New York, NY, Jan. 02, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Restaurant Management Software Market by Software (Table Management, Cashflow Management, Accounting, Employee Scheduling, Order Monitoring, Payroll Processing, Analytics, and Others), by Deployment (Cloud, On-Premise, and Hybrid), and by End-User (Full-Service Restaurants, Fast Food Restaurants, and Institutional): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024”. According to the report, the global restaurant management software market accounted for USD 2,281 million in 2017 and is expected to reach USD 5,814 Million globally by 2024, at a CAGR of 14.3% between 2018 and 2024.
Restaurant management software is designed for the foodservice industry, which helps the restaurant authorities to manage their businesses more effectively. It helps also the managers and hotel management to know the overall daily customer count and strategize accordingly. This software is used for various processes, such as billing, ordering, inventory management, and queue management.
Browse through 84 Tables & 30 Figures spread over 136 Pages and in-depth TOC on “Global Restaurant Management Software Market Size, Share, Type Analysis and Forecast, 2017—2024”.
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Increasing cashless payment is expected to boost the demand for restaurant management software in the market. More and more customers are opting for cashless payments. Thus, it has become a necessity for restaurants to have the cashless payment options for the customers. In the year 2016, about 38 million Americans used mobile payments for various purposes. The restaurant management software market is likely to boost in the forecast time period, owing to the increasing number of hotels and restaurants globally and substantially developing hospitality sector. Various restaurant management software startups are receiving funds for software development and expansion of the firms. In 2018, Toast raised funds worth USD 115 million.
The restaurant management software market is segmented on the basis of software, deployment, and end-user. By software, the market is fragmented into table management, cashflow management, accounting, employee scheduling, order monitoring, payroll processing, analytics, and others. The analytics segment is anticipated to grow substantially over the forecast period as most restaurants are opting for solutions that offer insights about daily customers served, inventory, staff, etc. The deployment segment includes cloud, on-premises, and hybrid. By end-user, this market includes full-service restaurants, fast food restaurants, and institutional. Full-service restaurants are projected to hold a considerable share in the restaurant management software market in the future, due to the expansion of luxury hotels and restaurants across the world.
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North America is anticipated to contribute substantially to the restaurant management software market globally in the future. This can be attributed to the growing hospitality sector of the U.S. In 2017, the U.S. hotel industry generated about USD 208 billion as compared to USD 199.3 billion in 2016. Various hotels are spending on technology to streamline their daily processes, such as solutions for customer relationship management, inventory management, payment, etc. Between 2012 and 2016, investments worth nearly USD 2.5 billion have been made for restaurant tech by major North American companies. Thus, these are some factors that are likely to contribute toward the expansion of the North American restaurant management software market in the forecast time period.
The rising demand for restaurant management software among various European restaurants is projected to drive this regional market. The growing travel and tourism industry in the region is likely to further boost this market. In April 2018, UK witnessed 3.3 million visits by overseas tourists. The travel and tourism sector has led to an increase in the number of restaurants across the country. In 2015, there were about 93,285 restaurants and other food service providers in the UK as compared to 90,545 in the year 2014. This increase has resulted in the demand for restaurant management software, which, in turn, is anticipated to fuel the region’s restaurant management software market in the future.
Browse the full “Restaurant Management Software Market by Software (Table Management, Cashflow Management, Accounting, Employee Scheduling, Order Monitoring, Payroll Processing, Analytics, and Others), by Deployment (Cloud, On-Premise, and Hybrid), and by End-User (Full-Service Restaurants, Fast Food Restaurants, and Institutional): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024” Report at https://www.zionmarketresearch.com/report/restaurant-management-software-market
The Asia Pacific region has incredible growth potential in the restaurant management software market in the estimated timeframe. Developing countries, such as India and China, are likely to contribute in this regional market’s expansion. This can be attributed to the increased investments made in the travel and tourism sector. From 2000 to 2018, the hotel and tourism sectors attracted USD 11.4 billion worth of foreign direct investments.
The Middle East and Africa region are anticipated to contribute substantially to the global restaurant management software market in the future. Increasing investments in hotels are likely to drive this regional market By November 2017, UAE’s investments for new hotel construction was USD 5.45 billion. It is projected that these investments would increase to USD 14 billion by 2018.
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Some noticeable players of the restaurant management software market are HotSchedules, Clover Network, Inc., Fishbowl Inc., NCR Corporation, Revel Systems Inc., Toast, Inc., OpenTable, Inc., Jolt, Square Inc., Oracle Corporation, and Touch Bistro, among others.
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This report segments the global restaurant management software market into:
Global Restaurant Management Software Market: Software Analysis
- Table Management
- Cashflow Management
- Accounting
- Employee Scheduling
- Order Monitoring
- Payroll Processing
- Analytics
- Others
Global Restaurant Management Software Market: Deployment Analysis
- Cloud
- On-Premise
- Hybrid
Global Restaurant Management Software Market: End-User Analysis
- Full-Service Restaurants
- Casual Dine
- Fine Dine
- Fast Food Restaurants
- Institutional
Global Restaurant Management Software Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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