Restaurant Management Software Market Expected to Reach $17.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Restaurant Management Software Market by Solution, Deployment End-Use Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2031,” The restaurant management software market was valued at $4,236.4 million in 2021, and is projected to reach $17,113.9 million by 2031, registering a CAGR of 15.3% from 2022 to 2031.

Modern restaurant software systems combine the capabilities of a computer with a checkout counter in the restaurant business, enabling them to process credit card payments, generate receipts, visualize data on a user-friendly screen, and perform service station responsibilities. By replacing paper tickets in the kitchen at the back end, a centralized digital ordering system known as a kitchen display systems (KDS) helps streamline communication and efficiency in both front of the house (FOH) and back of the house (BOH) throughout most eatery establishments. Due to technological advancements, restaurant management software is being implemented in numerous eating & dining end-use sectors.

According to restaurant management software market research, cloud segment was the highest revenue contributor to the market, with $2,433.3 million in 2021, and is estimated to reach $11,109.7 million by 2031, with a CAGR of 16.7%. The on-premise segment is estimated to reach $6,004.2 million by 2031, at a significant CAGR of 13.1% during the forecast period.

The outbreak of the COVID-19 has significantly impacted the growth of the restaurant management software market. Rise in demand for restaurant-specific managing software and adoption of quick service restaurant (QSR) service has significantly propelled the demand for restaurant management software market during the pandemic. However, increasing need for restaurant-specific software for invoicing and payment handling and resource allocation have led to the development of restaurant management software market analysis post pandemic.

Region-wise, North America holds significant global restaurant management software market share, owing to the presence of prime players in this region. The rising acceptance of quick service restaurant (QSR) services is expected to propel the growth of the restaurant management software industry in this region. Moreover, growing awareness of smart point-of-sale (POS) systems, hybrid deployment model and enhanced billing & invoice management use case request in North America is anticipated to drive the restaurant management software market trends in this region.

KEY FINDINGS OF THE STUDY

• By solution, in 2021 the purchasing & inventory management segment was the highest revenue contributor in restaurant management software industry, with $974.8 million in 2021. However, the front-end solution is estimated to reach $3,663.3 million by 2031, during the forecast period.
• By end-use vertical, the institutional segment dominated the restaurant management software market size, with a CAGR of 15.8%. However, the full-service restaurant (FSR) segment is anticipated to witness fastest growth with a CAGR of 15.3%, during the forecast period.
• By full-service restaurant (FSR), Fine Dine segment is expected to continue its dominance during the forecast period However, casual dine is segment is expected to growth with impressive CAGR.
• Region wise, the restaurant management software market growth was dominated by North America. However, Europe is expected to witness significant growth in restaurant management software market forecast.

The key players profiled in the report include Clover Network, LLC, HotSchedules (Fourth Enterprises LLC.), Jolt, NCR Corporation, OpenTable, Inc., Oracle Corporation, Personica (Fishbowl Inc.), Revel Systems, Inc., Square Capital, LLC (Block, Inc.) and TouchBistro. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the restaurant management software market.