The global restaurant management software market is projected to reach USD 6.94 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 14.6% during the forecast period. The market is likely to witness substantial growth over the forecast period. Technology disruption in the restaurant industry and soaring need for restaurant specific software such as billing and payment processing, inventory management, table management, and menu management are among the key trends stimulating market growth.
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Moreover, growing awareness regarding importance of data analytics solutions in providing valuable insights to improve day to day operation is poised to provide an upthrust to the market. Adoption of cloud systems is estimated to experience sharp rise during the forecast period, which in turn will supplement the growth of the market.
The front end software segment holds the largest share in the market in 2016. It is anticipated to account for over 58.0% of the overall market revenue by 2025. Spiraling adoption of POS software by restaurant owners for applications such as food ordering, billing, payment processing, customer interaction, tracking sales, order management reporting, and marketing is expected to trigger the growth of the market. All these software solutions help restaurant owners and managers to streamline their business operation, deliver enhanced customer experience, analyze their costs, and increase their profit.
Further key findings from the report suggest:
• On the basis of deployment, the on premise segment dominated the market in 2016. It is estimated to generate revenue over USD 4.53 billion by 2025
• The market for table & delivery management is anticipated to witness the highest CAGR of 17.6% over the forecast period
• The Asia-Pacific market was at the forefront of the global arena in 2016. Flourishing food service sector and growing adoption of advance technology at restaurants, such as tablets, iPads, and tableside payments, is expected to augment the regional market
• Key players including NCR Corporation; HotSchedules; Revel Systems Inc.; Touch Bistro; and ShopKeep have a strong foothold in the market.
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