Restaurant Management Software Market Growth & Trends
The global restaurant management software market size is expected to reach USD 14.70 billion by 2030, expanding at a CAGR of 15.8% from 2022 to 2030, according to a recent study by Grand View Research, Inc. The disruption of the restaurant industry due to the outbreak of COVID-19 and the soaring need for restaurant-specific software such as billing and payment processing, and inventory management have triggered the need for restaurant management software. Several large restaurants prefer combined solutions, from Point of Sale (POS) solutions to custom Enterprise Resource Planning (ERP). These systems are advanced solutions that provide necessary tools to perform restaurant operations and offer analysis for data crunching. Thus, the rise in the number of these solutions in major cities across the world is favoring the adoption of restaurant management software.
The adoption of POS solutions gives restaurateurs an opportunity to streamline their business operations and boost product demand. These solutions improve efficiency by reducing billing time, monitoring the order completion time, and avoiding order errors during peak hours. For instance, in November 2021, Revel Systems implemented its POS solution, Revel Enterprise, in Lou Malnati’s Pizzeria in Chicago. This solution allowed Lou Malnati’s Pizzeria to integrate several best-of-breed technologies such as e-commerce and payroll systems to achieve broader functionality. Additionally, with the help of this solution, new employees were able to be trained in minutes and are given easy access to reports, which is extremely important in a tight labor market. The adoption of these POS systems is boosting the demand for restaurant management software over the forecasted period.
The increasing use of credit and debit cards for restaurant payments has generated a need for strict regulation to meet data security compliance for the restaurant POS systems. This has helped secure sensitive business information from staff and extended control to the management to avoid a data breach. With these solutions, the service staff are able to deliver an improved customer experience with mobile and table-side solutions through tabletop and devices such as tablets, iPods, tabletop kiosks, and table-side payments. These software solutions help restaurant owners and managers to deliver enhanced customer experience, analyze their costs, and increase their profit.
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Restaurant Management Software Market Report Highlights
The cloud segment accounts for a market share of over 50% in 2021. The cloud-based restaurant POS provides real-time reports of all the activities happening in the restaurants. Moreover, these solutions streamline the restaurant operations and allow restaurant owners to control the restaurant operations. These benefits will supplement the growth of the segment during the period of study
The front-end software segment accounts for the largest market share of over 35% in 2021. The segment growth can be attributed to the increasing adoption of POS software by restaurant owners for applications such as food ordering, billing, payment processing, customer interaction, tracking sales, and order management reporting
The Quick Service Restaurant (QSR) segment is expected to observe the highest CAGR of 17.5% during the forecast period. The significant growth in the food and beverage industry, along with the widespread adoption of franchise business models by popular restaurant chains, is one of the key factors creating a positive outlook for the segment’s growth
The Asia Pacific regional market is expected to reach USD 3.97 billion by 2030. The region has a prominent market for full-service restaurants, owing to the significant growth opportunities in developing countries such as India and China. Moreover, the growing demand for organized food services and the growing trend of out-of-home dining in the region is expected to boost the growth of the regional market
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