NEW
YORK, July 10, 2024 /PRNewswire/ -- The global
restaurant management software market size is estimated to grow by
USD 4.50 billion from 2023-2027,
according to Technavio. The market is estimated to grow at a CAGR
of 15.85% during the forecast
period. Technological advancements such as AI and IoT are
significantly influencing the landscape of restaurant management
software. AI enables predictive analytics for inventory management
and customer preferences, enhancing operational efficiency and
personalized service. IoT devices, like smart kitchen appliances
and connected POS systems, streamline data collection and real-time
monitoring, improving decision-making and reducing costs. These
innovations are pivotal amid the industry's shift towards digital
payments and the adoption of more sophisticated management systems,
despite challenges associated with transitioning from traditional
methods. Key players like Block Inc., Fiserv Inc., and Microsoft
Corp. are leveraging these technologies to drive market growth
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Restaurant
Management Software Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2022
|
Historic
period
|
2017 - 2021
|
Forecast
period
|
2023-2027
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
15.85%
|
Market growth
2023-2027
|
USD 4507.94
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
14.7
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
48%
|
Key
countries
|
US, Canada, Germany,
France, and UK
|
Key companies
profiled
|
Block Inc., Cozy
Infosystems Inc., Fiserv Inc., Fishbowl Inc., Fourth Enterprises
LLC, GOFRUGAL, i3 Verticals Inc., International Business Machines
Corp., Jolt Software Inc., Lavu Inc., Lightspeed Commerce Inc.,
Microsoft Corp., NCR Corp., Oracle Corp., Restaurant365 LLC, Revel
Systems Inc., Technoheaven, Toast Inc., and TouchBistro
Inc.
|
Market Driver
The foodservice industry's shift towards digital transactions is
a global trend, with Canada
anticipating that digital payments will account for nearly 90% of
total spending by 2030. To stay competitive, foodservice
enterprises are integrating digital payment solutions into their
operations. These solutions offer numerous benefits, such as an
increase in online orders, operational ease, convenience in
logistics, and a decrease in internal thefts. Restaurant management
software plays a crucial role in facilitating cashless
transactions, allowing businesses to capture valuable consumer data
for insights and opportunities. Notable vendors in the restaurant
management software market, including Clover by Fiserv, Microsoft,
Square, and NCR Corp, offer contactless payment solutions. The
market's growth is expected to continue as digital transactions
become increasingly common in the foodservice industry.
The Restaurant Management Software market is experiencing
significant growth due to priority given to digital solutions.
Trends include digital menu boards, special dietary requests
handled seamlessly, and POS systems integrating with food delivery
websites like GrubHub, PostMates, and Zomato. IT budgets are seeing
investments in touchscreen ordering solutions and mobile POS
systems. Smartphones and internet penetration have increased
disposable incomes, driving demand for AI-powered virtual
assistants and IoT solutions. Cloud-based solutions from companies
like ParTech, Inc, Jolt, and Brink POS dominate, offering
administrative and promotional elements, order management, payment
processing, and daily reconciliation. Security is a priority with
data security features. Businesses focus on enhancing customer
experiences and retention rates through front-end software
segments, Android and iOS-based systems, and cross-platform
technologies. Key players like KFC, Pizza Hut, and Domino's are
implementing voice-activated ordering systems and
chatbots.
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Market Challenges
- To effectively manage customer interactions, restaurants
require advanced software solutions. However, transitioning from
traditional systems presents challenges. Firstly, a dedicated team
is necessary for implementing and supporting the new system, adding
to costs. Secondly, clear processes and security measures must be
established to ensure proper implementation and data protection.
Lastly, the software must align with the team's culture and map
users to the lead management applications. These challenges may
hinder market growth during the forecast period.
- The Restaurant Management Software Market is experiencing
significant growth due to increasing internet penetration and
rising disposable incomes. Advanced technologies like artificial
intelligence and virtual assistants are transforming the industry,
with voice-activated ordering systems and chatbots becoming
popular. Cloud-based solutions are gaining traction over on-premise
systems, with companies like KFC, Pizza Hut, and Domino's adopting
these technologies. The front-end software segment is seeing strong
demand, with Android and iOS-based software leading the way.
Cross-platform technologies are essential for businesses to provide
seamless customer experiences and improve customer retention rates.
Administrative and promotional elements, order management, payment
processing, daily reconciliation, and data security features are
key functionalities. Business organizations require POS technology
to enhance customer satisfaction and improve internal processes,
including sales, labor, inventory data, and point-of-sale
transactions. Digital transformation through web applications and
mobile devices is essential to meet shifting consumer trends,
offering individualized and customized services. Secured cards and
data security features are crucial for maintaining customer trust.
Companies like ParTech, Inc., Jolt, and Brink POS are leading the
market with innovative solutions.
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challenges - Request a sample report!
Segment Overview
This restaurant management software market report extensively
covers market segmentation by
- Deployment
- 1.1 On-premises
- 1.2 Cloud-based
- End-user
- 2.1 QSR
- 2.2 FSR
- 2.3 Others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 On-premises- The Restaurant Management Software
market is growing significantly due to the increasing demand for
efficient and automated restaurant operations. This software
streamlines various processes such as inventory management, table
reservations, order taking, and payment processing. It helps
restaurants reduce errors, save time, and improve customer
satisfaction. Additionally, it provides valuable insights through
data analytics, enabling better decision-making and strategic
planning. Overall, it is a valuable investment for restaurant
owners looking to optimize their business operations.
For more information on market segmentation with
geographical analysis including forecast (2023-2027) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Restaurant Management Software market is prioritizing
digital solutions to enhance customer experiences and streamline
operations. Digital menu boards are becoming increasingly popular,
allowing real-time menu updates and promotions. Special dietary
requests are easily managed with advanced filtering and
customization features. POS systems are integrated with touchscreen
ordering solutions, enabling faster service and reducing errors. IT
budgets are seeing investments in mobile POS systems, food delivery
websites, and restaurant review sites to expand reach and improve
online presence. Smartphones and internet penetration have fueled
the demand for voice-activated ordering systems, chatbots, and
artificial intelligence-powered virtual assistants. Cloud-based
solutions and cross-platform technologies are key trends, offering
flexibility and scalability. Android and iOS-based software cater
to various restaurant needs, with advancements in front-end
software segment and AI integration.
Market Research Overview
The Restaurant Management Software market is prioritizing
digital solutions to enhance customer experiences and streamline
operations. Digital menu boards are becoming increasingly popular,
allowing for real-time menu updates and promotions. Special dietary
requests are easily managed through POS systems, touchscreen
ordering solutions, and food delivery websites like GrubHub,
PostMates, and Zomato. IT budgets and investments in cloud-based
solutions, artificial intelligence, and virtual assistants are on
the rise. Mobile POS systems and voice-activated ordering systems
cater to the growing use of smartphones and internet penetration.
The front-end software segment, including Android and iOS-based
software, is seeing significant growth due to cross-platform
technologies. Restaurant review sites and customer experiences are
key drivers for customer retention. The cloud segment and
on-premise segment each offer unique benefits, with cloud-based
solutions providing flexibility and on-premise solutions offering
greater control. Administrative and promotional elements, order
management, payment processing, daily reconciliation, and business
organization are essential features for effective restaurant
management. Data security, internal processes, sales, labor,
inventory data, and point-of-sale technology are crucial for
maintaining customer satisfaction and experience. Digital
transformation continues to shape the industry, with web
applications and mobile devices becoming essential tools for
restaurants. Secured cards and shifting consumer trends towards
individualized and customized services are also influencing the
market. Key players in the market include ParTech, Inc, Jolt, and
Brink POS.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Deployment
-
- End-user
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio