The global catering software market was valued at US$ 184.29 million in 2019 and is predicted to reach US$ 519.14 million by 2027, growing at a CAGR of 14.4% from 2020 to 2027, according to this analysis.
With a market share of more than 30% in 2019, North America led the catering software industry, followed by APAC. North America is made up of developed countries like the United States, Canada, and Mexico. Technological improvements and developments have created a highly competitive market across North America for all businesses. It also attracts a number of technological advancements from countries with a robust economy. Companies in the region are constantly improving their overall business operations in order to meet client demands for high-quality products and services delivered as quickly as possible.
When it comes to travel and tourism in North America, the United States leads the way, followed by Mexico and Canada. Furthermore, since 2010, the region has seen an increase in the number of international visitors. Meanwhile, tourism in Mexico is increasing as a result of consistent investments in resorts and hotels, as well as government attempts to boost the country’s travel industry. As a result, the growing number of travellers, as well as a good outlook for the adoption of new technologies, favourable economic policies for technological growth, and a habit of eating out, make North America a vital place for catering software market players. Another key factor expected to boost the market in this area during the projected period is the presence of industry players such as Better Cater, Inc; CaterEase Software; CaterTrax, Inc.; and Restaurant & Catering Systems.
APAC ranked second in the global catering software market in 2019, with a respectable market share, and is expected to grow at a stable rate from 2020 to 2027. APAC’s overall development is aided by the presence of growing economies and the increased adoption of innovative and advanced technology. Australia, China, Japan, India, South Korea, and the Rest of APAC are the countries that make up the catering software market in APAC. Rapid technological breakthroughs, economic digitization, and adequate government assistance are among the essential variables facilitating the smooth transition of these countries from a developing to a developed stage in terms of the use of solutions such as catering software.
During 2019-2027, the cloud segment will dominate the North American catering software market.
The market is predicted to reach US$ 155.4 million by 2027, up from US$ 70.6 million in 2020, according to this research analysis. From 2017 to 2027, the market is expected to increase at a CAGR of 11.9 percent.
The research discusses current market trends as well as market growth drivers and restraints. The rising popularity of e-commerce platforms is a primary driver of industry expansion. However, rising security fears are stifling development.
Because of favourable government policies to promote innovation, the presence of a large foodservice industry, and high purchasing power, North America is one of the most important regions for the adoption and growth of new technologies, particularly in developed countries such as the United States and Canada. As a result, any influence on industry growth is projected to have a negative impact on the region’s economic growth.
The market is divided into two categories: deployment type and end-user. The market is divided into two types of deployments: cloud and on-premises. The market is dominated by the cloud segment. Caterers, restaurants & hotels, and others are the end-user segments of the market. The market is dominated by the restaurant and hotel segment.
Among the market’s main businesses are Aptus Systems Ltd., Better Cater, Inc., Caterease Software, Catertrax, Inc., CaterZen, Flex Catering, FooStorm Catering Software (Caterxpress), Curate, Profit Systems Inc., and Pxier. To maintain their position in the dynamic market, these organisations are focusing on organic growth tactics such as new launches and expansions. For example, since the beginning of March, CaterZen has devoted programming hours to ensure that restaurants and caterers can continue to operate by focusing heavily on online ordering and meal delivery.
The Effects of the COVID-19 Pandemic on the Catering Software Industry
Due of the COVID-19 outbreak, several countries around the world have announced various containment measures, including stringent limits on human and vehicle transportation. Businesses that rely on physical interaction to earn revenue are being hampered by the lockdowns. In addition, a number of businesses are scaling back their activities. As a result, many businesses are focusing their efforts on increasing conversions, interactions, and revenue through digital channels.
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