According to our latest market study on “Catering Software Market Forecast to 2027 – COVID-19 Impact, and Global Analysis – by Type (Cloud and On-Premises) and End User (Caterers, Restaurants and Hotels, and Others),” the market was valued at US$ 201.93 million in 2020 and is projected to reach US$ 519.14 million by 2027; it is expected to grow at a CAGR of 14.4% from 2020 to 2027.
North America dominated the catering software market in 2019 with a share of more than 30%, followed by APAC. North America comprises developed countries, such as the US, Canada, and Mexico. The technological advancements and developments have led to a highly competitive market for all industries across North America. It also attracts several technological developments from economically strong countries. The companies in the region are continuously enhancing the overall business processes to meet customer demands for delivering high-quality products and services in the best possible way.
In North America, the US holds the largest share when it comes to travel and tourism, followed by Mexico and Canada. Further, the region has witnessed the increasing number of international arrivals since 2010. Meanwhile, the rate of tourism in Mexico is growing owing to the steady investments in resorts and hotels backed by government initiatives to promote travel industry in the country. Thus, the increasing number of travelers as well as positive outlook for the adoption of new technologies, favorable economic policies for technological developments, and eating out culture make North America a crucial region for the catering software market players. Also, the presence of market players such as Better Cater, Inc; CaterEase Software; CaterTrax, Inc.; and Restaurant & Catering Systems is another major factor anticipated to drive the market in this region during the forecast period.
In 2019, APAC stood second in the global catering software market with a decent market share, and it is anticipated to witness a steady CAGR from 2020 to 2027. Presence of emerging economies and rise in adoption of innovative and advanced technologies are contributing to the overall development of APAC. By country, the catering software market in APAC is segmented into Australia, China, Japan, India, South Korea, and the Rest of APAC. Rapid advancements in technologies, digitalization of economies, and sufficient support from government are among the key factors leading to the smooth evolution of these economies from a developing stage to a developed stage in terms of adoption of solutions such as catering software.
The travel and tourism industry is experiencing rapid growth over the years and the region ranks second after Europe by recording the most international tourist arrivals. Increasing purchasing power, growing air connectivity due to rising number of airports, relaxed visa norms, and better exchange rate are among the factors attracting tourists from Europe and North America.
Countries such as India, Vietnam, Malaysia, Indonesia, Philippines, and Australia are experiencing significant number of tourists. Also, countries such as Sri Lanka and Nepal are registering double digit of growth rate in tourism. Meanwhile, APAC is characterized by the presence of the large number of young population coupled with rising deposable income, which is the major factor propelling the tourism industry in this region. Further, fast food restaurant chains are heavily investing in Malaysia, China, India, Indonesia, and South Korea owing to the growing food service industry in this region. Thus, growing rate of tourism in Asia Pacific, increasing inclination of population toward restaurant dining, rising trend of multicultural cuisine, and surging adoption rate of digitization and advanced technologies in this region are anticipated to drive the growth of the catering software market in APAC during the forecast period.
Companies operating in the global catering software market adopt inorganic market strategies to expand their footprints across the world and meet the growing demand. These players mainly perform investments strategy to expand their business and maintain their brand name globally. For instance, in 2020, CaterZen invested programming hours since the beginning of March to confirm restaurants and caterers can continue operations by focusing strongly on online ordering and food delivery.
Impact of COVID-19 Pandemic on Catering Software Market
Several governments across the world are announcing various containment measures, such as strict restrictions on the movement of humans and vehicles, due to the COVID-19 outbreak. The lockdowns are hindering businesses, which depend on physical interaction to generate revenues. Also, several business organizations are reducing their operations. Thus, many companies are now focusing on driving conversions, interactions, as well as revenue through digital channels.
Catering Software Market to Grow at a CAGR of 14.4% to reach US$ 519.14 Million from 2020 to 2027
Download Free SampleCatering Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Deployment (Cloud and On-Premise) and End user (Caterers, Restaurants & Hotels, and Others)
The report segments the global Catering Software market as follows:
By Type
- Cloud
- On-Premise
By End-User
- Catering
- Restaurant
- Hotels
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East and Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- South America (SAM)
- Brazil
- Argentina
- Rest of SAM
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