The restaurant POS terminals market is projected to see substantial growth by 2027 due to the prevalent use of POS software in restaurants to accommodate the surging demand for efficient payment processing.
POS, which stands for ???point of sale', is a computerized system that allows restaurant owners to track sales, food inventory, and cash flow. The software also helps business owners vastly simplify their bookkeeping practices.
The COVID-19 pandemic pushed restaurants to integrate more advanced technologies to effectively meet consumer requirements, with improved safety and economic feasibility. Restaurant POS terminals offer several COVID-friendly features that have helped restaurants serve customers in a socially distanced setting.
POS terminals enable restaurateurs to take online orders for delivery or takeaway, edit table seating to comply with social distancing norms, collect customer data and save reservation information, which could aid in contact tracing.
Additionally, recent product upgradations are targeting more efficient operations and optimal customer satisfaction, which is anticipated to further drive market adoption in the forthcoming years.
For instance, Hi Auto's conversational AI (artificial intelligence) seamlessly integrates into the restaurant's drive-through POS terminal and can take orders from customers from outside the restaurant building. The conversational AI solution, which is powered by Intel Xeon's cloud technology and the Intel NUC, seeks to enhance customer experience.
In January 2021, fast-food giant McDonald's partnered with Visual Art, a Swedish digital signage specialist, to test AI with its drive-through digital signage in its outlets in Sweden. Through the partnership, McDonald's aimed to develop a solution to analyze drive-thru data as well as provide locally adapted menus derived from customer preferences.
For extensive analysis, the restaurant POS terminals market has been categorized based on product, component, application, and region. In terms of product, the market has been segmented into mobile POS terminals and fixed POS terminals.
The mobile POS terminals sub-segment is expected to see substantial growth by 2027, delivering a sizable CAGR through the analysis period. Growing demand for portable POS terminals that are compact and easy to carry to the customer's table is projected to fuel segmental growth in the coming years.
From the application perspective, the restaurant POS terminals market has further been divided into FSR (fine dine and casual dine/fast casual), QSR, cafes & bistro, and bars & pubs. The QSR sub-segment is expanding at a considerable pace as more and more QSRs are adopting digital technologies to streamline operations.
In the regional landscape, the North America market is estimated to amass a sizable revenue by 2027, registering a notable CAGR over the assessment timeframe. The ongoing trend of takeaways are encouraging restaurants to adopt advanced cloud POS software solutions to ensure efficient operations, which is expected to boost regional market growth by the end of the forecast period.