The global spa and salon software market is expected to register a CAGR of 7.11% over the forecast period. With the rising demand for healthy and standard lifestyles, people are looking for services which can relieve stress from the busy lifestyle. Consequently, the spa and salon market is gaining traction, which in turn is increasing the demand for spa and salon. Further, aiding them to invest in the spa and salon management software to streamline their business activities. This software manages the business efficiently, add value to their business and allows businesses to manage customer efficiently and grow exponentially.
- Major factors such as effective client management, employee management, effective promotional and marketing activities, organize client appointments and bookings, planning and control, resource management, automation are driving the growth of the market.
- For instance, a salon can make use of salon software to manage appointments, accommodate requests for new ones, manage postponed appointments, and reschedule existing ones to make their business more efficient and profitable.
- However, the initial setup cost involved with the software includes installation and training costs which are usually high, restricting the growth in small and medium businesses. Further, the interoperability issue is expected to arise while using the software to automate the processes completely.
Scope of the Report
Spa and salon management software is a web-based solution that aids spa and salon businesses manage their daily business operations. The system automates a range of tasks including appointment booking and scheduling, appointment confirmations, customer interactions, inventory tracking, staff management, secure storage of data, and implementation of marketing campaigns.
Key Market Trends
Cloud-Based Software to Gain Maximum Market Traction
- Cloud-based software allows a business to set up a virtual office which offers the flexibility of connecting the business anywhere, at any given time. According to a study conducted by the International Data Group in 2018, 73% of organizations have at least one application, or a portion of their computing infrastructure already in the cloud, while 17% plan to do so within the next 12 months.
- With the gradual shift towards beauty and wellness products owing to the increasing trend of a healthy lifestyle, salon and spa businesses are also growing substantially. Hence the need to efficiently collaborate the business is increasing. Adoption of cloud solutions is expected the business to communicate and share more easily across different locations apart from the traditional methods.
- Factors such as reduced IT costs, increased flexibility, instant data accessibility and recovery, and business continuity in case of a crisis minimizing the downtime and loss of productivity are driving the adoption of cloud solutions.
North-America to Hold the Highest Market Share
- The North America region is expected to hold the highest market share in terms of revenue in the spa and salon software market. It is majorly due to the early adoption of beauty salon services and products by individuals and professionals in salons and spas owing to the increased demand for healthy and standard lifestyles.
- Moreover, the changing lifestyles of the urban population and increasing health and skin problems is stimulating the growth of the market. Further, with increasing disposable income, people are getting more focused towards personal appearance, and the advanced techniques and technology used in spa and salons are some more products expected to boost the market.
The global spa and salon software market is fragmented owing to the presence of many solution providers globally. Thus numerous companies are focusing on partnerships, investing in research and development activities to come up with advanced and innovative solutions.
- May 2019 - MINDBODY, the leading technology platform for the wellness industry, recently acquired Bowtie, an automated AI-driven virtual receptionist solution for appointment-based businesses. Bowtie automatically books clients, answers questions and enables live chat over SMS and web.
- May 2019 - Zenoti, the leading enterprise cloud platform for the beauty and wellness industry, recently announced that it has closed a USD 50 million Series C funding round led by Tiger Global Management with participation from Norwest Venture Partners and Accel.
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2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Demand for Healthy and Standard Lifestyle
4.2.2 Automation in Business Processes
4.3 Market Restraints
4.3.1 Initial Setup Cost
4.4 Industry Attractiveness - Porter's Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Size of the Enterprise
5.1.1 Small and Medium Enterprises
5.1.2 Large Enterprise
5.2 By Deployment
5.2.2 On Premise
5.3 By Solutions
5.3.1 Customer Relationship Management
5.3.2 Inventory Management
5.3.3 Resource Management
5.3.4 Enterprise Management & Reporting
5.3.5 Business and Financial Reporting & Analysis
5.4.1 North America
5.4.3 Asia Pacific
5.4.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 MindBody, Inc.
6.1.2 DaySmart Software
6.1.3 Springer-Miller Systems
6.1.7 Vagaro, Inc.
6.1.8 Simple Spa
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.