Restaurant Management Software Market was estimated as US$ 2.4 billion in the year 2018, and is predicted to reach the figure of USD 6.5 Billion in 2026, expanding at an CAGR of 13.3 percent from the year 2019 until 2026.
The emergence of technology in the industry of restaurant and the growing demand for specific software designed specifically for restaurants such as processing of payments and billing and tables management, inventory management as well as menu administration are some of the main trends driving market expansion. This Global Restaurant Management Software Market report provides an in-depth analysis on the industry. The report provides an in-depth analysis of the key segments and drivers, trends as well as restraints and market dynamics, and other elements that play significant roles on the scene.
Global Restaurant Management Software Market Definition
The software for restaurant management is specifically designed specifically for the foodservice industry and assists restaurant owners to manage their business more efficiently. It aids restaurant managers and owners to understand the daily number of customers and plan according to the needs of the customers. The software is utilized for a variety of tasks like billing, ordering, analyzing costs and the management of inventory, management of queues and boosting profits as well as allowing customers to pay and order on the spot.
Global Restaurant Management Software Market Overview
The market is expected to see significant growth during the next five years. Technological disruptions in the industry of restaurant and the escalating demand for specific software specifically designed for restaurants such as processing of payments and billing, table management, inventory management as well as menu administration are some of the main factors that are driving market expansion.
Additionally, the growing awareness of the significance of data analytics to provide valuable information for improving day-to-day operations is expected to give an upward thrust to the market. Cloud systems’ adoption is predicted to witness significant growth during the forecast timeframe which will boost the expansion in the industry.
The rapid technological development in the restaurant business and the increasing demand for specific software specifically designed for restaurants such as processing payments and billing and table management, inventory management along with menu and table management, are among the most significant factors that are expected to drive the expansion of the industry of restaurant management software.
In addition, growing awareness about the significance of data analytics tools globally and the increasing use of cloud-based solutions in the restaurant sector are other factors that are that are expected to drive market’s expansion. Contrarily the inaccessibility of a an integrated, single-handed software that is one of the major factors that could slow the market’s growth.
The Global Market for Restaurant Management Software Segmentation Analysis
The Global Restaurant Management Software Market is classified based on Type, Application , and Geography.
Market for Restaurant Management Software, by Type
* Accounting & Cash Flow Software
* Front End Software
* Table & Delivery Management Software
* Purchasing and Inventory Management Software
* Employee Payroll and Scheduling Software
Based on Type of product, the market is classified in Accounting & Cash Flow Software, Front End Software, Table & Delivery Management Software, Purchasing & Inventory Management Software and Employee Payroll & Scheduling Software. It is expected to be the dominant market over the forecast time. Front-end software solutions like POS are an essential restaurant software that permits them to manage payment processing and ordering. The increasing demand for software solutions like managing inventory, management of customers recipe management, kitchen order-taking, accounting for free, as well as POS solutions, has contributed to the development of this market.
The Restaurant Management Software Market Through Application
* FSR (Full Service Restaurant)
* QSR (Quick Service Restaurant)
Based on application Based on Application, the market is divided in FSR (Full Service Restaurant), QSR (Quick Service Restaurant). Software for managing restaurants lets FSR owners to automatize their processes, like ordering tables and kitchen management that increase the accuracy of their operations and speeds up processing of checkout and ordering. The restaurant with quick service is expected to grow during the forecast time. QSR customers are increasingly looking for an experience that is omnichannel and these establishments are investing heavily in the latest technology to stay ahead of the race.
The Restaurant Management Software Market by Geography
* North America
* Asia Pacific
* The Rest of the World
Based on Geography Based on geography, the Global Restaurant Management Software Market is divided as North America, Europe, Asia Pacific, and Rest of the World. It is believed that the North America region held the most of the market. Foodservice companies in the region have been early adopters of software for restaurant management solutions, such as the management of tables, menus kitchen management scheduling of employees as well as recipe management and more.
Key Players in Restaurant Management Software Market
The “Global Restaurant Management Software Market” study report will give useful information with a focus on the market in general. The top players in this market include Square Inc., Shop Keep, Revel Systems Inc., Oracle Corporation, Open Table, Inc., NCR Corporation, Jolt, Hot Schedules, Fishbowl Inc. and Clover Network Inc.
The competitive landscape section contains key development strategies as well as market share and market ranking analyses of the mentioned players worldwide.