The catering software market in Europe is expected to grow from US$ 39.18 million in 2020 to US$ 124.93 million by 2027; it is estimated to grow at a CAGR of 18% 2020-2027. Machine learning to evolve catering business is bolstering the growth of the market. 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, which is further driving the demand for catering software market.
Spain, Italy, Germany, the UK, and France are a few of the worst affected member states in Europe due to the COVID-19 outbreak. Foodservice businesses in the region are facing severe economic difficulties as they had to suspend their operations or reduce their activities in a substantial manner. Owing to business shutdown, the region experienced an economic slowdown in 2020. As the restrictions were uplifted, the foodservice industry experienced a growth. However, owing to the spread of newly mutated strain, governments again initiated containment measures in December 2020, which is ultimately restraining the growth of the foodservice and tourism industry. Thus, the outbreak of newly mutated strain of COVID-19 is anticipated to hinder the growth of the Europe catering software market during the first two quarters of 2021.
Based on application type, the restaurants and hotels segment led the Europe catering software market in 2019. The food & beverages industry has gone through a significant revolution in the past few years. Customers can order food online and have it delivered to their homes in a short period. With increasing online ordering and smartphone penetration, consumers have started choosing solutions that streamline their lives. Moreover, convenience is becoming progressively crucial to customers; they want to consume their favorite foods wherever and whenever they want and order and pay for it with the click of a button. The surge in number of smartphone users reflects in potential increase in demand for online food and beverages delivery. Restaurant and hotel businesses are undergoing swift changes as online platforms are striving to extend their market reach across all the regions. Catering software providers, such as Flex Catering, and by Restaurant & Catering Systems are becoming major marketplace competitors. These providers offer ease of use, speed, convenience, and customized offerings based on customers’ previous orders. The catering software offers a convenient solution that saves customers of catering businesses from long queue and extended waiting time to order food. The software has already been adopted throughout the world, and its performance has been relatively good, which ultimately drives the growth of Europe catering software market.
The overall Europe catering software market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Europe catering software market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Europe catering software market. Aptus Systems Ltd., Flex Catering, FooStorm Catering Software (Caterxpress), Profit Systems Inc., and Pxier are among the players operating in the market.