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.
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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.
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.
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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.
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.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.