Richmond, Jan. 22, 2024 (GLOBE NEWSWIRE) -- According to a research report "Restaurant Digitization Market”, by Component (Software, Hardware), Restaurant Type (Cafes, Fast Food, and Dining), Application (Contactless Payment, Online Ordering Systems & Delivery Apps, Automated Inventory Management Software, Digital Kitchen Boards, Marketing, Other Applications) and Region - Global Forecast to 2030.
Global Restaurant Digitization Market Report Scope:
| Report | Details |
| Market size value in 2022 | USD 6.9 Billion |
| Market size value in 2030 | USD 23.4 Billion |
| CAGR (2023-2030) | 16.5% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Restaurant Type, Component, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Restaurant Digitization Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The global restaurant digitalization market plays an essential role in transforming the traditional food service industry by leveraging advanced technologies to enhance operational efficiency, customer experience, and overall business performance. As restaurants increasingly adopt digital solutions such as point-of-sale systems, online ordering platforms, and mobile payment options, they streamline their operations, reduce manual errors, and improve order accuracy. This digitalization not only optimizes internal processes but also enables better inventory management and data-driven decision-making for businesses in the highly competitive restaurant sector. Moreover, the restaurant digitalization market benefits the industry by providing opportunities for improved customer engagement and loyalty. With the rise of mobile apps, loyalty programs, and personalized marketing campaigns, restaurants can connect with their customers on a more direct and targeted level. This not only enhances customer satisfaction through a seamless dining experience but also allows businesses to gather valuable data on consumer preferences, enabling them to tailor their offerings and promotional strategies. In essence, the global restaurant digitalization market serves as a catalyst for modernizing the industry, fostering innovation, and ultimately contributing to the sustainability and growth of restaurants in today's tech-driven landscape.
Major vendors in the global Restaurant Digitization Market:
- Ant Group CO., Ltd.
- Clear Solutions
- Cognizant Technology Solutions Corp.
- Digitory Solutions Pvt. Ltd.
- Flipdish Ltd.
- Fourth Enterprises LLC
- HM Electronics, Inc.
- IBM MustHaveMenus Inc.
- Oracle Corporation
- PaidIt
- Panasonic Corporation
- PAR Technology Corporation
- Revel Systems Inc.
- Snappy Innovation Inc.
- Sticky Menus
- TouchBistro
- Virtusa
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Consumer Demand for Seamless Digital Experience:
In recent years, there has been a paradigm shift in consumer behavior, with an increasing preference for convenience and efficiency in the dining experience. The global restaurant digitization market is primarily driven by the growing demand for a seamless digital experience by consumers. The modern customer expects quick and convenient services, from online reservations and digital menus to mobile payments. The adoption of digital technologies in restaurants enhances the overall customer experience, allowing patrons to place orders, customize meals, and pay effortlessly through mobile applications. Integrated digital solutions not only streamline the ordering process but also contribute to customer loyalty through personalized promotions and rewards programs. This trend is further amplified by the rise of contactless dining, accelerated by the COVID-19 pandemic, where consumers are inclined towards minimizing physical contact in restaurant settings. As a result, restaurants worldwide are investing in digital solutions, such as mobile apps and self-service kiosks, to meet the evolving expectations of tech-savvy consumers.
Market Dynamics
Drivers:
- Growing consumer demand for online food ordering and delivery services.
- Increasing adoption of mobile devices and smartphones.
- COVID-19 pandemic accelerating the need for contactless dining and digital menus.
- Restaurants seeking operational efficiency through digital solutions.
Opportunities:
- Emerging technologies like AI and machine learning for personalized dining experiences.
- Expansion of cloud-based POS (Point of Sale) systems.
- Rise of virtual kitchens and ghost restaurants.
- Integration of digital marketing strategies to enhance customer engagement.
Operational Efficiency and Cost Optimization:
Another key driver for the restaurant digitization market is the pursuit of operational efficiency and cost optimization by restaurant owners. Digital solutions offer tools for inventory management, order tracking, and data analytics, enabling restaurant operators to streamline their operations and reduce operational costs. The implementation of point-of-sale (POS) systems integrated with inventory management helps in real-time tracking of stock levels, minimizing wastage and ensuring efficient supply chain management. Moreover, data analytics tools provide valuable insights into customer preferences, allowing restaurants to tailor their menus and marketing strategies accordingly. This data-driven approach not only enhances customer satisfaction but also optimizes inventory planning, reducing excess stock and associated carrying costs. With the competitive nature of the restaurant industry, adopting digitization not only improves operational efficiency but also contributes to the overall financial sustainability of establishments.
North America dominates the market for Restaurant Digitization Market.
The dominating region in the global restaurant digitization market is North America, with the United States at the forefront. The region's dominance can be attributed to the high level of technological adoption, a robust digital infrastructure, and the willingness of consumers to embrace digital dining experiences. The United States, being a pioneer in technological advancements, has witnessed widespread adoption of restaurant digitization solutions, including online ordering platforms, mobile payment systems, and AI-powered customer engagement tools.
Asia-Pacific is emerging as a region with high growth potential in the restaurant digitization market. China, in particular, stands out due to its large population, increasing disposable income, and rapidly expanding urban middle class. The demand for digital solutions in restaurants is driven by a tech-savvy consumer base and a thriving food service industry. Moreover, the integration of digital payment systems, smart POS systems, and contactless ordering is gaining traction in countries like India and Southeast Asian nations, presenting significant growth opportunities for restaurant digitization providers in the coming years.
The Contactless Payment Segment is anticipated to hold the Largest Market Share during the Forecast Period
In the global Restaurant Digitization Market, the application segment comprises various categories such as Contactless Payment, Online Ordering Systems & Delivery Apps, Automated Inventory Management Software, Digital Kitchen Boards, Marketing, and Other Applications. The contactless payment sector in the restaurant digitalization market is a significant development in upgrading how dining transactions work. This technology enables customers to make secure and easy payments without physically touching the payment terminal. Using near-field communication (NFC), customers can just tap or wave their contactless-enabled cards, smartphones, or wearables near the payment terminal to quickly complete transactions. This not only makes the payment process more efficient but also aligns with the increasing preference for cleanliness and convenience, particularly in the ongoing shift to a more digital and cashless society. By adopting contactless payment solutions, restaurants can streamline their operations and meet the changing expectations of customers who seek smooth and secure payment experiences.
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