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Restaurant Management Software Market size is set to grow by USD 4.50 billion from 2023-2027, Growth of foodservice industry boost the market, Technavio

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NEW YORK, July 10, 2024 /PRNewswire/ — The global restaurant management software market size is estimated to grow by USD 4.50 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of  15.85%  during the forecast period. Technological advancements such as AI and IoT are significantly influencing the landscape of restaurant management software. AI enables predictive analytics for inventory management and customer preferences, enhancing operational efficiency and personalized service. IoT devices, like smart kitchen appliances and connected POS systems, streamline data collection and real-time monitoring, improving decision-making and reducing costs. These innovations are pivotal amid the industry’s shift towards digital payments and the adoption of more sophisticated management systems, despite challenges associated with transitioning from traditional methods. Key players like Block Inc., Fiserv Inc., and Microsoft Corp. are leveraging these technologies to drive market growth

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Restaurant Management Software Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017 – 2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 15.85%

Market growth 2023-2027

USD 4507.94 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

14.7

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 48%

Key countries

US, Canada, Germany, France, and UK

Key companies profiled

Block Inc., Cozy Infosystems Inc., Fiserv Inc., Fishbowl Inc., Fourth Enterprises LLC, GOFRUGAL, i3 Verticals Inc., International Business Machines Corp., Jolt Software Inc., Lavu Inc., Lightspeed Commerce Inc., Microsoft Corp., NCR Corp., Oracle Corp., Restaurant365 LLC, Revel Systems Inc., Technoheaven, Toast Inc., and TouchBistro Inc.

Market Driver

The foodservice industry’s shift towards digital transactions is a global trend, with Canada anticipating that digital payments will account for nearly 90% of total spending by 2030. To stay competitive, foodservice enterprises are integrating digital payment solutions into their operations. These solutions offer numerous benefits, such as an increase in online orders, operational ease, convenience in logistics, and a decrease in internal thefts. Restaurant management software plays a crucial role in facilitating cashless transactions, allowing businesses to capture valuable consumer data for insights and opportunities. Notable vendors in the restaurant management software market, including Clover by Fiserv, Microsoft, Square, and NCR Corp, offer contactless payment solutions. The market’s growth is expected to continue as digital transactions become increasingly common in the foodservice industry. 

The Restaurant Management Software market is experiencing significant growth due to priority given to digital solutions. Trends include digital menu boards, special dietary requests handled seamlessly, and POS systems integrating with food delivery websites like GrubHub, PostMates, and Zomato. IT budgets are seeing investments in touchscreen ordering solutions and mobile POS systems. Smartphones and internet penetration have increased disposable incomes, driving demand for AI-powered virtual assistants and IoT solutions. Cloud-based solutions from companies like ParTech, Inc, Jolt, and Brink POS dominate, offering administrative and promotional elements, order management, payment processing, and daily reconciliation. Security is a priority with data security features. Businesses focus on enhancing customer experiences and retention rates through front-end software segments, Android and iOS-based systems, and cross-platform technologies. Key players like KFC, Pizza Hut, and Domino’s are implementing voice-activated ordering systems and chatbots. 

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Market Challenges

To effectively manage customer interactions, restaurants require advanced software solutions. However, transitioning from traditional systems presents challenges. Firstly, a dedicated team is necessary for implementing and supporting the new system, adding to costs. Secondly, clear processes and security measures must be established to ensure proper implementation and data protection. Lastly, the software must align with the team’s culture and map users to the lead management applications. These challenges may hinder market growth during the forecast period.The Restaurant Management Software Market is experiencing significant growth due to increasing internet penetration and rising disposable incomes. Advanced technologies like artificial intelligence and virtual assistants are transforming the industry, with voice-activated ordering systems and chatbots becoming popular. Cloud-based solutions are gaining traction over on-premise systems, with companies like KFC, Pizza Hut, and Domino’s adopting these technologies. The front-end software segment is seeing strong demand, with Android and iOS-based software leading the way. Cross-platform technologies are essential for businesses to provide seamless customer experiences and improve customer retention rates. Administrative and promotional elements, order management, payment processing, daily reconciliation, and data security features are key functionalities. Business organizations require POS technology to enhance customer satisfaction and improve internal processes, including sales, labor, inventory data, and point-of-sale transactions. Digital transformation through web applications and mobile devices is essential to meet shifting consumer trends, offering individualized and customized services. Secured cards and data security features are crucial for maintaining customer trust. Companies like ParTech, Inc., Jolt, and Brink POS are leading the market with innovative solutions.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This restaurant management software market report extensively covers market segmentation by  

Deployment 1.1 On-premises1.2 Cloud-basedEnd-user 2.1 QSR2.2 FSR2.3 OthersGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 On-premises-  The Restaurant Management Software market is growing significantly due to the increasing demand for efficient and automated restaurant operations. This software streamlines various processes such as inventory management, table reservations, order taking, and payment processing. It helps restaurants reduce errors, save time, and improve customer satisfaction. Additionally, it provides valuable insights through data analytics, enabling better decision-making and strategic planning. Overall, it is a valuable investment for restaurant owners looking to optimize their business operations.

For more information on market segmentation with geographical analysis including forecast (2023-2027) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Restaurant Management Software market is prioritizing digital solutions to enhance customer experiences and streamline operations. Digital menu boards are becoming increasingly popular, allowing real-time menu updates and promotions. Special dietary requests are easily managed with advanced filtering and customization features. POS systems are integrated with touchscreen ordering solutions, enabling faster service and reducing errors. IT budgets are seeing investments in mobile POS systems, food delivery websites, and restaurant review sites to expand reach and improve online presence. Smartphones and internet penetration have fueled the demand for voice-activated ordering systems, chatbots, and artificial intelligence-powered virtual assistants. Cloud-based solutions and cross-platform technologies are key trends, offering flexibility and scalability. Android and iOS-based software cater to various restaurant needs, with advancements in front-end software segment and AI integration.

Market Research Overview

The Restaurant Management Software market is prioritizing digital solutions to enhance customer experiences and streamline operations. Digital menu boards are becoming increasingly popular, allowing for real-time menu updates and promotions. Special dietary requests are easily managed through POS systems, touchscreen ordering solutions, and food delivery websites like GrubHub, PostMates, and Zomato. IT budgets and investments in cloud-based solutions, artificial intelligence, and virtual assistants are on the rise. Mobile POS systems and voice-activated ordering systems cater to the growing use of smartphones and internet penetration. The front-end software segment, including Android and iOS-based software, is seeing significant growth due to cross-platform technologies. Restaurant review sites and customer experiences are key drivers for customer retention. The cloud segment and on-premise segment each offer unique benefits, with cloud-based solutions providing flexibility and on-premise solutions offering greater control. Administrative and promotional elements, order management, payment processing, daily reconciliation, and business organization are essential features for effective restaurant management. Data security, internal processes, sales, labor, inventory data, and point-of-sale technology are crucial for maintaining customer satisfaction and experience. Digital transformation continues to shape the industry, with web applications and mobile devices becoming essential tools for restaurants. Secured cards and shifting consumer trends towards individualized and customized services are also influencing the market. Key players in the market include ParTech, Inc, Jolt, and Brink POS.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentOn-premisesCloud-basedEnd-userQSRFSROthersGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Technology

KM Malta Airlines, the Maltese Islands’ New National Carrier, Implements CellPoint Digital’s Payment Orchestration Solution

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The partnership will enable KM Malta Airlines to provide passengers with a seamless payment experience and access to their preferred payment methods.

LONDON, Sept. 23, 2024 /CNW/ — CellPoint Digital, a global pioneer in Payment Orchestration, is proud to announce it has partnered with KM Malta Airlines to support the airline’s payment processes across multiple sales channels, including on its website and App, allowing passengers in future to pay with key alternative payment methods (APMs) like Apple Pay.

From the start of operations on March 31, 2024, CellPoint Digital was entrusted to support KM Malta Airlines’ payment processes across. Using CellPoint Digital’s Payment Orchestration platform, KM Malta Airlines launched the service with optimised payment processes, a cost-effective payment strategy, and a customer-centric payment model. This partnership reflects the airline’s commitment to providing its passengers with a seamless, convenient payment experience and the airline’s recognition of CellPoint Digital as a valued payment solution provider.

Through its partnership with CellPoint Digital, KM Malta Airlines gains access to a network of acquirer connections, including its newly introduced partner, Shift4 (formerly Finaro), to support its growth strategy. This allows the airline to optimise transaction routing, reduce payment costs, and settle in its preferred currency.

“It’s not often that we get to be present at the inception of one of Europe’s next great airlines, but that’s the opportunity we have with this partnership,” said Kristian Gjerding, CEO of CellPoint Digital. “By prioritising its payment strategy as a cornerstone of its launch strategy, KM Malta Airlines demonstrates that it cares about providing passengers with the best possible booking experience and setting itself up for future success.”

Roy Kinnear, CCO of KM Malta Airlines, stated, “A highly optimised, cost-efficient payment strategy is important to the success of our airline. That’s why we partnered with experts in aviation payments to deliver a comprehensive platform tailored to our passengers’ needs and allowing us to expand our offering of customer choice payment mechanisms.”

The Advantage of Day-One Payment Orchestration

Payment Orchestration is a concept that describes the end-to-end management of all components of a payment, from authorisation to routing to settlement to reporting, allowing airlines to boost conversions in direct and indirect sales channels at lower transaction costs. CellPoint Digital’s Payment Orchestration Platform, which KM Malta Airlines will implement, routes transactions intelligently to increase acceptance, simplifies and centralises back-end reconciliation, integrates various payment methods like Apple Pay, and easily accommodates multiple PSPs and acquirers, including KM Malta Airline’s preferred acquiring partner, Shift4.

For more information about the CellPoint Digital partnership with KM Malta Airlines or to speak with company executives, please get in touch with Steven Osei at steven.osei@cellpointdigital.com

About CellPoint Digital
CellPoint Digital is a fintech leader in payment orchestration and optimisation. CellPoint Digital’s main solution is a powerful Payment Orchestration Platform that optimises digital payment transactions from cards or alternative payment methods and accelerates the deployment of new payment options. Merchants can easily scale their own payment ecosystem across the world, unify the customer payment experience across their website, mobile apps and other channels, optimise the routing of each transaction, increase conversion rates and minimise payment costs. CellPoint Digital has offices in Copenhagen, Dallas, Dubai, London, Miami, Pune and Singapore. Visit www.cellpointdigital.com to learn more. 

About KM Malta Airlines

The KM Malta Airlines schedule serves 17 airports across 15 key European cities, namely, Amsterdam, Berlin, Brussels, Catania, Dusseldorf, London Gatwick, London Heathrow, Lyon, Madrid, Milan, Munich, Paris Charles de Gaulle, Paris Orly, Prague, Rome, Vienna and Zurich.

Bookings can be made on kmmaltairlines.com

Contact: media@kmmaltairlines.com

 

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SOURCE CellPoint Digital

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Advantech Unveils Expanded Singapore Office to Boost ASEAN Presence and Support AIoT Innovations with Strategic Partnerships

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SINGAPORE, Sept. 23, 2024 /PRNewswire/ — Advantech (TWSE: 2395), a global leader in industrial IoT and embedded computing solutions, has officially inaugurated its expanded regional office in Singapore. This strategic investment is set to enhance Advantech’s core competencies within the ASEAN region. Located at 7002 Ang Mo Kio Avenue 5, the new office will double the company’s current facility space, enhancing its infrastructure to meet the rising demand for high-technology solutions, particularly in the semiconductor sector. The expansion underscores Advantech’s commitment to collaborating with silicon and ecosystem partners and investing in local talent development through industry-academia partnerships. The new office will also support Advantech’s Configure-To-Order Service (CTOS), reinforcing its strategic goal of deepening and localising industry presence while advancing a comprehensive AIoT industry development strategy.

Vincent Chang, Managing Director of Asia and Intercontinental Region at Advantech, stated, “The relocation to our new premises marks a significant milestone in Advantech’s nearly 30 years of growth in Singapore. Established in 1995, Advantech Singapore has grown to become a pivotal hub in the ASEAN region, leading to the creation of Advantech Malaysia, Thailand, Indonesia, and Vietnam as key regional business units. Advantech envisions Singapore evolving into a Corporate Development Core Competency hub, focusing on business intelligence, strategic planning, and advancing branding, public relations, and ESG programmes across the ASEAN region.”

Advantech is also excited to launch the second year of its AIoT Innowork programme with Singapore Polytechnic (SP). This year’s projects will focus on sustainable development, net-zero emissions, and generative AI. Students will use Advantech’s WISE-PaaS, a cloud-based platform, to develop AIoT solutions, including a smart outdoor agriculture proof-of-concept within SP’s campus. Additionally, the programme will advance intelligent EV charging and parking space monitoring with Advantech’s LoRaWAN gateway and generative AI, featuring a dashboard for carpark occupancy and an assistive chatbot for availability queries.

In response to the government’s focus on future workforce development, a student team from SP is set to create a proof of concept for a “Generative AI-powered Virtual Sales Agent.” This innovative project aims to transform customer interactions by enhancing sales and engagement through cutting-edge AI technology. SP envisions this technology revolutionising customer engagement, enhancing service support, and improving operational efficiency.

Advantech Singapore is dedicated to advancing the “MySkillsFuture” programme, a key initiative by the Singapore government to support lifelong learning. Advantech aims to build a collaborative value chain that fosters a sustainable and thriving IoT ecosystem by partnering with ecosystem players, academic institutions, and industry leaders. Additionally, through academic collaboration, Advantech seeks to cultivate industry growth and align with its social responsibility objectives by producing and distributing urban farming products to underserved communities. These strategic partnerships are poised to drive long-term industry success and reinforce Advantech’s commitment to its ESG goals.

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SOURCE Advantech Co. Singapore Pte Ltd

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Estonia Strengthens Smart Mobility Networking and Strategic Partnerships in the Gulf

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DUBAI, UAE, Sept. 23, 2024 /PRNewswire/ — Trade Estonia, part of Enterprise Estonia, is concluding its participation at the ITS World Congress 2024 in Dubai, further asserting its leadership in intelligent transport systems (ITS) and smart mobility. Estonia, known for being the first country to allow testing autonomous vehicles on public roads since 2017, showcased its innovative technologies that are setting new benchmarks in smart mobility and ITS.

At the exhibition, Trade Estonia displayed pioneering solutions, including Bamboo Apps’ cutting-edge dispatch system for autonomous shuttles, enabling remote monitoring of unmanned vehicles to enhance safety and efficiency. e-Pavement integrates sensors within road surfaces to improve safety and traffic management, while Auve Tech’s autonomous shuttles seamlessly integrate with public transport, offering efficient and eco-friendly urban mobility solutions. Metrosert is enhancing the precision of smart infrastructure, and Digilogistika Keskus is optimising logistics through advanced digital platforms, boosting supply chain efficiency in smart cities.

H.E. The Ambassador of Estonia to the UAE Maria Belovas stated, “Estonia’s footprint in integrating cutting-edge technology is pivotal in enhancing transportation safety, efficiency, and mobility. Our innovations are designed to meet the evolving needs of global smart cities and ensure a sustainable future for transportation.”

These advancements exemplify Estonia’s commitment to developing intelligent, sustainable, and efficient transport solutions that address both urban and rural mobility needs, and solidifying its global network.

In addition to presenting its technological progress at the ITS World Congress, Estonia focused on building meaningful connections and exploring new avenues for collaboration.

Forging Strategic Global Partnerships

Estonia is dedicated to expanding its international impact by building strategic partnerships, particularly in the Gulf region.

A recent networking event, hosted by H.E. The Ambassador of Finland, Ms. Tuula Yrjölä, and H.E. The Ambassador of Estonia, Ms. Maria Belovas, brought together Finnish and Estonian business delegations to cultivate global connections in smart mobility. The event also facilitated valuable discussions on future collaborations, reflecting Trade Estonia’s ongoing mission to support global innovation and sustainability in transport.

Ms. Maria Belovas highlighted the importance of these international connections in advancing the organisation’s strategic goals and enriching global collaborative efforts.

Building on this momentum, Trade Estonia is gearing up for its next significant engagement at GITEX Global 2024. This upcoming event will serve as a new stage for Estonia to underline their technological advancements and explore new avenues for collaboration with global technology leaders.

About Trade Estonia

Trade Estonia is part of Enterprise Estonia. As a state organisation, Trade Estonia helps Estonian companies to establish themselves in international markets. With a focus on future technologies and pioneering projects, Trade Estonia provides Estonian companies with access to market analysis and marketing strategies and creates the conditions for them to operate successfully on a global scale. Trade Estonia not only promotes the development of new business areas and the establishment of strategic partnerships, but also facilitates access to international networks, thus contributing to the global competitiveness of Estonian companies.

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