Global Restaurant Reservations Software Market: Introduction
Earlier, restaurant reservations were done by the staff taking phone calls and penciling in names and times on paper which resulted in a lot of time spent on clearing tables or helping customers. With technology advancement and increasing number of users connected to the internet, restaurant reservation software has allowed for the emergence of online restaurant reservations, which can be made on a restaurant’s personal website, or through a third party reservation service.
Global Restaurant Reservations Software Market – Dynamics
Increasing Need to Reduce Labor and Operational Cost
The need to boost revenue as well as reduce operational cost is crucial in a competitive environment. Technology and systems adopted by restaurant reservation software have enabled companies and outlets to increase their efficiently. It has eliminated the need for manual labor to book a table and other operational cost to maintain manual workflow. An outlet can understand what the customer actually needs the most through the feedback option. Furthermore, it has significantly reduced costs and increased efficiency in restaurants. These advantages are driving the demand for restaurant reservation software.
Large-scale Adoption of Internet of Things (IOT) Platform
Adoption of the IoT platform has increased significantly across the globe. Rise in demand for smart devices and a strong communication base has triggered the adoption of IoT. Governments of various countries are focusing on increasing the usage of smart systems and smart devices. Digitization in the hospitality industry has been expanding steadily since the last few years. Demand for restaurant reservation software is estimated to rise exponentially in the near future due to the increasing adoption of the technology.
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Threat of Cyber-attack
Advancements in technology have resulted in high threat of security breach and cyber-attacks. This may lead to loss of revenue and breach of personal information of customers such as names, payment details, and phone numbers. Developers are adopting measures to tackle the issue of cyber-attacks. However, risks related to data breach by hackers are still very high. This may discourage owners of outlets from using restaurant reservation software.
North America Expected to Dominate the Global Restaurant Reservations Software Market
In terms of region, the global restaurant reservations software market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global restaurant reservations software market during the forecast period, due to increased adoption of digitization in the hospitality industry.
COVID-19 Impact on the Global Restaurant Reservations Software Market
The lock down period in many countries across the globe due to the outbreak of COVID-19 will adversely impact the growth and adoption of restaurant reservation software. It is expected to take approximately 19 months to deal with the loss due to COVID-9 in the hospitality and tourism industry across the globe.
Global Restaurant Reservations Software Market – Competitive Landscape
- In November 2019, American Express announced the acquisition of Resy, the New York-based restaurant reservation platform whose software was used by 4,000+ restaurants across 10 countries.
Established in 2010, TouchBistro is an iPad POS and integrated payments solution built for restaurants. TouchBistro is deployed in over 23,000 restaurants in more than 100 countries worldwide. It helps restaurateurs run better businesses and makes managing a restaurant easier.
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Global Restaurant Reservations Software Market: Segmentation
The global restaurant reservations software market can be segmented based on:
Global Restaurant Reservations Software Market, by Component
Based on component, the global restaurant reservations software market can be divided into:
Global Restaurant Reservations Software Market, by Deployment
Based on deployment, the global restaurant reservations software market can be divided into:
Regional Analysis of the Global Restaurant Reservations Software Market:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.