Rising acceptance of new food service technologies and demand for fast food services is driving the growth of the global restaurant management software market.
PORTLAND, Oregon., September 21, 2022 /PRNewswire/ — Allied Market Research recently released a report titled “Restaurant Management Software Market by Solution (Front End Solution, Accounting & Treasury Solution, Purchasing & Inventory Management, Table & Delivery Management, Payroll and Employee Scheduling, Others), By Deployment Model (Cloud, On-premises), By Vertical End-Use (Full-Service Restaurant, Quick-Service Restaurant, Institutional, Others): Global Opportunity Analysis and Industry Forecast, 2021- 2031. According to the report, the global restaurant management software industry was estimated at $4.2 billion in 2021, and should reach $17.1 billion by 2031, growing at a CAGR of 15.3% from 2022 to 2031. The report offers detailed analysis of changing market trends, major segments, major investment pockets, value, regional landscapes and competitive scenarios.
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Drivers, constraints and opportunities
Rising acceptance of new food service technologies and demand for fast food services is driving the growth of the global restaurant management software market. Apart from this, an increase in the usage of payment gateways will widen the reach of the global market in the coming years. Nevertheless, lack of new all-in-one restaurant management software is likely to hinder the growth of the global industry. However, the demand for subscription-based solutions will create new avenues of growth for the global industry.
- The COVID-19 pandemic has favorably impacted the growth of the global restaurant management software market owing to an increase in the demand for restaurant-specific management software as well as the acceptance of fast food services .
- Additionally, the growing need for restaurant-specific management software for payment processing and billing purposes as well as resource allocation has driven the demand for restaurant management software post-pandemic.
Get a detailed analysis of the impact of COVID-19 on the Restaurant Management Software Market:
Purchasing and inventory management segment will dominate the global market in terms of revenue in 2031
Based on the solution, the purchasing and inventory management segment is expected to contribute the highest market share in 2021, accounting for around a quarter of the global restaurant management software market share. Also, the segment is expected to make a major contribution to the global market share. Moreover, the segment is expected to register the fastest CAGR of almost 19.6% over the forecast period. The growth of the segment over the forecast period can be attributed to the ability of purchasing and inventory management software systems to monitor and streamline the process of purchasing, storing and utilizing company inventory such as raw materials, cooking equipment and finished products. The report also analyzes other segments such as Front End Solution, Accounting & Cash Flow Solution, Table & Delivery Management, Payroll & Employee Scheduling, etc.
The cloud segment will hold the major part of the market over 2022-2031
Based on the deployment model, the cloud segment contributed the highest market share in 2021, accounting for nearly three-fifths of the global restaurant management software industry share. Furthermore, the same segment is expected to dominate the market growth over the forecast period. Further, the cloud segment is expected to register the highest CAGR of 16.7% over the forecast period. The growth of the segment over the forecast period can be attributed to the deployment of cloud-based restaurant management software enabling business owners to manage time efficiently while performing routine operations such as managing in the background are employee tips, house management, employee scheduling, and property functions. The report also includes other segments such as the onsite segment.
The institutional segment will dominate the global market by 2031
In terms of end-use vertical, the institutional segment contributed the highest market share in 2021, accounting for nearly one-third of the global restaurant management software market share. Moreover, the same segment is expected to make notable contributions to the global market share in 2031. Furthermore, the institutional segment is expected to register the fastest CAGR of 15.8% during the forecast period. The segmental growth over the forecast period can be attributed to the use of restaurant management software in hospitality establishments as well as its application in point of sale systems. Additionally, restaurant management software can optimize routine business functions such as phone calls, table reservations, invoicing, inventory management, resource management, order taking, rooms and route management. The software also facilitates crucial tasks such as establishing a web presence, creating loyalty programs and CRM by offering in-depth statistics essential to assess the current state of the organization. The report also includes other segments such as full service restaurants, quick service restaurants and others.
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North America maintain global market dominance over the period 2022-2031
By region, North America notably contributed to the global restaurant management software market share in 2021 and is expected to maintain its dominance during the forecast period. The region accounted for nearly two-fifths of the global restaurant management software market share in 2021. The market growth in the region over the forecast period can be attributed to digitalization and smart technological developments such as automated point of sale systems, wireless payment getaways and virtual reservation systems in the subcontinent. Furthermore, the development of the QSR market in the region has been facilitated by the existence of well-known QSR chains and the wide availability of a range of cuisines. However, the Asia Pacific The restaurant management software market is expected to register the highest CAGR of 16.6% during the period 2022-2031. The growth of the regional market over the forecast period can be attributed to the high acceptance of restaurant management software in payment processing, routine accounting operations, and order administration activities.
Main market players
- Clover Network, LLC
- HotSchedules (Fourth Enterprises LLC.)
- NCR Company
- OpenTable, Inc.
- Oracle Corporation
- Personica (Fishbowl Inc.)
- Revel Systems, Inc.
- Square Capital, LLC (Block, Inc.)
The report analyzes these key players of the global restaurant management software market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances and joint ventures to improve market penetration and strengthen their position in the industry. The report helps the target audience to determine the performance of the market, the performance of each segment, the development of the product portfolio in the market, and the contributions made by each player to the expansion of the market.
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