1 Global Restaurant Technology Market Size (Value) and CAGR (2024-2033)
In 2024, the global Restaurant Technology market is projected to reach a total value of 6,048.7 million USD. This market is expected to grow at a Compound Annual Growth Rate (CAGR) of approximately 10% over the next few years. Restaurant Technology refers to the various digital solutions and software platforms used in the restaurant industry to streamline operations, enhance customer service, and increase efficiency. These technologies include Point of Sale (POS) systems, scheduling software, digital logbooks, online ordering systems, and payment processing systems. The importance of Restaurant Technology lies in its ability to optimize management tasks, improve customer experience, and drive business growth through data analysis, automation, and digital integration. This market is revolutionizing the restaurant industry, making it easier for restaurant owners and operators to manage their businesses effectively.
Figure Global Restaurant Technology Market Size (M USD) and CAGR 2024-2033
2 Restaurant Technology Market Growth Drivers and Limitations
The growth of the Restaurant Technology market is driven by several key factors. Firstly, the advantages of restaurant technology, such as improved operational efficiency and enhanced customer experience, are compelling restaurants to adopt these solutions. The ability to monitor and analyze orders, customers, employees, and other data in real-time allows restaurants to adjust business strategies promptly, thereby improving operational efficiency and profit levels. Additionally, the rapid development of the fast-food industry, which relies heavily on technology for order management and customer service, is driving the growth of the restaurant technology market.
However, there are also limitations to this market growth. High costs associated with implementing and maintaining restaurant technology can be prohibitive for some establishments. The need for significant initial investment and ongoing maintenance costs can deter smaller restaurants from adopting these technologies. Furthermore, cybersecurity issues pose a significant challenge, as vulnerabilities in restaurant technology systems could lead to data breaches and compromised customer information. These factors, while not insurmountable, do present barriers to the widespread adoption of restaurant technology.
3 Restaurant Technology Market Innovations and Corporate Restructuring
The Restaurant Technology market is characterized by continuous technological innovations and corporate restructuring. Innovations in POS systems, scheduling software, and online ordering platforms are enhancing the capabilities of these technologies, making them more effective in managing restaurant operations. The integration of artificial intelligence (AI) and data analytics is further expanding the potential applications of restaurant technology, enabling real-time decision-making and predictive analytics.
In terms of corporate restructuring, there have been several mergers and acquisitions in this sector, as companies seek to consolidate their market positions and leverage synergies to drive innovation and growth. For example, NCR Corporation changed its name to NCR Voyix Corporation to reflect its planned separation into two independent companies, focusing on digital commerce and ATMs. Additionally, Toast, Inc. acquired Delphi Display Systems to extend its restaurant technology platform, highlighting the trend of companies expanding their product offerings through strategic acquisitions.
4 Global Restaurant Technology Market Size and Share by Type in 2024
POS Systems: Point of Sale (POS) systems hold the largest market share in the global Restaurant Technology market. In 2024, the POS segment is projected to have a market value of 3,445.3 million USD. POS systems are essential for managing transactions, inventory, and customer data in restaurants. They provide a centralized platform for handling all financial and operational aspects of a restaurant, making them a critical component of restaurant technology. The growth of the POS segment is driven by the increasing demand for integrated solutions that streamline restaurant operations and enhance customer experiences. POS systems enable restaurants to process payments, track inventory, and manage customer relationships efficiently, contributing to their widespread adoption and significant market share.
Payment Processing Systems: The payment processing systems segment is valued at 775.4 million USD in 2024. These systems handle transactions, including credit/debit card payments, online payments, and digital wallets. They ensure secure and efficient payment processing, often integrated with POS systems for seamless checkout experiences.
Online Ordering: Online ordering systems are among the fastest-growing segments in the Restaurant Technology market. In 2024, the online ordering segment is expected to have a market value of 564.9 million USD. The growth of online ordering is fueled by the increasing demand for convenient and efficient ordering processes among customers. These systems enable customers to place orders remotely via a website or mobile app, integrating with POS systems to streamline the ordering process. Online ordering systems offer convenience to customers and help restaurants manage their orders more effectively, reducing wait times and improving customer satisfaction.
Table Global Restaurant Technology Market Size and Share by Type in 2024
Type | Market Size (M USD) 2024 | Market Share 2024 |
POS | 3445.3 | 56.96% |
Scheduling software | 373.8 | 6.18% |
Digital Logbook | 194.2 | 3.21% |
Online Ordering | 564.9 | 9.34% |
Payment Processing Systems | 775.4 | 12.82% |
Others | 695.0 | 11.49% |
5 Global Restaurant Technology Market Size and Share by Application in 2024
Each application in the global restaurant technology market has its own consumption patterns and growth drivers.
Full-Service Restaurants: This segment is the largest, with a market value of 3,530.6 million USD in 2024. Full-service restaurants, also known as sit-down restaurants or table-service restaurants, offer a complete dining experience where customers are seated at tables and served by waitstaff. These establishments typically provide a diverse menu selection, including appetizers, main courses, desserts, and beverages. The use of restaurant technology in full-service restaurants is crucial for managing reservations, table turnover, and customer satisfaction.
Fast Food Restaurants: The fast food segment is valued at 1,829.1 million USD in 2024. Fast food restaurants, also known as quick-service restaurants (QSRs), specialize in providing convenient, quick, and affordable meals. These establishments focus on efficiency and speed of service, often featuring a limited menu of popular items that can be prepared and served rapidly. Restaurant technology in fast food restaurants is essential for order management, inventory tracking, and payment processing, ensuring quick and accurate service.
Table Global Restaurant Technology Market Size and Share by Application in 2024
Application | Market Size (M USD) 2024 | Market Share 2024 |
Full-Service Restaurants | 3530.6 | 58.37% |
Fast Food Restaurants | 1829.1 | 30.24% |
Others | 688.9 | 11.39% |
6 Global Restaurant Technology Market Size by Application in 2024
The global restaurant technology market is expected to show substantial growth across various regions, highlighting the widespread adoption of these technologies.
North America leads the global Restaurant Technology market with a projected value of 2,466.8 million USD in 2024. The region’s robust economy and advanced technological infrastructure support the growth of the Restaurant Technology market. The United States, in particular, is a significant contributor to this growth, driven by the increasing adoption of digital solutions in the restaurant industry. The market in North America is characterized by high demand for innovative technologies that enhance customer experience and operational efficiency. The growth is also attributed to the region’s early adoption of new technologies and the presence of major players in the industry.
Europe follows closely with a market value of 1,579.7 million USD in 2024. Europe’s focus on sustainable agriculture practices and technological advancements has led to a high demand for Restaurant Technology. Countries like Germany and France are at the forefront of this trend, with significant investments in restaurant technology. The European market benefits from a strong regulatory framework that supports innovation and the integration of new technologies. The region’s diverse culinary landscape also drives the need for advanced restaurant management systems.
China is anticipated to have a market value of 694.2 million USD in 2024. China’s rapid economic growth and government support for agricultural modernization have fueled the expansion of the Restaurant Technology market. China’s vast restaurant landscape provides ample opportunities for the deployment of these technologies. The country’s large population and growing middle class have increased the demand for efficient and technologically advanced restaurant solutions. The Chinese market is also characterized by a high level of government support for technological innovation, which further accelerates the growth of the Restaurant Technology sector.
Figure Global Restaurant Technology Market Share by Region in 2024
7 Top 3 Companies of Global Restaurant Technology Market
The global Restaurant Technology market is dominated by several key players, each contributing significantly to the industry’s growth and innovation. The top three companies in this market—NCR VOYIX, Oracle Corporation, and Toast, Inc.—not only lead in terms of market share but also in technological advancements and product offerings. These companies are shaping the future of restaurant technology with their innovative solutions and robust product portfolios.
7.1 NCR VOYIX
Company Profile and Business Overview:
NCR VOYIX, previously known as NCR Corporation and National Cash Register, is an American software, consulting, and technology company providing a range of professional services and electronic products. Established in 1884, NCR VOYIX has a worldwide business distribution region. The company is headquartered in Atlanta, Georgia, and is known for its comprehensive range of products and services.
NCR VOYIX manufactures self-service kiosks, point-of-sale terminals, automated teller machines, check processing systems, and barcode scanners. The company’s business model focuses on providing innovative solutions that streamline operations and enhance customer service in the restaurant industry.
Product Offered:
NCR VOYIX offers a variety of products, including Aloha Cloud, a cloud- and Android-based point-of-sale system well-suited for independent restaurants and emerging chains. Aloha Cloud provides features such as intuitive user interfaces, actionable insights, and built-in loyalty tools to enhance restaurant operations and customer experiences.
Financial Performance:
In 2024, NCR VOYIX is projected to achieve a value of 705.1 million USD, with a gross margin of 31.09%.
7.2 Oracle Corporation
Company Profile and Business Overview:
Oracle Corporation, established in 1977 and headquartered in Austin, Texas, is an American multinational computer technology company. Oracle is renowned for its database software and cloud computing services. The company has a global presence and is a leading provider of enterprise software products.
Oracle Corporation offers a full suite of restaurant technology solutions, including mobile order and pay, online ordering, POS, end-to-end payment processing, and restaurant analytics. These solutions are designed to help restaurants improve business performance and deliver exceptional customer experiences.
Product Offered:
Oracle’s restaurant technology solutions include integrated online ordering and delivery, drive-thru and curbside management, and Oracle GloriaFood, which allows restaurants to add online ordering to their websites, mobile apps, and Facebook pages. These products are designed to streamline order management and fulfillment, enhancing restaurant operations and customer satisfaction.
Financial Performance:
In 2024, Oracle Corporation is expected to achieve a value of 603.6 million USD, with a gross margin of 34.18%.
7.3 Toast, Inc
Company Profile and Business Overview:
Toast, Inc., established in 2011 and headquartered in Boston, Massachusetts, is a cloud-based restaurant software company. The company primarily serves the North American and European markets.
Toast, Inc. offers a comprehensive restaurant management system that includes payment processing, online ordering, reservations, and more. The company’s business model focuses on providing integrated solutions that simplify restaurant operations and enhance customer experiences. Toast’s products are designed to help restaurants increase sales, please customers, and save time and money.
Product Offered:
Toast’s products include a POS reporting and analytics platform, payroll management, multi-location management, and online ordering solutions. These products are designed to provide restaurants with the tools they need to manage their operations effectively and deliver exceptional customer experiences.
Financial Performance:
In 2024, Toast, Inc. is projected to achieve a value of 689.3 million USD, with a gross margin of 22.48%.
