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Restaurant Management Software Market

Restaurant Management Software Market Size by Software (Front-End Software, Purchasing and Inventory Management, Employee Payroll and Scheduling, Accounting and Cash Flow Management, Table and Delivery Management, and Others), Deployment Type (Cloud and On-Premises), End-User (Full-Service Restaurant, Institutional, Quick Service Restaurant and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13602
  • Published Date: Jul, 2023
  • Pages: 236
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global restaurant management software market was valued at USD 5 billion in 2022 and grew at a CAGR of 15% from 2023 to 2032. The market is expected to reach USD 20.22 billion by 2032. The increasing capital expenditure in the hospitality industry will drive the growth of the global restaurant management software market.

Market Introduction:

A restaurant can be defined as a place where customers eat. The restaurant offers a wide variety of foods and beverages, given its speciality and dine-in settings for customers to enjoy their meals comfortably. Restaurants also offer live music, performances, valet parking, complementary beverages or side dishes, and take-out meals to enhance customer experience. A good restaurant is defined by its menu, sanitation and hygiene, services, ambience, and effective management. Customer satisfaction and relationship management are vital for restaurants. Restaurants play a significant role in the modern world, given that they are ideal for having a good meal and spending time with family and friends. It is a great social setting for interactions. They are an excellent medium to explore new cuisines, cultures and food experiences. Restaurant management can be used to define the management of daily activities at a restaurant, including acquiring raw materials, managing personnel, finances, sales, marketing and customer relationship management. Having efficient, productive and flawless management in place enables the restaurant to focus on its core competencies of curating new dishes and improving the customer's overall dining experience. Efficient restaurant management systems enable fast, hassle-free and quality services. Restaurant management software allows effective restaurant management by automating table booking, digitizing menus, billing, payment and feedback systems. It also allows restaurant operators to digitize sales, inventory, and finances, enabling analysis and forecasting that can be used to improve and enhance the services to make the restaurant more successful and satisfactory. Restaurant management software allows effective management of restaurant operations in a cost-efficient and resourceful manner enabling optimization.

Restaurant Management Software Market Size

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Recent Development
  • December 2022 - One of India's top full-stack restaurant management platforms, Urban Piper, continually tries to grow its user base and offer a wider variety of digital products to aid F&B merchants with their operational and management challenges. UrbanPiper solutions have been used by more than 27,000 users, from developing and deploying self-branded websites and applications to managing walk-in consumers and dine-in experiences of hotels and restaurants. Urban Piper is the only business supported by the two most prominent names in food technology, Swiggy and Zomato. Restaurants worldwide may operate their operations synchronously with the help of UrbanPiper, a unified solution.

Market Dynamics:

Drivers

The increasing expenditure towards reviving the hospitality and tourism industry – The covid-19 pandemic led to 2-year lockdowns with closures, social distancing, isolation and no gatherings. These lockdowns were predominantly more devastating for the hospitality and tourism industry because they are contact-intensive sectors. The recession followed by the covid-19 pandemic, the cost of living crisis and geopolitical tensions make the revival of the tourism and hospitality sector difficult. However, with positive consumer expectations, the spending on tourism and hospitality has shown improvement in the past few months, given the desire of the population to socialize, gather, travel and explore. These events are further encouraged by several favourable government initiatives, policies and funding for the two sectors. Tourism and hospitality, especially restaurant and food chains, are integrating technologies to cut down costs and improve their revenues, which is why the increasing expenditure in the two sectors will drive the global restaurant management software market's growth.

  • November 2022 - TouchBistro, an "all-in-one" restaurant management platform, has secured CAD USD 150 million in growth capital for its cloud-based solution. Global investment firm Francisco Partners provides the new funding. With the fresh capital, TouchBistro will expand its selection of goods and services and make "strategic acquisitions."  Several components make the so-called "all-in-one" restaurant management setup viable over the long term. These systems guarantee a less complex management procedure, which can reduce expenses, boost profitability, and enhance the client experience.
Restraints:

The expensive installation and maintenance – The restaurant management software is expensive to install and maintain. Since fewer market players are offering these services, the costs are higher and unaffordable for most restaurant owners. With restaurants already struggling to recover from the losses of the pandemic and survive inflation, recession and cost of living crisis, adoption management software is unattainable. Therefore, restaurant management software's expensive installation and maintenance will hamper the market's growth.

Opportunities:

The introduction of advanced software and services – The increasing automation and digitization of industries given the advent of industrial revolution 4.0 has led to the introduction and integration of software, AI, IoT and other systems for restaurant management. The advances in novel technologies such as AI, big data and analytics have also augmented the growing adoption of restaurant management software and systems in the market. Technology makes seamless collaborations between cloud kitchens, restaurants, fast-food chains, food delivery partners, and other relevant stakeholders possible. Therefore, the introduction of advanced software and services will propel the market's growth in the future.

  • June 2023 - Fleksa unveiled the Fleksa V3, its most revolutionary development. With cutting-edge technology integrated into every facet of restaurant operations, this sophisticated set of tools ushers in a new era of productivity, profitability, and unrivalled customer happiness. Fleksa V3 is poised to transform the dining experience in the modern world by introducing a top-notch online ordering system. This intelligent system uses QR ordering and direct internet ordering capabilities to meet the demand for seamless, frictionless consumer experiences worldwide. The Fleksa V3 introduces a cutting-edge Cloud POS System to the forefront, embodying Fleksa's dedication to maximum efficiency. It includes PayPerSe and a cutting-edge waiter POS & billing system.
Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global restaurant management software market, with a 43% market revenue share in 2022.

The culture of dining out and take-outs is highly prevalent in the region, thereby driving its dominance in the market. The extensive number of restaurants or other eateries in the region catering to the growing demand for dine-in experiences, take-out, and home delivery of foods is augmenting the regional market's growth. The population's high disposable income, food habits and lifestyle will drive the market. The increased automation and digitization to improve customer experience has encouraged restaurants to adopt take-out and delivery management systems, accounting, cash flow, purchasing and inventory management, given the large scale of operations anticipated to drive the market in the forecast period.

North America Region Restaurant Management Software Market Share in 2022 - 43%

 

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  • May 2023 - Restaurant365, a US startup developing restaurant management software, has raised USD 135 million. The round, which includes prior investors ICONIQ Growth and Bessemer Venture Partners, was co-led by KKR and L Catterton. The money will be used by Restaurant365 to "produce enhancements" to its product suites for accounting, store operations, workforce management, and intelligence. The software from Restaurant365 supports staff-related activities, including hiring and scheduling employees, as well as back-office activities like accounting, inventory, and purchasing at restaurants.
Software Segment Analysis

The software segment is divided into front-end software, purchasing and inventory management, employee payroll and scheduling, accounting and cash flow management, table and delivery management, and others. The front-end software segment dominated the market, with a share of around 37% in 2022. The front end is the first point of contact and interaction for customers. The front end deals with greeting the customers, assisting them with their vehicles, navigating them to their tables, offering them menus, answering their questions, taking their orders, billing and payment. Satisfactory front-end services are the deciding parameter for the restaurant after the food. The customer must have a quick, hassle-free and satisfactory front-end experience. Therefore, the restaurant spends substantial amounts of capital on enhancing its front-end services., which is why the segment will witness significant growth during the forecast period.

Deployment type Segment Analysis

The deployment type segment is divided into cloud and on-premises. The cloud segment dominated the market, with a market share of around 77% in 2022. Cloud is an internet-based, remotely accessible storage and operational system. It is cost-effective for restaurant owners. It can be created and developed according to the needs of the restaurants. It can also be purchased from already available third-party readymade cloud-based solutions. They do not require significant upfront costs or equipment. The cloud offers hassle-free new updates that are automatically downloaded. Cloud also offers remote accessibility, which enables restaurant chain owners to track and monitor their businesses from anywhere. It offers analysis, forecasting and other advanced features that can identify business opportunities and risks that could be exploited to grow and expand restaurant sales.

End-user Segment Analysis

The end-user segment is divided into full-service restaurants, institutional, quick-service restaurants and others. The full-service restaurant segment dominated the market, with a market share of around 54% in 2022. Full-service restaurants define the fine-dining experiences offered in luxury dining facilities and casual dine-in experiences like road-side restaurant chains etc. They offer server facilities, who take care of your menus, orders, serving beverages, and other relevant services like questions about the food, special requests etc. these restaurants dominate the hospitality industry and are preferred by the clientele as well. Their dominance in the market drives the demand for restaurant management software, which augments the segment's growth.

  • March 2023 - Stellar Menu is a restauranteur-owned startup that offers menu management software that enables hospitality groups and restaurant owners to increase their profitability. Chowly, a restaurant technology company integrating third-party delivery marketplaces with point-of-sale (POS) systems, is partnering with Stellar Menus. With its menu management software, Stellar Menus is establishing a new class of restaurant technology suppliers and putting money back into the hands of hotels and restaurants worldwide. Stellar Menus offers a simple platform for developing and monitoring menus that aid restaurants in boosting sales and preserving profit margins. The Stellar Menus system improves consumer satisfaction, streamlines business processes, and offers insightful data for menu optimization.
Some of the Key Market Players:
  • Clover Network, LLC
  • Fiserv, Inc.
  • Fourth Enterprises LLC.
  • Jolt
  • NCR Corporation
  • Oracle Corporation
  • Personica (Fishbowl Inc.)
  • Revel Systems
  • Square Capital, LLC
  • TouchBistro

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 5 Billion
Market size value in 2032 USD 20.22 Billion
CAGR (2023 to 2032) 15%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Software, Deployment Type and End User

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global restaurant management software market was valued at USD 5 billion in 2022 to USD 20.22 billion by 2032.

Global restaurant management software market is growing at a CAGR of 15% during the forecast period 2023-2032.

The market's growth will be influenced by the increasing expenditure aimed towards the revival of hospitality and tourism industry.

The expensive installation and maintenance could hamper the market growth.

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  • Further segmentation of the market on the basis of type, application, end use, product, technology, method, process and any other segment depending on the market
  • Segmentation on the basis of any specific country or region
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  • Application segment can be further divided on the basis of companies
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1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Software
          4.3.2. Market Attractiveness Analysis by Deployment Type
          4.3.3. Market Attractiveness Analysis by End User
          4.3.4. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. The increasing expenditure aimed towards the revival of hospitality and tourism industry
    5.3. Restraints
          5.3.1. The expensive installation and maintenance
    5.4. Opportunities
          5.4.1. The introduction of advanced software and services
    5.5. Challenges
          5.5.1. The data privacy and safety

6. Global Restaurant Management Software Market Analysis and Forecast, By Software
    6.1. Segment Overview
    6.2. Front-End Software
    6.3. Purchasing and Inventory Management
    6.4. Employee Payroll and Scheduling
    6.5. Accounting and Cash Flow Management
    6.6. Table and Delivery Management
    6.7. Others

7. Global Restaurant Management Software Market Analysis and Forecast, By Deployment Type
    7.1. Segment Overview
    7.2. Cloud
    7.3. On-Premises

8. Global Restaurant Management Software Market Analysis and Forecast, By End User
    8.1. Segment Overview
    8.2. Full-Service Restaurant
    8.3. Institutional
    8.4. Quick Service Restaurant
    8.5. Others

9. Global Restaurant Management Software Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa

10. Global Restaurant Management Software Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Restaurant Management Software Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. Clover Network, LLC
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Fiserv, Inc.
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Fourth Enterprises LLC.
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Jolt
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. NCR Corporation
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Oracle Corporation
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Personica (Fishbowl Inc.)
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Revel Systems
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Square Capital, LLC
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. TouchBistro
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis

List of Table

1. Global Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

2. Global Front-End Software Restaurant Management Software Market, By Region, 2019-2032 (USD Billion) 

3. Global Purchasing and Inventory Management Restaurant Management Software Market, By Region, 2019-2032 (USD Billion) 

4. Global Employee Payroll and Scheduling Restaurant Management Software Market, By Region, 2019-2032 (USD Billion) 

5. Global Accounting and Cash Flow Management Restaurant Management Software Market, By Region, 2019-2032 (USD Billion) 

6. Global Table and Delivery Management Restaurant Management Software Market, By Region, 2019-2032 (USD Billion) 

7. Global Others Restaurant Management Software Market, By Region, 2019-2032 (USD Billion) 

8. Global Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

9. Global Cloud Restaurant Management Software Market, By Region, 2019-2032 (USD Billion) 

10. Global On-Premises Restaurant Management Software Market, By Region, 2019-2032 (USD Billion) 

11. Global Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

12. Global Full-Service Restaurant Restaurant Management Software Market, By Region, 2019-2032 (USD Billion) 

13. Global Institutional Restaurant Management Software Market, By Region, 2019-2032 (USD Billion) 

14. Global Quick Service Restaurant Restaurant Management Software Market, By Region, 2019-2032 (USD Billion) 

15. Global Others Restaurant Management Software Market, By Region, 2019-2032 (USD Billion) 

16. Global Restaurant Management Software Market, By Region, 2019-2032 (USD Billion) 

17. North America Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

18. North America Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

19. North America Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

20. U.S. Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

21. U.S. Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

22. U.S. Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

23. Canada Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

24. Canada Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

25. Canada Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

26. Mexico Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

27. Mexico Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

28. Mexico Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

29. Europe Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

30. Europe Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

31. Europe Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

32. Germany Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

33. Germany Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

34. Germany Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

35. France Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

36. France Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

37. France Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

38. U.K. Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

39. U.K. Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

40. U.K. Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

41. Italy Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

42. Italy Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

43. Italy Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

44. Spain Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

45. Spain Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

46. Spain Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

47. Asia Pacific Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

48. Asia Pacific Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

49. Asia Pacific Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

50. Japan Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

51. Japan Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

52. Japan Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

53. China Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

54. China Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

55. China Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

56. India Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

57. India Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

58. India Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

59. South America Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

60. South America Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion)

61. South America Restaurant Management Software Market, By End User, 2019-2032 (USD Billion)

62. Brazil Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

63. Brazil Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

64. Brazil Restaurant Management Software Market, By End User, 2019-2032 (USD Billion)

65. Middle East and Africa Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

66. Middle East and Africa Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

67. Middle East and Africa Restaurant Management Software Market, By End User, 2019-2032 (USD Billion)

68. UAE Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

69. UAE Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

70. UAE Restaurant Management Software Market, By End User, 2019-2032 (USD Billion)

71. South Africa Restaurant Management Software Market, By Software, 2019-2032 (USD Billion) 

72. South Africa Restaurant Management Software Market, By Deployment Type, 2019-2032 (USD Billion) 

73. South Africa Restaurant Management Software Market, By End User, 2019-2032 (USD Billion) 

List of Figures 

1. Global Restaurant Management Software Market Segmentation

2. Restaurant Management Software Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Restaurant Management Software Market Attractiveness Analysis by Software

9. Global Restaurant Management Software Market Attractiveness Analysis by Deployment Type

10. Global Restaurant Management Software Market Attractiveness Analysis by End User

11. Global Restaurant Management Software Market Attractiveness Analysis by Region

12. Global Restaurant Management Software Market: Dynamics

13. Global Restaurant Management Software Market Share by Software (2022 & 2032)

14. Global Restaurant Management Software Market Share by Deployment Type (2022 & 2032)

15. Global Restaurant Management Software Market Share by End User (2022 & 2032)

16. Global Restaurant Management Software Market Share by Regions (2022 & 2032)

17. Global Restaurant Management Software Market Share by Company (2022)

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global restaurant management software market based on below mentioned segments:

Global Restaurant Management Software Market by Software:

  • Front-End Software
  • Purchasing and Inventory Management
  • Employee Payroll and Scheduling
  • Accounting and Cash Flow Management
  • Table and Delivery Management
  • Others

Global Restaurant Management Software Market by Deployment Type:

  • Cloud
  • On-Premises

Global Restaurant Management Software Market by End User:

  • Full-Service Restaurant
  • Institutional
  • Quick Service Restaurant
  • Others

Global Restaurant Management Software Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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