DUBLIN–(BUSINESS WIRE)–The “Catering Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis By Deployment and End user” report has been added to ResearchAndMarkets.com’s offering.
According to this report the global catering software market was valued at US$ 184.29 million in 2019 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.
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.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global catering software market Highlights key business priorities in order to assist companies to realign their business strategies The key findings and recommendations highlight crucial progressive industry trends in the global catering software market, thereby allowing players across the value chain to develop effective long-term strategies Develop/modify business expansion plans by using substantial growth offering developed and emerging markets Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution Market Dynamics
Drivers
Growing Popularity of E-Commerce Platforms Increasing Integration of Payment Gateway Restraints
Growing Security Concerns Opportunities
Big Data Analytics Technology to Improve Catering Operations Future Trends
Machine Learning to Revolutionize Catering Business Companies Mentioned
Aptus Systems Ltd. Better Cater, Inc Caterease Software CaterTrax, Inc. CaterZen by Restaurant & Catering Systems Flex Catering FoodStorm Catering Software (CaterXpress) Planning Pod (My Wedding Workbook, LLC) Profit Systems Inc. Pxier For more information about this report visit https://www.researchandmarkets.com/r/lljat2