In this age of technology, enterprises have been increasingly using information technology (IT) in product, process, and service process. As restaurants are the biggest components of service sector, they have no remained indifferent from this transformation. The growing use of technology to manage operations in restaurant sector is driving the global restaurant management software market.
The global Restaurant Management Software market size is expected to reach close to USD 14.70 billion by 2029 with an annualized growth rate of 15.8% through the projected period.
The Front-End Software Market Is Expected To Expand Along With The Table And Delivery Management Segment.
The front-end software segment is comprising the largest target market segment global restaurant management software market. The segment’s growth is observed because restaurant operators are increasingly implementing these strategies to shorten wait times, increase table turnover times, and automate the setup of food delivery chains. Restaurants may boost brand value and image with these management techniques. Additionally, it enables staff members to manage every table accurately and cut down on serving times. Restaurant owners may organize and track food delivery orders with this software, increase operational effectiveness, and improve customer satisfaction.
The Cloud Held The Majority Market Share But Cloud Segment Is Expected To Grow
Over the projected period, it is predicted that the cloud segment would also increase significantly. The readymade platform, which has already been developed and approved by the software vendors, makes cloud-based solutions simple to deploy. As a result of cloud-based systems' direct information centralization capabilities, restaurant owners can access data virtually from anywhere. In addition, cloud software is appropriate for adoption by new restaurant owners due to its low setup cost and inexpensive upgrade options. These advantages will support the segment's expansion during the relevant time.
The Full-Service Restaurant Sector Holds A Significant Market Share, But QSR Market Is Expected To Expand In The Forecast Period
The Full-service Restaurant (FSR) sector held the most significant global restaurant management software market share. FSRs may provide better customer service by customer demand thanks to the sophisticated technology that speeds up table turns and save personnel expenses. In addition, full-service restaurants with cheaper prices and a more informal atmosphere have become more popular, particularly in emerging nations where the working population has increased, and the dine-out culture is spreading quickly.
The Asia-Pacific Region Is Expected To Grow At A High Pace In The Forecast Period
Throughout the projected period, the Asia Pacific is anticipated to rank among the regions with the quickest growth in global restaurant management software market. The two main factors driving the development of the regional market are the rising need for improved customer experiences and the increasing use of POS software. Additionally, restaurants in nations like China, India, and Japan are implementing software solutions that let patrons use their smartphones and other devices to place orders and make payments at the table. Additionally, several restaurants are providing cash-back incentives, and reductions on plastic card payment methods have persuaded customers to use their cards instead of cash. This acceptance will probably encourage the expansion of the local market.
The global restaurant management software market size is expected to reach close to USD 13.45 Bn by 2029 with an annualized growth rate of 14.5% through the projected period 2022-2029.
Restaurant management software is a software used to support restaurant operations, mostly point-of-sale (POS) software and other software. These programs help with queue management, inventory control, billing, and ordering. Efficiency gains, shorter wait times for customers, and protection from staff fraud are all advantages of employing software to manage specific parts of restaurant operations.
Restaurant owners have streamlined order handling as a result of recent advancements in order processing procedures. The Kitchen Display System (KDS), for instance, is a computerized menu board for kitchen staff that automatically prioritizes orders and identifies any particular dietary demands. It is used by many restaurants. This system checks meal delivery timings, inventory, and alerts users when a product is running low on stock. It is directly connected to the restaurant's point-of-sale system. Additionally, it allows for more effective communication and sustainable kitchen operations.
To keep track of sales, items, operations, and inventory, restaurants and other foodservice providers heavily rely on point of sale (POS) technology. In addition to POS systems, software providers also provide Hotel Property Management System (PMS) solutions so that restaurant operators may have completely integrated technological capabilities. These systems assist in delivering a digital display of the food and drink tailored to a given day and accommodating dietary allergies, wine lists, and nutritional information, as well as collecting Europay, Mastercard, and Visa card payments at the table.
The global restaurant management software market is expected to expand in the following years due to the increased integration of POS technology to enhance restaurant operations. Strict regulations are required to achieve data security compliance for the restaurant POS systems due to the rising popularity of using credit and debit cards to pay at restaurants. This has protected confidential company information from personnel and given management more authority to prevent a data leak. These solutions enable the service team to provide a better client experience through mobile and table-side solutions. Consequently, the POS software system helps restaurants increase the productivity of their kitchens, the standard of their food and service, and the likelihood of errors.
Vendors rely on innovative technologies to track and analyze client interactions methodically. This ultimately leads to difficulties when switching from traditional systems. The selection of specialized teams, the execution of procedures, and software management are a few significant challenges encountered during the change from conventional management systems to new management systems. The presence of these problems might limit global restaurant management software expansion throughout the forecasted period.
Furthermore, many restaurant management software have weak or non-existent security and in some cases some functionalities that are required for day to day operations are accessible only to managers resulting to an undesirable situation to low-level employees. This is limiting the adoption of restaurant management software market.
Nevertheless, the recent developments occurred in technology of restaurant management allowing restaurateurs to improve sales and profits, the advent of internet is anticipated to be a growth opportunity to the global restaurant management software market.
Revel Systems, NCR Corporation, ShopKeep, Touch Bistro, HotSchedules, Clover network, Fishbowl, OpenTable, Square Capital, among others are some of the important market participants in the global restaurant management software market.
Latest Developments In Global Restaurant Management Software Market
- July 2022. To improve customer relationships, Stater Bros. connects to the NCR Commerce Platform. The cloud-based point of sale (POS) system NCR Emerald uses the NCP to integrate all of the store's operational systems. Stater Bros. now gains from the quick, practical introduction of additional capabilities and services, including POS options and end-to-end connectivity from NCR Emerald.
Restaurant Management Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 13.45 billion|
|Growth Rate||CAGR of 14.5% during 2021-2028|
|Segment Covered||Software, Deployment, End-Use, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Revel Systems, NCR Corporation, ShopKeep, Touch Bistro, HotSchedules, Clover network, Fishbowl, OpenTable, Square Capital,|
Key segments in the global Restaurant Management Software market
Software Overview, 2019-2029 (USD Billion)
- Front-end Software
- Accounting & Cash Flow
- Purchasing & Inventory Management
- Table & Delivery Management
- Employee Payroll & Scheduling
Deployment Overview, 2019-2029 (USD Billion)
End-Use Overview, 2019-2029 (USD Billion)
- Full-service Restaurant (FSR)
- Fine Dine
- Casual Dine
- Quick Service Restaurant (QSR)
Regional Overview, 2019-2029 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
Middle-East and South Africa