Restaurant Management Software Market 2023 – 2030 by Table and Delivery Management, Employee Payroll and Scheduling, Others), Solution (Front End Solution, Accounting and Cash Flow Solution, Purchasing and Inventory Management, Deployment Model (Cloud, On Premise), by End Use Vertical (Full service Restaurant, Quick Service Restaurant, Institutional, Others): Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Information Technology | Pages : 180 Pages | Published On : Jul 2023
The Global Restaurant Management Software Market was valued at $4.2 billion in 2021, and is projected to reach $17.1 billion by 2030, growing at a CAGR of 15.3% from 2023 to 2030.
A system that manages payment processing, order administration, daily accounting, and streamlines operations and advertising is known as a restaurant management software. A restaurant management system aids businesses in streamlining operations so they may focus on enhancing the restaurant's reputation.
A modern restaurant management software includes data protection measures to preserve sensitive company data, simplifies internal processes, connects all the stakeholders in the restaurant's performance, and easily manages sales, labour, and inventory data management. As a consequence, this raises sales, profits, and client satisfaction while reducing staff retention, order processing mistakes, wait times, and stress levels, and striving towards enhanced restaurant management.
The outbreak of COVID-19 has significantly boosted the growth of the restaurant management software market, owing to lack of skilled workforce availability, and delay or cancelation of projects owing to partial or complete lockdown globally. Therefore, the adoption of restaurant management software is favored by the increase in the number of tailored restaurant–specific solutions in major regions. These solutions such as back-end modules, customer relationship management, billing & invoicing systems and table & delivery systems are sophisticated solutions that give the capabilities required to manage a restaurant and provide analysis for data processing. Therefore, rise in awareness of such cloud-based solutions have boosted growth during COVID-19 outbreak.
The restaurant management software market share is expected to witness notable growth during the forecast period, owing to increasing adoption of advanced restaurant service technologies and rising acceptance of quick service restaurant (QSR) services. Furthermore, rise in application of seamless payment gateway drives the growth of the market. However, lack of advanced all-in-one restaurant management software impedes the growth of the market. On the contrary, lucrative potential for the restaurant management software market is projected to flourish owing to expanding entry of subscription-based solutions offered by new companies.
The restaurant management software industry is segmented into Solution, Deployment Model and End Use Vertical.
Purchasing & inventory management solutions are utilized to minimize food waste and raw material tracking. The main objective of this solution is to guarantee that all supplies are accessible whenever the production department requires them, preventing production from being interrupted owing to a shortage of supplies. Therefore, assisting in retaining buffer supply of all essential items to ensure uninterrupted production chain. Restaurant supervisors are able to utilize perishable goods and purchase the necessary inventory while also cutting costs by incorporating purchasing & inventory management solution.
Cloud-based restaurant management software solutions are delivered via cloud, which is an online server. Several features are offered by cloud-based restaurant management software including inventory tracking, employee timesheets, CRM integration, and point-of-sale (POS) system, easy menu setup, managing loyalty programs, technical support, and detailed reporting.
Hospitality institutions have been exhibiting a strong presence around the world as it is driven by the positive international relations between countries. These locations offer a variety of amenities in addition to lodging, such as security, conference and event space, restaurants, and bars, all of which help boost occupancy levels.
Region-wise, the restaurant management software market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America, specifically the U.S., remains a significant participant in the global restaurant management software industry. This region's rise is attributed to a number of factors, including swift urbanization, increased disposable income, the foodservice industry's well-organized architecture, and a high degree of vendor market penetration.
North America covers U.S. and Canada. North America is projected to obtain significant share in the restaurant management software market. Rapid urbanization, rise in disposable income, well-organized architecture of the foodservice sector, and high level of vendor market penetration contribute to the growth of the market in North America.
TOP IMPACTING FACTORS
Significant factors that impactÂ restaurant management software market growth include increase in protection of metadata, rise in adoption of digitalization along with dependency on artificial intelligence (AI). However, high initial cost of installation and maintenance, hampers the growth of the market. On the contrary, surge in market penetration in various end-use verticals is expected to offer potential growth opportunity for the restaurant management software market during the forecast period.
Competitive analysis and profiles of the major restaurant management software market players, such as Clover Network, LLC, HotSchedules (Fourth Enterprises LLC.), Jolt, NCR Corporation, OpenTable, Inc., Oracle Corporation, Personica (Fishbowl Inc.), Revel Systems, Inc., Square Capital, LLC (Block, Inc.) and TouchBistro are provided in this report.
Restaurant Management Software Market Report Segmentation
- Front End Solution
- Accounting and Cash Flow Solution
- Purchasing and Inventory Management
- Table and Delivery Management
- Employee Payroll and Scheduling
By Deployment Model
- On Premise
By End Use Vertical
- Full service Restaurant
- Full service Restaurant
- Fine Dine
- Casual Dine
- Quick Service Restaurant
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Netherlands, Rest Of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest Of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
KEY BENEFITS FOR STAKEHOLDERS
- This study comprises analytical depiction of the restaurant management software market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall restaurant management software market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current restaurant management software market forecast is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
- Porter‐™s five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
- The report includes the market share of key vendors and restaurant management software market trends.
Table and Figures
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Covered Key Topics
Market Growth Drivers
Leading Market Players
Company Market Share
Market Size and Growth Rate
Market Trend and Technological