Surge in acceptance of new restaurant service technologies and demand for quick service restaurant services drive the growth of the global Restaurant Management Software Market. Apart from this, an increase in the use of payment gateways will expand the scope of the global market in the years ahead.The lack of new all-in-one restaurant management software is likely to hinder global industry growth.
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On basis of the deployment model, the cloud segment contributed to the highest market share in 2021, accounting for nearly three-fifths of the global restaurant management software industry share. Furthermore, the same segment is anticipated to dominate the market growth over the forecast period. In addition, the cloud segment is predicted to record the highest CAGR of 16.7% over the forecast period.
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In terms of the end-use vertical, the institutional segment contributed to the highest market share in 2021, accounting for nearly one-third of the global restaurant management software market share. Moreover, the same segment is set to make notable contributions toward the global market share in 2031. In addition, the institutional segment is predicted to register the fastest CAGR of 15.8% during the forecast timeline.
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By Region, North America contributed notably toward the global restaurant management software market share in 2021, and is projected to continue its dominance during the forecast period. The region accounted for nearly two-fifths of the global restaurant management software market share in 2021.
The growth of the market in the region over the forecast time span can be credited to digitalization and smart technology developments such as automated point-of-sale systems, wireless payment getaways, and virtual reservation systems in the sub-continent. However, the Asia-Pacific restaurant management software market is set to record the highest CAGR of 16.6% during 2022-2031.
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Covid-19 Scenario:
- The COVID-19 pandemic favorably impacted the growth of the global restaurant management software market due to a surge in demand for restaurant-specific managing software along with acceptance of quick service restaurant services.
- Moreover, the surging requirement for restaurant-specific managing software for purpose of payment handling and invoicing as well as for resource allocation boosted the demand for restaurant management software post-pandemic.
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