Restaurant Management Software Market Will Reach Height of USD 6.94 billion By 2024

Global Restaurant Management Software Market is anticipated to reach USD 6.94 billion by 2025. It is anticipated to grow at a healthy rate in the years to come. The restaurant management software industry is expected to observe considerable growth over the forecast period. Technology disruption in the restaurant industry and rising requirement for restaurant specific software such as payment and billing processing, table management, menu management and inventory management, are amongst the important trends stimulating market development.

Restaurant management software market is anticipated to grow at a significant CAGR of 14.6% in the upcoming period as the scope, product types, and its applications are increasing across the globe. It may be explored by software, deployment, end user, and geography. The market may be explored by software as Accounting & Cash Flow, Front End Software, Purchasing & Inventory Management, Employee Payroll & Scheduling, Table & Delivery management, and others. In 2016, “front-end software” dominated the restaurant management software industry.

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Front end software solutions such as POS permit them to effortlessly accomplish payment and order processing. Surging demand for software solutions such as customer management, inventory management, recipe management, free accounting, kitchen order taking, along with POS solutions, is contributing to the development of the market. Restaurant management software market may be explored by deployment as Cloud, and on premise. In 2016, “On-premise” dominated the market due to increasing security concerns and ability to control ownership of data. The “On-premise” is followed by “cloud” segment and anticipated to grow at the highest CAGR in the years to come.

The market may be explored by end user outlook as FSR (Full Service Restaurant); may be analyzed as Casual Dine, Fine Dine, Institutional, QSR (Quick Service Restaurant), and Others. The “full-service restaurants (FSR)” segment dominated the restaurant management software industry and is estimated to grow at the highest CAGR in the forecast period.

North America accounted for the major share of the Restaurant Management Software Market Size Analysis in 2016 and will continue to lead in the forecast period due to food service suppliers in the region being initial adopters of restaurant management software solutions such as menu management, table management, kitchen management, recipe management, employee scheduling, and others. However, Asia-Pacific region is estimated to grow at the highest CAGR in the forthcoming period due to huge development in food service sector will upsurge the market growth.

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Some of the key players that fuel the growth of the restaurant management software industry include Verifone System, Ingenico Group, Lavu, Ravel Systems POS, POSist Technologies Pvt. Ltd., EPOS now, AccuPOS, TouchBistro, Clover, and PAX Technology.The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.