Newark, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 5 billion in 2022 global restaurant management software market will reach USD 20.22 billion in 2032. The rising demand for restaurants, pubs, and bars has been influenced by the shifting demographics in developing nations, where the share of the youthful population is the largest. Given these industrialized countries' high per capita income, the number of nightclubs, taverns, and pubs is also rising. The popularity and number of liquor stores, pubs, bars, and restaurants are expected to increase, which will substantially impact the restaurant management software market. By partnering and working with them to raise the number of customers using restaurant management software to enhance their customer experience, market players may benefit from the expanding number of bars, pubs, and restaurants.
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Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2023 to 2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 5 Billion |
| Market Size in 2032 | USD 20.22 Billion |
| CAGR | 15% |
| No. of Pages in Report | 236 |
| Segments Covered | Software, Deployment Type and End User |
| Drivers | The increasing expenditure towards reviving the hospitality and tourism industry |
| Opportunities | The introduction of advanced software and services |
| Restraints | The expensive installation and maintenance |
Key Insight of the Global Restaurant Management Software Market
North America is expected to dominate the market during the forecast period.
The region's supremacy in the market is mainly due to the culture of takeaway and dining out. The large number of restaurants or other eateries in the area that serve the expanding demand for dine-in experiences, take-out, food delivery to homes, etc., is boosting the expansion of the regional market. The high level of disposable income, dietary preferences, and lifestyle of the populace will drive the market. Given the size of operations, which is expected to propel the market during the forecast period, increased automation and digitization to improve customer experience has encouraged restaurants to adopt take-out and delivery management systems, accounting, cash flow, purchasing, and inventory management.
In 2022, the front-end software segment dominated the market with the largest market share of 37% and revenue of 1.85 billion.
The software segment is divided into front-end software, purchasing and inventory management, employee payroll and scheduling, accounting and cash flow management, table and delivery management, and others. In 2022, the front-end software segment dominated the market with the largest market share of 37% and revenue of 1.85 billion.
In 2022, the cloud software segment dominated the market with the largest market share of 77% and revenue of 3.85 billion.
The deployment type segment is divided into cloud and on-premises. In 2022, the cloud software segment dominated the market with the largest market share of 77% and revenue of 3.85 billion.
In 2022, the full-service restaurant software segment dominated the market with the largest market share of 54% and revenue of 2.70 billion.
The end-user segment is divided into full-service restaurants, institutional, quick-service restaurants and others. In 2022, the full-service restaurant software segment dominated the market with the largest market share of 54% and revenue of 2.70 billion.
Advancement in market
December 2022 - MarginEdge, a platform for managing restaurants' finances, received USD 45 million in Series C funding, bringing its total funding to date to over USD 71 million. Fiserv, Derive Ventures, and the company's prior institutional investors joined Ten Coves Capital in leading the round. MarginEdge offers the ability to process invoices, manage inventories, analyze recipes, set budgets, monitor performance, and pay supplier bills. The business handled 45,000 invoices weekly and worked with over 2,500 restaurants. The company plans to upgrade and expand the platform with the new funding, including offering more real-time reporting capabilities, improving the mobile app, and growing its payment network.
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Market Dynamics
Driver: The rising investment aimed at reviving the hospitality and tourism sector.
The COVID-19 epidemic resulted in closures, social isolation, and 2-year lockdowns with no meetings. Given that the hospitality and tourism industries rely heavily on human interaction, these lockdowns were generally more destructive for those sectors. The resuscitation of the tourism and hospitality business is challenging due to the recession that was followed by the COVID-19 pandemic, the cost-of-living problem, and geopolitical tensions. However, given the desire of the populace to socialize, congregate, travel, and explore, spending on tourism and hospitality has improved in the past few months due to good consumer expectations. Numerous supportive government programmes, laws, and financing for the two industries further support these events. The expansion of the worldwide restaurant management software market will be driven by the tourism and hospitality industries, particularly restaurant and food chains, which are integrating technologies to reduce costs and increase profits.
Restraints: The pricey installation and upkeep.
Installing and maintaining the restaurant management software is pricey. The costs are greater and out of reach for most restaurant owners because fewer market participants provide these services. Adoption management software is not feasible for restaurants, which are already fighting to recover from pandemic losses and endure inflation, the recession, and the rising cost of living. As a result, the market's expansion will be hampered by the costly installation and maintenance of restaurant management software.
Opportunities: The introduction of cutting-edge services and software.
The introduction and integration of software, AI, IoT, and other systems for restaurant management resulted from the rising automation and digitization of businesses with the onset of the industrial revolution 4.0. The market's increasing acceptance of restaurant management software and systems has also been boosted by the developments made in cutting-edge technologies like AI, big data, and analytics. Technology enables smooth collaborations between cloud kitchens, eateries, fast-food chains, food delivery partners, and other key players. Therefore, introducing cutting-edge software and services will fuel future market expansion.
Challenges: Data privacy and safety.
Restaurant management software can gather customer data, track their food and beverage preferences, their frequency of visiting the restaurant, tipping behaviour, etc. This data is then analyzed, and targeted ads and recommendations are shown to the consumers on their devices. The permission to do so is generally taken in the lengthy or technical cookie policies, which is unethical and a disservice to the consumer. Without robust regulatory procedures, these targeted ads can manipulate consumer behaviour and gravitate them towards certain decisions that may not necessarily benefit them. Therefore, consumers' data privacy and safety will challenge the market's growth.
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Some of the major players operating in the global restaurant management software market are:
• Clover Network, LLC
• Fiserv, Inc.
• Fourth Enterprises LLC.
• Jolt
• NCR Corporation
• Oracle Corporation
• Personica (Fishbowl Inc.)
• Revel Systems
• Square Capital, LLC
• TouchBistro
Key Segments cover in the market:
By Software
• Front-End Software
• Purchasing and Inventory Management
• Employee Payroll and Scheduling
• Accounting and Cash Flow Management
• Table and Delivery Management
• Others
By Deployment Type
• Cloud
• On-Premises
By End User
• Full-Service Restaurant
• Institutional
• Quick Service Restaurant
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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