Restaurant Inventory Management & Purchasing Software Market Scope
Restaurant management software is built specifically for the foodservice industry to assist restaurant owners in better managing their companies. It enables restaurant managers and owners to determine the overall day customer count and plan accordingly. This software is used for a variety of functions, including ordering, billing, cost analysis, inventory management, queue management, and profit increase, as well as allowing consumers to order and pay at the table. Among the important factors driving the market, expansion is a technological disruption in the restaurant business and growing demand for restaurant-specific software such as billing and payment processing, inventory management, table management, and menu management. The market is expected to gain traction as more people become aware of the value of data analytics solutions in offering vital insights to improve day-to-day operations. Other factors projected to drive market expansion include growing global awareness of the relevance of data analytics solutions and expanding usage of cloud systems in the restaurant industry.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Square Inc. (United States), Upserve (United States), ShopKeep (United States), Revel Systems (United States), Oracle Corporation (United States), Open Table, Inc. (United States), NCR Corporation (United States), Hot Schedules (United States), Fishbowl Inc (United States) and Clover Network Inc. (United States) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Restaurant Inventory Management & Purchasing Software market throughout the predicted period.
Square Inc. (United States), Upserve (United States), ShopKeep (United States), Revel Systems (United States), Oracle Corporation (United States), Open Table, Inc. (United States), NCR Corporation (United States), Hot Schedules (United States), Fishbowl Inc (United States) and Clover Network Inc. (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Restaurant Inventory Management & Purchasing Software market by Type , by Application (FSR (Full Service Restaurant) and QSR (Quick Service Restaurant)) and Region with country level break-up.
On the basis of geography, the market of Restaurant Inventory Management & Purchasing Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
November 2020- Oracle announced that it has entered into an agreement to acquire Nor1. The acquisition extends Oracle Hospitality's OPERA Cloud Suite by adding Nor1's Merchandising platform that enables hotels to provide personalized offers throughout the guest journey using AI & machine learning.
In November 2020, Lightspeed POS Inc., a leading provider of cloud-based omnichannel commerce platforms, entered into a definitive agreement to acquire ShopKeep Inc. (ShopKeep), a leading provider of cloud-based commerce platforms based in New York City. . This acquisition strengthens Lightspeed's position as the clear category leader for sophisticated retailers and restaurateurs looking to modernize their operations as the global economy undergoes an unprecedented digital acceleration.
Influencing Trend:
Adoption of Cloud Systems and Technological Advancements in Restaurant Industry
Market Growth Drivers:
Reduces Time and Increases Efficiency and Used for Several Processes
Challenges:
Unavailability of Single Seamless Integrated Software
Restraints:
High Cost of Implementation
Opportunities:
Increasing Awareness Regarding the Importance of Data Analytics Solutions and Rising Need for Restaurant-Specific Software
Key Target Audience
Software Providers, Technology Providers, IT Companies, Restaurants and Market Research Companies