The global restaurant management software market was valued at USD 2.0 billion in 2020 and is projected to reach USD 6.91 billion by 2028, expanding at a CAGR of 14.2 % during the forecast period, 2021 – 2028. The growth of the market is attributed to increasing number of restaurants relying on POS software for payment processing, sales tracking, and inventory management.
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A restaurant management system is a software that helps streamline food business operations such as bars, restaurants, cafes, bakeries, food trucks or delivery businesses.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing revolution in restaurant technology is estimated to drive the market.
- Innovations in order processing have helped restaurants streamline their payment processing and order management. This is fueling the market.
- Vendors are launching innovative software solutions such as payroll, staff scheduling, and inventory management to carry out back-end operations professionally.
- Unavailability of single unified integrated software is hampering the market growth.
Market Segment Insights:
The front end software segment held a major share of the total revenue in 2018
Based on software types, the global restaurant management software market is segregated as front end, accounting & cash flow, table & delivery management, purchasing & inventory management, employee payroll and scheduling, and others. The front end software segment is expected to expand at a high CAGR during the forecast period. These software solutions are POS-integrated and a core restaurant tool, which helps in payment processing and managing orders. Increasing demand for software solutions such as customer management, inventory management, kitchen order taking, recipe management, and free accounting coupled with POS solutions is estimated to drive the market.
The table & delivery management segment is expected to expand at a CAGR of 16% during the forecast period. This segment helps in improving table turnaround time, reducing waiting time, and automating the setup of the food delivery chain to increase customer satisfaction.
The on-premise segment is expected to expand at a robust CAGR during the forecast period
On the basis of deployments, the global restaurant management software market is bifurcated into on-premise and cloud-based. The on-premise segment held a major market share of the total revenue in 2016. The segment growth is attributed to ability to control ownership of data and increasing security issues.
The cloud-based segment is projected to expand at a rapid pace during the forecast period. The capability of cloud-based systems to centralize information makes it available for restaurant owners to access data from anywhere at any time.
The full service restaurant segment held a major market share of the total revenue in 2018
In terms of end-users, the global restaurant management software market is fragmented as full service restaurants, quick service restaurants, institutional, and others. The full service restaurant segment is anticipated to expand at a high CAGR during the forecast period. Full service restaurants are the primary adopters of advanced technology, who are trying to maintain a competitive position over other restaurants and meet their customers changing needs. Restaurant management software allows FSR owners to mechanize their operations, such as kitchen management and table order, which helps ensure fast ordering, and improves accuracy in checkout processes.
The market in North America was valued at USD 628.2 billion in 2018
Based on regions, the global restaurant management software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to expand at a high CAGR during the forecast period. Food service providers in the region use restaurant management software for menu management, table management, employee scheduling, kitchen management, recipe management, and others.
Competitive Landscape
Key players in the global restaurant management software market include Revel Systems Inc., NCR Corporation, ShopKeep, Touch Bistro, and HotSchedules. Present market is captured by companies offering POS landscape. Additionally, new participants with advanced solutions are challenging the current positions of the key players. Vendors are launching new solutions such as staff scheduling, inventory management, and payroll scheduling.
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