Big data analytics technology to improve catering operations is attributing to the growth of the market. The Big Data analytics technology has enormous potential to completely transform the catering business. The adoption of Big Data solutions helps improve the efficiency of distribution and production networks in the overall catering industry. The technology allows tracking the entire process of the transportation of supplies. With real-time insights, customers can track their purchase orders on their devices and check the catering status. The integration of an analytics dashboard in catering software helps track and evaluate the performance of catering agents. Also, every stakeholder in the catering business must have relevant data on their products, including data related to farmers, shippers, and retailers, ending with restaurants and shops. For instance, KFC restaurant uses Big Data tools to analyze feedback from customers and food preferences, leading to better customer experiences, sales, and profit.
The e-commerce industry across all the regions has witnessed numerous transformations from the past few years; the industry's growth has prompted catering software market players to leverage Big Data analytics to make smarter business decisions. The technology allows online retailers to evaluate customer interactions across the channels such as mobile devices, social media, and websites.
Following the global outbreak of the COVID-19 pandemic, some businesses have been forced to scale back their operations due to various containment measures issued by governments around the world. The virus's rapid spread has prompted governments around the world to place stringent restrictions on the movement of people and vehicles. Businesses that rely on physical interaction to generate revenue have been severely harmed by the lockdowns. As a result, some businesses are concentrating on increasing conversions, interactions, and revenue through digital media.
In the catering industry, the inadequacy of area mapping, and imbalance between demand and resource availability lead to several challenges. Machine learning and Artificial Intelligence (AI) are the foundations of the next-generation catering technologies. These technologies enable systems to learn from recorded data, which comprise algorithms, patterns, and predictive insights. Several online food delivery companies are adopting the machine learning technology to enhance their catering business and increase their businesses' efficiency. For instance, Deliveroo, a UK-based food delivery company, invests in advanced technologies such as machine learning to stay competitive in the market by offering more effective food delivery service. Glovo, a Spain-based food delivery company, also uses machine learning to forecast the probability of remaining active on the app. Thus, the integration of machine learning in catering businesses is projected to boost the demand for catering software during the forecast period.
Based on deployment type, the catering software market is segmented into cloud and on-premises. The cloud segment held the largest market share in 2019.
The regional trends and factors influencing the Catering Software Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Catering Software Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 201.93 Million |
| Market Size by 2027 | US$ 519.14 Million |
| Global CAGR (2020 - 2027) | 14.4% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2027 |
| Segments Covered |
By Deployment
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Catering Software Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Catering Software Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Players operating in the catering software market are mainly focused on the development of advanced and efficient products.
The List Companies - Catering Software Market
The catering software market is led by cloud segment with highest share and is expected to dominate in the forecast period. The cloud segment generates the majority of the demand since it is comparatively less expensive and due to strong network infrastructure in developed countries. In addition, the cloud-based browser isolation software vendors are highly focused on developing a high-level security patch in order to eliminate the risk of cyber-attack.
The growth of the catering software market is primarily attributed to growing popularity of e-commerce platforms. Moreover, increasing integration of payment gateway, thereby substantially driving the catering software software market.
The Big Data analytics technology has enormous potential to completely transform the catering business. The adoption of Big Data solutions helps improve the efficiency of distribution and production networks in the overall catering industry. The technology allows tracking the entire process of the transportation of supplies. With real-time insights, customers can track their purchase orders on their devices and check the catering status. The integration of an analytics dashboard in catering software helps track and evaluate the performance of catering agents. Also, every stakeholder in the catering business must have relevant data on their products, including data related to farmers, shippers, and retailers, ending with restaurants and shops.