The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global restaurant point of sale terminals market size is expected to reach USD 25.1 billion by 2027, expanding at a CAGR of 6.8% over the forecast period, according to a new report by Grand View Research, Inc. The restaurant needs to optimize its process, starting from procuring raw material to customer feedback. Hence, the implementation of the point-of-sale (POS) terminal facilitated the management of customer, inventory, employee scheduling, table orders, and customer relationship. Moreover, the adoption of the mobile POS system increased over the recent past, primarily owing to the lower setup cost and ease of use.
According to the National Restaurant Association (U.S.), the higher preference for self-serving ordering kiosk by the customers is anticipated to be the key factor which will strengthen the business growth opportunity for the restaurant owners. It has been observed that the use of portable POS devices has been highly beneficial for the owners as they can be easily integrated and contribute towards improving operational efficiency. As the use of mobile POS systems empower the owners in establishing closer monitoring of their operations, irrespective of the location. Such benefits offered owing to the technological development in the POS terminals industry is expected to drive the market over the forecast period.
Restaurants’ POS system not only takes care of front-end operation but also helps in maintaining the back-end operation such as inventory, employee management, reservation, and queue management. Moreover, an increasing number of Quick Service Restaurant (QSR) and Full-Service Restaurant (FSR) in major cities across the world is boosting. Some of the largest QSR expanding its reach and benefiting from the installation of terminal are McDonald’s, Wendy’s, Subway, Starbucks, Pizza Hut, Dunkin’ Donuts, KFC, and Burger King. These large chains of eating houses need to streamline their everyday operation to avoid running out of stock and keep up with the increasing demand and rising number of customers at their outlets. Hence, the system helps by speeding up the ordering and payment processing while also facilitating the same service for online orders.
Further key findings from the report suggest:
- The QSR segment is anticipated to witness the highest growth over the forecast period owing to the increasing number of QSRs and ease of managing operations to ensure quick deliveries of orders
- Revenue from the swipe card machine segment is expected to reach approximately USD 5.2 billion by 2027. The growth of the swipe card machine segment is attributed to the need for facilitating quick cashless payment using debit or credit cards
- The Asia Pacific region is expected to witness the highest CAGR of 8.6% over the forecast period, owing to the increasing use of card payment and rising number of fine dine and quick service restaurants across India, Japan, Vietnam, Indonesia, and South Korea
- Some of the key players present in the restaurant POS terminal market are Ingenico Group; PAX Technology Ltd.; Verifone Systems Inc.; NCR Corp.; Revel Systems; Aireus Inc.; Aireus Inc; Dinerware, Inc.; Posist; EposNow; Harbortouch Payments, LLC; LimeTray; POSsible POS; Oracle Corporation; Posera, ShopKeep; Squirrel Systems; Toshiba Corp.; TouchBistro; and Upserve, Inc.