Westford USA, April 25, 2023 (GLOBE NEWSWIRE) -- Immense technological need in the hoteling industry has created a market niche
The restaurant industry is undergoing significant changes, and as a result, restaurant management software solutions have become increasingly essential. For example, the popularity of online food ordering platforms has created a need for software that can integrate with these platforms. At the same time, data analytics has become increasingly crucial for analyzing sales, inventory, and customer feedback. Additionally, intense competition in the industry has led to a demand for software solutions that can improve efficiency, reduce costs, and enhance customer experiences. As a result, restaurant management software plays a vital role in helping restaurants stay competitive and thrive in a rapidly changing market.
In recent times, the market has seen a rapid growth as several trends are shaping its trajectory. Several significant trends such as cloud-based solutions, mobile-friendly solutions and the integration of artificial intelligence (AI) with machine learning (ML) capabilities, are driving the market. These trends in restaurant management software offer a wide range of benefits, such as scalability, cost-effectiveness and easy accessibility. Moreover, the consolidation of AI and ML can help restaurants automate order-taking, inventory management, and staffing processes.
Various government initiatives, such as ‘Digital India’ and European Union’s ‘Digital Single Market’, are also shaping the future of the restaurant management software market. The Digital India initiative is to promote the use of technology in various sectors, including the restaurant industries as well as European unions. Digital Single Market Initiative also aims at creating a single digital goods and services market across member states.
Browse in-depth TOC on " Restaurant Management Software Market"
● Pages - 242
● Tables - 93
● Figures - 66
Point of Sale Application Segment to Regulate the Market Demand
The point of sale (POS) application segment drives the sales of the global market. This major development is because POS solutions are essential to manage transactions, inventory and customer data in all restaurants. These solutions are increasingly being adopted by all sizes of restaurants, as they can provide a comprehensive management system for restaurants. One of the most popular POS solutions is ‘TOAST’ with a range of features like contactless ordering, pavement inventory management, and sales reporting.
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Cloud-based restaurant management software to exhibit dominance in the technological space
Moreover, cloud-based restaurant management software is exhibiting a strong growth, offering several advantages over on-premise solutions such as scalability, affordability and flexibility. Upserve, a cloud-based solution, offers a range of features such as POS, online ordering and inventory management. The popular chain restaurants are increasingly adopting cloud-based solutions such as McDonald’s and other famous brands. McDonald's has been implementing cloud-based solutions to improve its operations and customer experience. According to the report by SkyQuest, McDonald's has partnered with several technology companies to develop cloud-based solutions for its restaurant such as mobile ordering and self-service kiosks.
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North America to register substantial growth in the forecast period
Region-wise, North America is one of the largest growing markets with a huge emphasis on digital adoption and management software. Primarily, the dominance is high due to the high adoption rate of technology and the presence of several large restaurant chains in the region. Initiatives [SP1] such as the ‘Digital Main Street programme’ by the Canadian government started initially offers funding and support to small businesses, including restaurants to help them adopt digital technologies and improve their online presence.
Asia-Pacific is one of the second leading markets and fastest growing owing to growing number of restaurants and increasing adoption of technology in the region. The adoption of Management Software Is promoted by several government initiatives such as Digital India and Chinese Government’s Internet Plus. Bodhi Initiatives aims to promote the adoption of technology in various traditional sectors, integrating technology with it.
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Restaurant Management Software Market Report Suggests:
- The global market size is projected to grow by 15.06 billion by 2030 owing to technological advancements and the adoption of cloud-based solutions.
- In terms of application, the point of sale (POS) segment drive sales as it manages transactions, inventory and customer data
- In terms of type, the cloud-based software segment is projected to gain more popularity due to advantages provided, such as scalability, affordability and flexibility
- North America and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due to the Growing restaurant and technological adoptions.
Restaurant Management Software Market Segmentation:
The global Restaurant Management Software market report is segmented based on type, application, and region.
By Type of Software
- Front-end Software
- Accounting & Cash Flow Software
- Purchasing & Inventory Management Software
- Table & Delivery Management Software
- Employee Payroll & Scheduling Software
- Others (Customer Relationship Management Software, Marketing & Promotions Software, etc.)
By Deployment
- Cloud-based
- On-premise
By End-user
- Quick Service Restaurants (QSRs)
- Full-service Restaurants
- Institutional (Cafeterias, Hospitals, Schools, etc.)
- Others (Hotels, Bars, etc.)
By Region
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- RoE
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- RoLA
- Middle-East and Africa
- South Africa
- GCC Countries
- Rest of MEA
Restaurant Management Software Market Major Company Profiles:
- Toast
- Square
- Upserve
- TouchBistro
- NCR Aloha
- Lavu
- Revel Systems
- ShopKeep
- Oracle Hospitality
- Lightspeed POS
- Heartland POS
- Clover
- POSitouch
- Brink POS
- Plate IQ
- SevenRooms
- Zomato Base
- Waitr
- EZ-Chow
- CrunchTime
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Global Instant Loan Application Market
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[SP1]If mentioning several, need to provide one more example of initiative
