Global Restaurant Management Software Market Expected To Reach USD 6.91 Billion By 2028, With a CAGR Of 14.2% | Growth Market Reports
PUNE, India, May 17, 2021 /PRNewswire/ -- According to a recent market study published by Growth Market Reports titled, "Restaurant Management Software Market by Software Types (Front End, Accounting & Cash Flow, Table & Delivery Management, Purchasing & Inventory Management, Employee Payroll and Scheduling, and Others), Deployment (Cloud and On-premise), End-users (Full Service Restaurant, Quick Service Restaurant, Institutional, and Others), and Region: Size, Share, Trends and Opportunity Analysis, 2018-2028", the market was valued at USD 2.0 billion in 2020 and is projected to reach USD 6.91 billion by 2028, expanding at a CAGR of 14.2 % during the forecast period, 2021 – 2028. The growth of the market is attributed to increasing number of restaurants relying on POS software for payment processing, sales tracking, and inventory management.
A restaurant management system is a software that helps streamline food business operations such as bars, restaurants, cafes, bakeries, food trucks or delivery businesses.
Key Market Players Profiled in the Report
- Revel Systems Inc.
- NCR Corporation
- ShopKeep
- Touch Bistro
- HotSchedules
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
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This report also includes a complete analysis of industry players that cover their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the Restaurant Management Software Market
Based on software types, the global restaurant management software market is segregated as front end, accounting & cash flow, table & delivery management, purchasing & inventory management, employee payroll and scheduling, and others. The front end software segment is expected to expand at a high CAGR during the forecast period. These software solutions are POS-integrated and a core restaurant tool, which helps in payment processing and managing orders. Increasing demand for software solutions such as customer management, inventory management, kitchen order taking, recipe management, and free accounting coupled with POS solutions is estimated to drive the market. The table & delivery management segment is expected to expand at a CAGR of 16% during the forecast period. This segment helps in improving table turnaround time, reducing waiting time, and automating the setup of the food delivery chain to increase customer satisfaction.
On the basis of deployments, the global restaurant management software market is bifurcated into on-premise and cloud-based. The on-premise segment held a major market share of the total revenue in 2016. The segment growth is attributed to ability to control ownership of data and increasing security issues. The cloud-based segment is projected to expand at a rapid pace during the forecast period. The capability of cloud-based systems to centralize information makes it available for restaurant owners to access data from anywhere at any time.
In terms of end-users, the global restaurant management software market is fragmented as full service restaurants, quick service restaurants, institutional, and others. The full service restaurant segment is anticipated to expand at a high CAGR during the forecast period. Full service restaurants are the primary adopters of advanced technology, who are trying to maintain a competitive position over other restaurants and meet their customers changing needs. Restaurant management software allows FSR owners to mechanize their operations, such as kitchen management and table order, which helps ensure fast ordering, and improves accuracy in checkout processes. The quick service restaurant segment is projected to expand at a robust CAGR during the forecast period. QSR customers are gradually demanding for omnichannel experiences. Hence, these restaurants are majorly investing in advanced technology. Restaurant management software helps QSR to automate their businesses. This, in turn, helps to fulfill the changing needs and stay ahead in the competition by offering quick customer service and minimizing table turnaround time. Therefore, QSR customers are estimated to be the major end-users of restaurant management software.
Based on regions, the global restaurant management software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to expand at a high CAGR during the forecast period. Food service providers in the region use restaurant management software for menu management, table management, employee scheduling, kitchen management, recipe management, and others. The market in Asia Pacific is anticipated to expand at a robust CAGR during the forecast period. The food service sector is increasing in developing countries such as India and China. Growth of the market in the region is attributed to increasing disposable income and favorable demographic conditions. Restaurants in the region are implementing software technology, which allows customers to pay and order from the table using smartphones. Increasing usage of restaurant management software is expected to boost the regional market.
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Market Drivers, Restraints, Trends, and Opportunities
- Increasing revolution in restaurant technology is estimated to drive the market.
- Innovations in order processing have helped restaurants streamline their payment processing and order management. This is fueling the market.
- Vendors are launching innovative software solutions such as payroll, staff scheduling, and inventory management to carry out back-end operations professionally.
- Unavailability of single unified integrated software is hampering the market growth.
Read 186 Pages Research Report with Detailed ToC on "Restaurant Management Software Market by Software Types (Front End, Accounting & Cash Flow, Table & Delivery Management, Purchasing & Inventory Management, Employee Payroll and Scheduling, and Others), Deployment (Cloud and On-premise), End-users (Full Service Restaurant, Quick Service Restaurant, Institutional, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028"
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Segments Covered in the Report:
The global restaurant management software market has been segmented on the basis of
Software Type
- Front End, Accounting & Cash Flow
- Table & Delivery Management
- Purchasing & Inventory Management
- Employee Payroll
- Scheduling
- Others
Deployments
- Cloud
- On-premise
End-Users
- Full Service Restaurant
- Quick Service Restaurant
- Institutional
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
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