major international chains like McDonald's, Subway, Burger King, KFC, and Starbucks, alongside regional and local chains.

  • Global Fast-Casual Locations: While smaller in number, fast-casual restaurants are growing rapidly, with an estimated 300,000 to 500,000 locations worldwide.

  • U.S. Location Estimates: In the U.S., there are over 190,000 QSR locations as of 2023, including both national chains like McDonald's (which operates over 13,000 U.S. locations) and regional chains. The U.S. fast-casual segment is estimated to have 30,000 to 35,000 locations, with popular brands like Chipotle (over 3,000 locations) and Panera Bread (over 2,000 locations) leading the charge.

Winning the Digital Footprint for QSR and Fast-Casual

As the digital ordering market grows exponentially, the rivalry between Olo and Toast will likely intensify. Olo’s dominance among large chains offers stability, but Toast’s meteoric rise—and its ability to integrate multiple restaurant functions into a single ecosystem—makes it a formidable competitor.

Many point to the ongoing battle over who can capture more of the growing small-to-medium restaurant market, an area where Toast appears well-positioned. However, as larger chains look to integrate more services—such as delivery, loyalty programs, and analytics—Olo’s focused platform could keep it entrenched as the go-to provider for high-end, multi-location brands.

One thing is certain: both companies will continue pushing the boundaries of how restaurants interact with technology. I’d argue that both Olo and Toast will need to bolster their digital marketing suites—offering brands tools that drive more customers, whether in-store or through online ordering. In an industry where margins are razor-thin and customer expectations are higher than ever, the ability to streamline operations and improve customer experience is paramount. The rivalry between Olo and Toast is one of the most heated in the tech space, and it shows no signs of cooling down.

Mark Ashley