Latest News- Restaurant Technology Market: RMS is expected to lead the Type segment during 2025-2029

The Restaurant Technology Market is being driven by Growing demand for contactless and digital payments

The Restaurant Technology Market is expected to grow at a CAGR of 16.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 13403.7 million. The restaurant technology market is experiencing substantial growth, driven by innovative solutions that boost operational efficiency, customer engagement, and profitability. In September 2023, Oracle unveiled Oracle Restaurants, a cost-effective and comprehensive restaurant management platform. Designed for both quick-service and table-service establishments, this solution offers POS hardware and software integration, online ordering, and payment processing. Key features include Oracle Payment Cloud Service, Workstation 8, and essential peripherals, which streamline menu management, digital payments, and customer engagement. Priced from USD99 per month with transparent pricing and no hidden fees, Oracle Restaurants empowers independent operators to enhance efficiency, boost online sales, and maximize profitability. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • RMS
  • Point of sale systems
  • Online ordering systems
  • Payment processing solutions
  • Others
• End-user
  • Quick-service restaurants
  • Full-service restaurants
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for contactless and digital payments
• Labor shortages and cost optimization
• Growth of online food delivery and cloud kitchens

However, the market also witnesses some limitations, which are as follows:

• Data security and privacy concerns
• Dependence on third-party platforms
• High initial investment and maintenance costs

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Market Scope in Restaurant Technology Market Research Report

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Research Analysis Overview

The Restaurant Technology Market encompasses innovative solutions such as order management systems, digital kiosks, online reservation software, stock monitoring tools, and inventory services. These digital systems include advanced reservation systems, analytics-driven insights, mobile payment solutions, and customer relationship management. Hybrid solutions, near field communication, staff scheduling, and payments are also integral parts. AI-powered tools like predictive ordering systems, virtual assistants, and digital kitchens streamline operations and enhance customer support. Sustainable practices, loyalty programs, and self-service kiosks are other key components, along with cost structures, management processes, nutritional facts, and payment processing. Technology ecosystems, automation tools, data analytics, and customer journey optimization are essential for addressing operational challenges and improving customer interactions. Legacy systems are being replaced with digital alternatives, including mobile ordering, artificial intelligence, and technology integrations. Reduced foot traffic and sustainable practices are driving the adoption of these technologies to streamline operations and provide enhanced customer experiences.

Market Research Overview

The Restaurant Technology Market encompasses businesses specializing in menu optimization software, kitchen display systems, management software, food ordering apps, operational efficiency tools, cloud-based POS systems, staffing solutions, social media marketing platforms, analytics dashboards, and sustainable practices. These companies contribute to the Application Software sector of the IT industry, providing specialized solutions for the hospitality industry. According to Technavio, the global IT Application Software Market size is determined by the consolidated revenue of these entities, encompassing both on-premises and cloud-based offerings. This market caters to businesses seeking advanced technology solutions to enhance their operational efficiency and customer experience.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/