USD 2.95 Potential Growth in Restaurant Management Software Market|17,000+ Technavio Reports

Parent Market Overview

Technavio categorizes the restaurant management software as a part of the global application software market within the global IT software market. The parent global IT software market covers companies that are engaged in developing and producing application and system software. The global application software market covers companies that are engaged in developing and producing software designed for specialized applications for the business or consumer market.

Technavio calculates the global IT software market size based on combined revenue generated by companies that are engaged in the provision of all types of IT software, including cloud-based software. It includes software license revenues and subscription revenues. Maintenance and support services fees charged by vendors are also included within the software revenues.

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Market Competitive Landscape

The restaurant management software market is fragmented. The degree of fragmentation is likely to intensify in the upcoming years as the restaurant management software market players are deploying various organic and inorganic growth strategies to compete in the market. Technavio has classified the industry-focused market players into dominant and strong players based on their annual revenues and market shares in this report. Some of the key players covered in this report include Fiserv Inc., International Business Machines Corp., Lightspeed Commerce Inc., Microsoft Corp., NCR Corp., Oracle Corp., Revel Systems Inc., Square Inc., Toast Inc., and TouchBistro Inc. among others.

Strategic Initiatives and Products launches

• Fiserv Inc. - The company offers restaurant management software namely Clover Flex.
• Oracle Corp.: The company offers restaurant management software namely Simphony.
• Revel Systems Inc.: The company offers restaurant management software namely Revel Restaurant POS software.

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Value Chain Insights

Vendors in the market can leverage and formulate effective strategies from the Restaurant Management Software Market Value Chain Analysis covered extensively in this report. The end-to-end understanding of the value chains and stakeholders involved in the process is essential for vendors in optimizing profit margin and evaluating business strategies. The report has further elucidated on other innovative approaches being followed by vendors to ensure a sustainable market presence.

An elaborated analysis on the following core components are covered in this report:

• Inputs
• Software development process
• Marketing and distribution
• Post-selling services
• Innovation

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Growing Foodservice Industry to Boost the Market Positively

There has been a surge in the demand for convenient food options among middle-income households and surging number of working women in the emerging economies. The rising number of restaurants as well as the need to improve customer experience and reduce expenses are necessitating improvements in restaurant operations. These factors will drive the growth of the global restaurant management software market during the forecast period.

Complications associated with transitioning from traditional systems likely to hinder the restaurant management software market growth

Vendors are facing limitations in transitioning from traditional systems to modern systems mainly in terms of appointment of dedicated teams, implementation of processes, and software management. Clear security measures are also required to ensure that data are not accessed by unauthorized users. The prevalence of these challenges might impede the growth of the market during the forecast period.

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COVID Impact and Recovery Analysis

The COVID-19-induced restrictions negatively impacted businesses, particularly those in the hotel and hospitality sector, which, in turn, negatively impacted the deployment of restaurant management software in 2020. The market is showing slowed growth in 2021 as well. However, with the initiation of COVID-19 vaccination drives, the demand for restaurant management software is expected to increase from 2022, thereby driving the market in North America during the forecast period.

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Revenue-Generating Segment Highlights

The on-premise deployment segment held the largest restaurant management software market share in 2021. The segment will continue to retain its dominance in the market as on-premise deployments enable real-time monitoring of restaurant management software solutions. It also ensures complete security of enterprise data, such as source codes, version enhancements, and source code change histories.

North America will emerge as the largest revenue-generating regional segment of the restaurant management software market. 46% of the market's growth will be contributed from this region d during the forecast period. The US and Canada are the key markets for restaurant management software in North America. The market growth in these economies can be attributed to several factors including the rapid urbanization, increasing disposable income, well-organized nature of the foodservice industry, and market penetration of vendors.

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Key Report Takeaways

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive restaurant management software market growth during the next five years
• Precise estimation of the restaurant management software market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the restaurant management software market in North America, APAC, Europe, MEA, and South America and top 20 countries across these regions
• A thorough analysis of the market's competitive landscape and detailed information on over 20 industry-focused market vendors classified as dominant and strong players
• Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
• Pre as well as post COVID-19 market estimates
• Optimistic, base case, and pessimistic scenarios for all markets as the impact of pandemic unfolds

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SOURCE Technavio