Restaurant Inventory Management & Purchasing Software Market by Function (Accounting Software, Inventory Control Software, Restaurant Delivery or Takeout Software), Deployment (On-Cloud, On-Premise), End User - Global Forecast 2024-2030
Restaurant Inventory Management & Purchasing Software Market by Function (Accounting Software, Inventory Control Software, Restaurant Delivery or Takeout Software), Deployment (On-Cloud, On-Premise), End User - Global Forecast 2024-2030
The Restaurant Inventory Management & Purchasing Software Market size was estimated at USD 3.45 billion in 2023 and expected to reach USD 3.95 billion in 2024, at a CAGR 14.98% to reach USD 9.17 billion by 2030.
Restaurant inventory management & purchasing software constitutes a specialized tool designed for the food service industry that facilitates overseeing stock levels, tracking food deliveries, and managing food costs. This technological solution aids restaurant owners, managers, and chefs in optimizing their inventory control, ensuring efficient utilization of resources, preventing waste, and maintaining consistency in food quality. The software seamlessly integrates inventory management with purchasing processes, allowing for automated reordering of supplies based on predefined thresholds, predicting future demand using historical data, and improving relationships with vendors through timely and accurate ordering. The growth of restaurant inventory management & purchasing software is driven by rapid technological progress and the need to mitigate operational costs. Furthermore, adherence to stringent food safety regulations and the agility to keep pace with evolving consumer tastes underline the critical role of these systems. Challenges such as data security, system interoperability, user adoption hurdles, and the complexity and expenditure associated with advanced systems pose notable impediments to the global restaurant inventory management & purchasing software market. Innovation and research, pivoting towards AI enrichment, IoT collaboration, user experience refinement, sustainability support, and the customization and scalability of solutions to capture a wider clientele with varying needs are presenting a stronger future landscape for the restaurant inventory management & purchasing software market.
Regional Insights
The market for restaurant inventory management and purchasing software in the Americas shows substantial growth, particularly driven by technological advancement, a strong focus on reducing food waste, and the integration of AI and analytics for predictive inventory management are encouraging adoption. The United States is a significant contributor to the region's market performance due to a dense concentration of restaurants and large-scale food service operations that necessitate sophisticated inventory management solutions. There is also an increasing trend towards cloud-based solutions, which offer greater scalability and flexibility for restaurant operations. In the EMEA region, the market is experiencing moderate growth with a diverse spectrum of maturation levels across different countries. Europe shows a higher adoption rate attributed to stringent food safety regulations and the presence of several market players offering advanced solutions. The Middle East is showing robust opportunities, with a growing restaurant industry and a shift toward digitalization being primary growth drivers. The Asia-Pacific region is emerging as a high-growth market for restaurant inventory management and purchasing software. This region's growth is propelled by the expanding hospitality industry, economic development, and increased awareness about the benefits of software in inventory management among food service businesses. Technological innovations and a growing number of startups in the region are also contributing to the robust market expansion.
Market Insights
Market Dynamics
The market dynamics represent an ever-changing landscape of the Restaurant Inventory Management & Purchasing Software Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
Market Drivers
Increasing number of restaurants globally coupled with technological advancements
Need for restaurant-specific accounting and operations solution
Market Restraints
High cost of deployment of restaurant inventory management & purchasing software
Market Opportunities
Rising adoption of cloud-based POS systems in the restaurant industry
Proliferation of amalgamation activities to achieve real-time data
Market Challenges
Concerns of malfunctioning, data breaches, and malicious hacks
Market Segmentation Analysis
Function: Growing adoption of accounting software to simplify the financial tracking
Deployment: Rising on-cloud deployment by restaurants as it easily increases their usage without significant investments
End User: Growing adoption of restaurant inventory management among full-service restaurants to understand profitability on a dish-by-dish basis
Market Disruption Analysis
Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Restaurant Inventory Management & Purchasing Software Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Restaurant Inventory Management & Purchasing Software Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
WebstaurantStore Partners with MarketMan to Revolutionize Restaurant Inventory Management
MarketMan partnered with WebstaurantStore to revolutionize inventory management for restaurants, offering, on average, a 5% reduction in annual COGS, exemplifying true cost-efficiency. As a dynamic force in cloud-based restaurant inventory solutions, MarketMan's inclusion in the WebstaurantStore Partner Marketplace is a noteworthy development for both entities and contributes to measurable efficiencies for restaurateurs.
MarketMan Partners with Square to Push its Restaurant Inventory Management Platform to the Next Level
MarketMan partnered with WebstaurantStore to revolutionize inventory management for restaurants, offering, on average, a 5% reduction in annual COGS, exemplifying true cost-efficiency. As a dynamic force in cloud-based restaurant inventory solutions, MarketMan's inclusion in the WebstaurantStore Partner Marketplace is a noteworthy development for both entities and contributes to measurable efficiencies for restaurateurs.
Lightspeed Commerce Inc. Enters into Preferred Partnership with the Joel Robuchon International Group of Restaurants
Lightspeed Commerce Inc. forged a strategic alliance with the Joel Robuchon International (JRI) group, securing its status as the preferred partner for restaurant inventory management and purchasing software. This collaboration highlights Lightspeed’s commitment to empowering the most discerning businesses in the gastronomic sector by streamlining operations with its comprehensive point-of-sale (POS) and payment solutions.
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Restaurant Inventory Management & Purchasing Software Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Restaurant Inventory Management & Purchasing Software Market, highlighting leading vendors and their innovative profiles. These include 7shifts Employee Scheduling Software Inc., Agilysys, Inc., Altametrics, LLC, BevSpot Inc., Buyers Edge Platform, Clover Network, LLC by Fiserv, Inc., Crunchtime Information Systems, Inc., Deliverect NV, Epicor Software Corporation, Food Market Hub Group, Fourth Enterprises, LLC, Get Beyond, Gofrugal Technologies Private Limited by Zoho Corporation Pvt. Ltd., Google LLC by Alphabet Inc., Innobliss Solution Pvt. Ltd. (Devourin), JAMIX Oy, Jolt Software, Inc., Kitchen CUT Limited, Lightspeed Commerce Inc., MarginEdge Co., MarketMan Inc., MenuMax, Microsoft Corporation, NCR Corporation, Oracle Corporation, Orca Inventory, Orderly Limited, PAR Technology Corporation, Posist Technologies Private Limited, QSROnline.com, LLC, R365 Inc., Revel Systems, Inc., RisingMax Inc., Sapaad Pte. Ltd., SynergySuite, Toast, Inc., TouchBistro Inc., and TracRite Software Inc..
Market Segmentation & Coverage
This research report categorizes the Restaurant Inventory Management & Purchasing Software Market to forecast the revenues and analyze trends in each of the following sub-markets:
Function
Accounting Software
Inventory Control Software
Restaurant Delivery or Takeout Software
Restaurant Management Software
Restaurant POS Software
Deployment
On-Cloud
On-Premise
End User
FSR
Casual Dine
Fine Dine
QSR
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
1. Preface
1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders
2. Research Methodology
2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update
3. Executive Summary
4. Market Overview
5. Market Insights
5.1. Market Dynamics
5.1.1. Drivers
5.1.1.1. Increasing number of restaurants globally coupled with technological advancements
5.1.1.2. Need for restaurant-specific accounting and operations solution
5.1.2. Restraints
5.1.2.1. High cost of deployment of restaurant inventory management & purchasing software
5.1.3. Opportunities
5.1.3.1. Rising adoption of cloud-based POS systems in the restaurant industry
5.1.3.2. Proliferation of amalgamation activities to achieve real-time data
5.1.4. Challenges
5.1.4.1. Concerns of malfunctioning, data breaches, and malicious hacks
5.2. Market Segmentation Analysis
5.2.1. Function: Growing adoption of accounting software to simplify the financial tracking
5.2.2. Deployment: Rising on-cloud deployment by restaurants as it easily increases their usage without significant investments
5.2.3. End User: Growing adoption of restaurant inventory management among full-service restaurants to understand profitability on a dish-by-dish basis
5.3. Market Trend Analysis
5.3.1. Rapid deployment of digital technologies in hospitality sectors with the ongoing expansion of restaurant services in the Americas
5.3.2. Significant growth of restaurant chains with the ongoing adoption of cloud-based solutions in the Asia-Pacific region
5.3.3. Expanding hospitality industries and increasing restaurant and fast-casual dining creating a scope for restaurant inventory management & purchasing software in EMEA region
5.4. Cumulative Impact of High Inflation
5.5. Porter’s Five Forces Analysis
5.5.1. Threat of New Entrants
5.5.2. Threat of Substitutes
5.5.3. Bargaining Power of Customers
5.5.4. Bargaining Power of Suppliers
5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework Analysis
6. Restaurant Inventory Management & Purchasing Software Market, by Function
6.1. Introduction
6.2. Accounting Software
6.3. Inventory Control Software
6.4. Restaurant Delivery or Takeout Software
6.5. Restaurant Management Software
6.6. Restaurant POS Software
7. Restaurant Inventory Management & Purchasing Software Market, by Deployment
7.1. Introduction
7.2. On-Cloud
7.3. On-Premise
8. Restaurant Inventory Management & Purchasing Software Market, by End User